National Assembly passes at first reading the 2014 State Budget Act of the Republic of Bulgaria

The 2014 Budget of the Republic of Bulgaria was adopted at first reading. The predictions of the leading macroeconomic indicators refer to a growth of 1, 8 percent or BGN 1 472, 3 B, annual inflation of 1, 8 percent. The amount of revenues is expected to be BGN 30 886, 0 B (37, 9 percent of the GDP or an increase of BGN 501, 2 M in comparison with 2013). The expenditures amount to BGN 32358, 3 M (39, 7 % of the GDP the upper ceiling being 40% of the GDP, an increase of BGN 380,1M in comparison with 2013). The amount of  minimum fiscal reserve towards 2014 remains the same – BGN 4,5B.

Prime Minister Plamen Oresharski defined the 2014 Budget as quite “tense” but manageable. He noticed that the financial situation of the state at this stage doesn’t allow for a more ambitious budget. He added though that ”as of next year the country will make the first step on the path of economic growth”. The parameters of the budget are set in a way that favors higher social responsibility and support for the most vulnerable groups of citizens. The budget also allows more active policies in the field of education.