Bulgaria’s Finance Ministry has recorded a consolidated Budget surplus of 1.52 billion leva in the first seven months of the year, or one per cent of this year’s estimated gross domestic product, falling short of the ministry’s forecast of 1.56 billion leva issued last month.
The figure represented a significant increase compared to the same period of 2021, when Bulgaria recorded a Budget surplus of 705.2 million leva.
For August, the ministry forecast a Budget surplus of 1.65 billion leva at the end of the month.
The state Budget had a surplus of 840.6 million leva in the first seven months of the year and the EU funds recorded a surplus of 678.3 million leva. Bulgaria’s contribution to the EU budget for January-July 2022 was 951.8 million leva.
Revenue in January-July was 33.83 billion leva, up 15.7 per cent from last year. Tax revenues were 26.11 billion leva, an increase of 14.7 per cent, the ministry said.
The Finance Ministry said that the biggest revenue contribution came from value-added tax on imports, in particular the more expensive raw materials that made up the bulk of imports from third countries.
Budget spending was 32.31 billion leva in the first seven months of the year, compared to 28.55 billion leva in the same period of 2021.