UPDATE 1 - Bulgaria posts 818 mln euro budget gap in Jan-Nov

Revenues and grants in the January-November period amounted to 26.7 billion levs, up by 428 million levs as compared to the like period a year earlier, the finance ministry said in a press release.

Tax proceeds, including revenues from social security contributions, through November totalled 21.023 billion levs, up by 754.5 million levs as compared to the like period of 2013.

Expenditures in the period under review added up to 28.3 billion levs, up by 1.456 billion levs as compared to January-November 2013. The increase is mainly due to the accelerated absorption under European programmes and funds, and to the growth of social security and health insurance payments, the finance ministry noted.

The fiscal reserve as of November 30 stood at 8.8 billion levs, including 8.2 billion levs of deposits in the central bank and banks and 600 million levs of receivables under the EU Funds for certified expenditures, advance payments, etc, the finance ministry also said.

Preliminary estimates of the finance ministry show that Bulgaria is expected to close 2014 with a budget deficit of some 3.0 billion levs, equivalent to 3.7% of the country's projected gross domestic product, in line with the projections set in the revised state budget for this year, the finance ministry said in a separate press release.

Bulgaria closed last year with a budget deficit of 1.45 billion levs, equivalent to 1.8% of GDP.

(1 euro = 1.95583 Bulgarian levs)