Bulgaria’s 2011 budget deficit stands at 2.1%

Bulgaria’s 2011 budget deficit was surprisingly lower than projected. During his inspection of the facilities of the Trakia highway near the town of Nova Zagora and the village of Dyadovo, Finance Minister Simeon Djankov reported that at the end of 2011, the deficit stood at just 2.1% of GDP, posted Focus agency. This is 0.4% lower than the projected 2.5% budget gap. “The lower deficit will free some BGN 400 mln of the fiscal reserve to be used for co-financing EU projects of the Government, said Djankov.

He confirmed that there was increased interest towards our country on the part of Asian investors, mainly China and South Korea. “Bulgaria is particularly attractive to foreign investors because of the low taxes. A South American investor is interested in the Airport of Stara Zagora, but talks are at the initial stage,” specified the Finance Minister.

The Finance Ministry’s official figures for the 2011 budget implementation will be made public on January 31. According to the most recent statistics of the Ministry, at the end of November 2011, the budget deficit was 1.4% of the projected GDP for last year or BGN 1.049 bn. The budget deficit is lower than initially projected due to the higher revenues from taxes and the lower expenditures of the Government. The budget gap for the same period of 2010 stood at 2.6% of GDP or BGN 1.866 bn. For the entire 2010, the deficit amounted to BGN 2.8 bn. In October 2011, the gap in the Treasury totaled BGN 842.1 mln or 1.1% of the estimated GDP. Let us remind our readers that the Government expects the 2012 budget deficit to be reduced to 1.35% of GDP or BGN 1.5 bn. According to Finance Minister Djankov and his experts, Bulgaria’s economic growth will be 2.9% this year.

Прочети цялата новина

Свързани новини: