Bulgaria's budget deficit shrank to BGN 741.9 million in the first quarter of 2011 from BGN 1.669 billion in the corresponding period of the previous year, the finance ministry said on Monday.

In March alone, the country rаn up a budget surplus of BGN 8.6 million. Consolidated budget revenue went up by BGN 358.3 million in the January-March period, corresponding to an annual increase or 6.9%, while consolidated budget spending declined by BGN 568.8 million, or by 8.7%.