Simeon Djankov: Bulgaria on fifth place in terms of GDP growth in the EU

Bulgaria will be ranked fifth in terms of its GDP growth in the EU - by 2.3% compared to the more optimistic growth of 3.7%, which was projected earlier, stated Minister of Finance, Simeon Djankov during the discussions on the fiscal plan in Parliament. The proposal was adopted with the approval of 127 MPs and after a 6-hour debate.

The microeconomic frame envisaged a deficit of 1.3%, while the threshold of the fiscal reserve as hitherto will amount to BGN 4.5 mln. The deficit contraction is provided with the recent levels of taxes and rates. The Treasury will not accumulate new debts, promised Minister Djankov. "The planned maximum ratio of debt to GDP would not be higher than 19% next year, but I do not expect that we would reach this value since we have projected it as an additional buffer," added he.

The inflation rate is not expected to be higher than 2.5% on an annual basis. The planned amount of revenue stands at about BGN 29 bn, or 35.2% of GDP. This is about €2.5 bn more than in 2011. In order these figures to be achieved, we will rely to a large extent on the EU funds and operational programmes.

Djankov also expects a recovery of domestic demand. The envisaged nominal revenue growth in the national budget of about BGN 850 mln compared to this year will be intended primarily for covering the deficit reduction and for the providing of proper co-financing under all EU OPs. Despite retaining general level of costs in 2012, we will secure more funds for the education sector, for co-financing of the EU OPs, for science and culture, indicated the Finance Minister.

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