SOFIA: Bulgaria’s budget deficit for 2015 stood at 2.9 percent of the projected gross domestic product (GDP), while in 2014 the figure was 3.7 percent, officials said Wednesday.
State budget revenues in 2015 reached 32.2 billion lev (some 18.5 billion U.S. dollars) and grew by 9.5 percent compared to 2014, while spending increased by 6.8 percent year-on-year to 34.7 trillion lev, the Government Information Service said in a press release.
As a share of GDP, revenues under the consolidated fiscal program increased from 35.2 percent of GDP in 2014, to 37.5 percent of GDP in 2015, the government said.
Revenues from direct taxes such as corporate income tax and tax on personal income rose by 7.4 percent compared to 2014 and those from indirect taxes grew by 8.4 percent, while revenues from social and health insurance contributions increased by 7.7 percent year-on-year, the press release said.
