September 30 (SeeNews) - Bulgaria's January-September consolidated budget surplus is expected to reach 3.39 billion levs ($1.9 billion/1.7 billion euro), equivalent to 3.8% of the projected 2016 gross domestic product (GDP), the finance ministry said on Friday citing preliminary estimates.
The forecast compares to 632.6 million surplus, or 0.7% of GDP, recorded for the same period of 2015,
Consolidated budget revenue is expected to increase by 1.52 billion levs year-on-year to 25.7 billion levs at end-September, or 77.8% of the full-year plan, underpinned by increased tax and non-tax revenues, the finance ministry said in a statement.
At the same time, expenditure under the consolidated budget is projected to fall by 1.2 billion levs on the year to 22.3 billion levs at end-September, or 64.1% of the full-year target.
In August, Bulgaria's finance ministry said it expects to close 2016 with budget deficit below 2% of GDP on the back of strong growth in revenues and a lack of serious pressure on the expenditure side.
The contribution of Bulgaria to the EU budget totalled 611.5 million levs as of end-September.
In a separate statement, the ministry said that final figures for the period January-August show a consolidated budget surplus of 3.3 billion levs, equivalent to 3.7% of GDP, up from 622 million levs surplus, or 0.7% of GDP, for the same period of 2015.
Consolidated budget revenue for the first eight months of 2016 rose 7.1% on the year, reaching 23 billion levs, whereas expenditure fell 5.5% to 19.7 billion levs.
(1 euro=1.95583 levs)