Bulgaria expects to end 2022 with a fiscal deficit of 1.5 billion levs ($821.11 million), equal to 1.0% of economic output, outperforming a revised target of 3.4%, the finance ministry said.
Better than expected tax collection, increased payments by state energy producers and weaker capital spending have helped the Balkan country to lower its fiscal shortfall this year from the 3.0% it registered in 2021.
The interim government has warned that increased state pensions and other social spending in the second half of 2022 amid a looming economic slowdown meant the fiscal shortfall will balloon to over 6.6% of economic output in 2023. In the first 11 months of 2022, the country registered a fiscal shortfall of 398 million levs, or 0.2% of economic output for the year, the ministry said late on Friday. Bulgaria often loads its state spending toward the end of the year.
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