Bulgaria consolidated budget has shown a surplus of BGN 915.2 M at the end of February, equivalent to 1.0% of the projected 2016 GDP.

This compared with budget deficit of BGN 105.5 M equivalent to 0.1% of GDP at the end of February 2015, the Finance Ministry said in a statement on Thursday.

The ministry attributed the turnaround to increased revenues and grants as well as decreased spending in the first two months of 2016 compared with the same period of last year.

Bulgaria’s consolidated budget showed a surplus of BGN 991.6 M for end-January equivalent to 1.1% of the projected 2016 GDP.

Revenues and grants have increased by 15.9% year-on-year, reaching BGN 5.52 B as of end-February, or 16.7% of the 2016 plan.

Tax revenues including social security contributions have increased by 10% on the year in nominal terms, reaching BGN 4.23 B, or 16.3 B of the plan for the year.

Revenues from direct taxes totalled BGN 487.5 M for the first two months of 2016, or 10.4% of the plan for the year, increasing by 1.7% in comparison with the same period of 2015.

Revenues from indirect taxes totalled BGN 2.52 B as at end-February 2016, up 15.2% from a year earlier and equal to 19% of the 2016 plan. VAT revenue was BGN 1.70 B, or 20.2 % of the planned total for the year.

Expenditure under Bulgaria’s consolidated budget, including the country’s contribution into the EU budget, totalled BGN 4.60 B as at end-February 2016, or 13.2% of the total planned for the year. This compared with expenditure of BGN 4.87 B as at end-February 2015, the Finance Ministry said.

The government’s fiscal reserve totalled BGN 8.9 B at the end of February 2016, including BGN 6.8 B deposited with Bulgaria’s central bank.