Budget Deficit Jumps Sharply to 4% in October

The budget shortfall has now reached €5.2 billion, or 4% of GDP, at the end of October. This is according to preliminary estimates by the Ministry of Finance.

“On a monthly basis, the deficit under the Consolidated Fiscal Programme increased by 1.2 percentage points in October compared with the deficit recorded at the end of September (2.8% of projected GDP). This was mainly due to a significant increase in capital expenditure and transfers,” the Ministry of Finance explained.

Revenue continues to fall behind projections.

It is expected to total €37.5 billion, representing 75.6% of the annual target set out in the 2026 State Budget Act of the Republic of Bulgaria. This is €3.4 billion (9.9%) more than the revenue reported for the same period in 2025. Expenditure is also lagging behind projections.

Expenditure under the Consolidated Fiscal Programme, including Bulgaria’s contribution to the EU budget, amounted to €42.7 billion as of October 2026, or 75.1% of the annual target. By comparison, expenditure under the programme stood at €37.5 billion in October 2025.

Data on the primary spending units’ budgets as of October 2026 will be published on the Ministry of Finance website at the end of November 2026.