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Finance Ministry forecasts lower budget deficit for 2020 than planned

published on 1/5/21 9:42 AM

Photo: Pixabay

The budget deficit for 2020 is expected to amount to BGN 3.6 billion (EUR 1.84 billion) instead of the BGN 5.2 billion (EUR 2.65 billion) recorded in the law. Bulgaria's Finance Ministry forecasts that the deficit will be 3% of the expected GDP. The funds are aimed at combating the effects of the pandemic. 2.8 billion (1.43 billion) was spent on various fiscal stimuli in the economy. BGN 800 million (EUR 409 million) were redirected from the funds under various EU programmes.

The total revenues in the treasury for 2020 will be BGN 44.2 billion (EUR 22.6 billion) compared to the preliminarily planned BGN 43.5 billion (22.2 billion). This is an overperformance in the revenue part by over 1.5% than what was planned.

Due to the measures for coping with the impact of with the pandemic, government spending last year amounted to BGN 47.8 billion (EUR 24.4 billion), while in 2019 it was BGN 45.2 billion (EUR 23.1 billion), BTA reported.

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Radio Bulgaria Economy finance ministry fiscal policy government spending revenue state budget