Bulgaria’s H1 2023 Budget Recovers with significant Surplus 

Bulgaria rebounds from early 2023 deficit, reporting a budget surplus of €60.4M in H1 2023, amid increased tax revenues and higher public expenditure.


Bulgaria’s H1 2023 budget registered a surplus of €60.4M (117.7M leva), equivalent to 0.1% of expected GDP. Although lower than H1 2022’s 1.18B leva surplus, it demonstrates a significant recovery from the 1.18B deficit in the early 2023. The surplus is attributed to factors such as corporate tax inflow, dividends from state-owned firms, and European Investment Bank transfers for Bulgarian projects. An anticipated July surplus of €256.4M (0.5B leva) was reported. The state budget and EU funds surplus for H1 2023 were €85.9M and €5.23M respectively, while the contribution to the EU budget was €434.67M. Revenues increased 11.2% YoY to €16.1B, including €12.6B in tax revenues. Expenses were €16.01B, up from the H1 2022 figure, largely driven by higher pensions, public sector wages, and capital spending. 

Source: sofiaglobe.com

Jakub Warzecha

Creative copywriter, archaeologist. Interested in history, technology and military matters. Specializes in marketing communications and application architecture design.

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