Bulgaria is among the countries lowest external debt and budget deficit in the EU

Bulgaria is among the countries with lowest budget deficit and external debt as a share of GDP at the end of 2010, shows data from Eurostat and NSI (National Statistical Institute). The Bulgarian budget deficit stood at BGN 2.269 bn or 3.2% of GDP at the end of last year, which places us among the best performing countries in the EU in terms of this indicator. The NSI figures are more favourable than those released by the Ministry of Finance earlier this year, when a budget deficit of 3.9% of GDP on cash basis and an accrual deficit of 3.6% , measured according to EU accounting rules, were reported.

Experts from Eurostat reported that Luxembourg had the lowest budget deficit of 1.7% of GDP. Finland (2.5%) and Denmark (2.7%) are at the top of the list as well. Estonia is the only country, which registered a minimum budget surplus of 0.1% of GDP last year. In 2010, Ireland reported the largest budget deficit, reaching to the striking 32.4% of the country’s GDP.

The situation in Greece continued to deteriorate and at the end of 2010 its budget deficit reached 10.5%. This is significantly higher than the forecasts of government and those of European authorities. Recent forecasts have been for a deficit of 9.6% of GDP, compared to 15.4% of GDP deficit for 2009. Great Britain (10.4%), Spain (9.2%), Portugal (9.1%), Poland, Slovakia, Latvia, Lithuania and France are among the countries with high budget deficits as well.

In general, the budget deficit in the Eurozone and across the European Union decreased in 2010 compared with a year earlier. In the Eurozone, the deficit decreased from 6.3% to 6% of GDP in 2010, while in the 27 EU countries the indicator was down from 6.8% to 6.4%.

According to NSI data, the external debt of Bulgaria stood at BGN 11.4 bn or 16.2% of GDP. Eurostat noted that our country ranked second in terms of small share of debt to GDP. According to the released information, Estonia ranks first with a ratio of 6.6%. Bulgaria outranked Luxembourg (18.4%), Romania (30.8%), Slovenia (38.0%), Lithuania (38.2%), Czech Republic (38.5%) and Sweden (39.8%) on this indicator.

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