2013 Budget approved by Parliament at first reading

On November 8, MPs approved at first reading the 2013 State Budget Act, mainly with the votes of GERB (Citizens for European Development of Bulgaria). The main parameters in the budget stipulate some 1.9% increase of the gross domestic product (GDP), while revenues and expenditures are estimated at some 1-1.2% growth. The projected budget deficit is up to 1.3% - the same as this year. The revenues into the consolidated budget for 2013 are projected at BGN 30.5 bn, i.e. about BGN 1.8 bn more than the estimates for 2012.

In his statement from the parliamentary floor Finance Minister Simeon Djankov - the only Government member present in the parliamentary hall - noted that the “2013 Budget is aimed at increasing incomes”. He supported his words with the fact that, as of next April, pensions will be raised by 9.3% on average and the minimum monthly wage will become BGN 310. Minister Djankov pointed out that, in 2013, Bulgaria will be among the top three countries in the EU in terms of low budget deficit and external debt.

Dimitar Glavchev from GERB specified that the main advantage of the 2013 Budget is that it will preserve fiscal stability. The MP from the ruling party boasted that the unemployment rate will not increase next year. According to Glavchev, a special merit of GERB is that Bulgarians have already reached 61% of the average income in Greece (a country which is facing a financial default and incomes there dropped significantly over the past year).

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