Invest in Bulgaria - The Preferred Partner of Investors Seeking Opportunities in Bulgaria
Follow:
GUGUSHEV & PARTNERS is among the leaders on the Bulgarian legal market Comprehensive Organization of MBA and EMBA Study Trips in Bulgaria
NEWS BY TOPIC
FDI in Bulgaria (13)
Health (4)
Macroeconomic Data (49)
Business (361)
Investments (155)
Infrastructure (97)
Financial (126)
Economy (350)
Construction (14)
Politics (62)
Real Estate (27)
Interesting Facts (24)
Sports (10)
NEWS BY SECTOR
Software and Information Technology (28)
Real Estate (56)
Tourism (112)
Waste Management (9)
Automotive (23)
Electronics (3)
General (81)
Renewable Energy (66)
Agriculture (22)
Construction (90)
Food and Beverage (20)
Textile (2)

Bulgaria FinMin: 2.5% Deficit Is Budget 2011 Biggest Success
BULGARIA FINMIN: 2.5% DEFICIT IS BUDGET 2011 BIGGEST SUCCESS
Date: 01/10/2010
Source: novinite.com
Bulgaria FinMin: 2.5% Deficit Is Budget 2011 Biggest Success

Bulgaria will manage to bring its budget deficit below the European Union limit of 3% of economic production without a hike in taxes and social securities, which is the biggest success of budget 2011, according to the finance minister.

"Bulgaria is pulling out of the crisis in macroeconomic terms and our expectations are that the revenues in the budget will stabilize," Simeon Djankov told reporters as he handed on Friday the budget draft for next year to parliamentary speaker Tsetska Tsacheva.

Bulgaria is planning to sell bonds amounting to EUR 1 B on the international market in 2011 to shore up its finances, according to the finance ministry draft paper.

Bulgaria aims to have a budget deficit of 2.5% of gross domestic product and a growth of 3.6% in 2011, according to the budget draft.

In budget 2011, financing is going up the most in the social assistance, defense and health care sectors, according to the draft.

The cabinet plans to collect in 2011 BGN 25.8 B in revenues, which is BGN 1.3 B more than the 2010 updated budget. In the expenditure side of the balance sheet there is a planned reduction of BGN 12 M - down to BGN 27.9 B. If executed, this will lead to a lower budget deficit for 2011 - BGN 1.9 B compared to BGN 3.3 B in 2010.

In the approved Tuesday "expense ceilings" those of the Ministry of Labor and Social Policy are up by 19% to BGN 951 M, those of the Defense Ministry are up by 11% to BGN 990 M, and those of the Health Ministry are up 5% to BGN 570 M.

The plan is to increase the expenditures of the National Health Insurance Fund (NZOK) by 4% to BGN 2 B.

Analysts say Bulgaria's budget 2011 resembles its predecessor in its overly optimistic forecasts and risks.

In June, the center-right cabinet revised the state budget increasing its 2010 target for deficit to 4.8% of GDP on a cash basis and 3.9% of GDP under EU accounting rules, far wider than initial estimates.

The center-right government dropped its plans for applying for ERM II after raising the alarm that the 2009 budget gap was 3.7% of gross domestic product rather than the 1.9 % due to unaccounted procurement deals.

Bulgaria's economy contracted by 3.6% on an annual basis in the first quarter of 2010 from 5,9% in the previous quarter, but the government hopes for a 1% economic growth for this year as recovering exports bolster the expansion.

Prime Minister Boyko Borisov's government previously estimated the economy would grow 0.3% after a 5.1% contraction in 2009 as investments dwindled and consumption shrank.

Bulgaria boasts one of the lowest public debt-to-GDP ratio among European Union member states at about 15%.

Economists are cautious in their forecasts for Bulgaria's economy and say it will remain in recession or be about zero this year.


Topic: Macroeconomic Data



Featured District
VIDIN DISTRICT AND CITY INFORMATIONVidin
Invest Bulgaria Charts
Gross Domestic Product of Bulgaria per Capita
Gross Domestic Product of Bulgaria per Capita

Tax Revenue of Bulgaria
Tax Revenue of Bulgaria

See all charts
Did You Know?
Sofia
Sofia
The Bulgarian capital Sofia is about 4 times cheaper to live in than London ... More

Found seven thousand years ago, Sofia is the second oldest city in Europe. It has been given several names in the course of history and the remnants of the old cities can still be seen today.

Intelligence Pathways - Outsource your Business, Competitive Intelligence or Back Office to Bulgaria

Bulgaria Translation - Full service Bulgarian Translation company

© Copyright 2004-2021 Invest Bulgaria Group Ltd, Sofia, Bulgaria. All rights reserved.

 
Please read Conditions of Use, Copyright Statement and Privacy Policy for this web page and web site.


Лимузини под наем Electric and Hybrid Modules Repair SEO оптимизация Bulgaria Translation Bulgarian Agriculture
Bulgarian Textile BestFlowers.bg Sofia Web Works Bulgarian Coins Intelligence Pathways Bulgarian Outsourcing

Crafted by Sofia Web Works. Maintained by Website Maintenance, the kings of Website Migration.


Our Featured Members