21.10.2015

Eurostat has presented the notified data for the deficit and debt of EU Member States for 2014. The European Statistical Service specified deficit of 5.8% of GDP for Bulgaria. The difference between the preliminary and final data totalling 3% of GDP is mainly due to a change in the sectoral classification of the Deposit Insurance Fund (BDIF) as part of the "General Government" Sector. Until 2013 the methodological criteria placed BDIF as a unit classified in the financial institutions sector, the operations on its balance having no impact on the "General Government" Sector deficit.

Despite the revision of Bulgaria's deficit data for 2014 it is not expected an excessive deficit procedure to be launched against our country, as the liabilities assumed by BDIF in 2014 are of a one-off nature and will not impact the deficit in the following years. There were such cases in the recent past where Member States reported deficit above the reference value, but because of taking account of one-off factors the Commission did not open an excessive deficit procedure (Luxembourg - 2010, Finland - 2014 and Belgium - 2015).