Bulgaria’s Budget Deficit Narrows to 3.7 Billion Leva in November

Preliminary data from Bulgaria's Ministry of Finance indicates a slight reduction in the budget deficit for November compared to October. By the end of November, the deficit is expected to stand at 3.7 billion leva, marking a decrease from nearly 4 billion leva reported in October. This adjustment corresponds to a decline in the deficit as a percentage of the projected gross domestic product, from 2% in October to 1.9% in November.

The Ministry attributes this improvement to increased corporate tax revenues collected during the month. Additionally, 125 million leva were allocated in November as compensation for agricultural producers impacted by damages resulting from Russia's war in Ukraine. These payments were part of the government's ongoing support efforts.

Despite the narrowing of the deficit, the Ministry underscores that the 2024 budget was designed with a target deficit of 3% of GDP, equating to approximately 6.2 billion leva. The final budgetary data for November is expected to be released at the end of December.

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