Bulgaria’s Budget Deficit Soars Despite Lowest Debt in EU

Bulgaria is currently experiencing a significant budget deficit, according to the latest data from Eurostat. In the first quarter of 2024, the country's seasonally adjusted budget deficit as a percentage of GDP was -5.6%. This places Bulgaria among the highest in the European Union for budget deficits relative to GDP, on par with France. Only Hungary and Romania have higher deficits, with figures of -6% and -7%, respectively.

Interestingly, Bulgaria also holds the lowest government debt-to-GDP ratio in the EU, reported at just 22.6% for the same period. This contrasts sharply with countries like Greece, where the ratio is as high as 159.8%, and Italy and France, with ratios of 137.7% and 110.8%, respectively. Estonia and Luxembourg also have lower debt ratios, at 23.6% and 27.2% respectively.