Bulgaria:Fiscal deficit target outperformed in 2012 | Eurobank
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Bulgaria:Fiscal deficit target outperformed in 2012

• Strong budget execution resulted in outperformance of the full-year deficit target: the general government deficit on cash basis came at 0.45% of GDP in 2012 vs. 2% of GDP in 2011
• Fiscal policy to become more growth supportive in an election year 2013 on higher minimum wages and pensions
• The yield of the 10Y government bond has declined below pre-crisis levels. Standard & Poors affirmed the investment grade rating of Bulgaria.