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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