SOFIA, Nov 30 (Reuters) - Bulgaria expects a fiscal deficit
of 183 million levs ($111.82 million), or 0.2% of gross domestic
product, in the 11 months of 2020 as it accelerates spending to
cushion the impact from the coronavirus, the finance ministry
said on Monday.
The Balkan country plans to end 2020 with a fiscal deficit
of 4.4% of GDP, with spending expected to soar in the last month
of the year as coronavirus cases surge and ahead of elections
due in the spring of 2021.
Sofia registered a fiscal surplus of 654 million levs from
January to October, or 0.5% of GDP.
The finance ministry sees the Bulgarian economy contracting
by 3% this year. The central bank is less optimistic and sees
the economic contraction at 5.5% in 2020.
Government spending is seen at 39.9 billion levs at
end-November, some 1.3 billion more than a year ago, mainly due
to job-supporting schemes and bonuses to pensioners. Revenues
are expected to have dropped by 147 million levs to 39.7 billion
levs at the end of November compared to the same period a year
ago.
Fiscal reserves, held under a currency regime that pegs the
lev to the euro, stood at 13.3 billion levs at the end of
October.
($1 = 1.6366 leva)
(Reporting by Tsvetelia Tsolova; editing by Jonathan Oatis)
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