Expected deficit at the end of last year exceeds €3 billion

Based on preliminary data, the Finance Ministry expects a deficit of around BGN 6.1 billion (€3.11 billion), or 3% of the projected gross domestic product (GDP), at the end of 2024.

"Estimates suggest that the deficit will show an improvement compared to the level of BGN 6.2 billion (€3.17 billion) projected in the annual budget plan," the ministry's statement said. The institution also noted that significant efforts have been made to improve revenue collection and control expenditure pressures.

Revenue for last year is expected to be around BGN72bn (€36.8bn), or 95.6% of the annual forecast. The shortfall is mainly due to "lower than planned revenues from grants and donations under EU funds (due to the non-receipt of the second and third tranches under the Recovery and Resilience Plan)," the ministry said.