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In June, the budget balance of the Consolidated Fiscal Programme has registered significant improvement, reaching a surplus of around 0.1 % of the forecast GDP for the first half of 2023

03.07.2023

Based on preliminary data and estimates, revenues are expected to exceed expenditures on a monthly basis for June, the excess being around BGN 1.4 billion, as a result of which the budget balance of the Consolidated Fiscal Programme (CFP) for the first half of 2023 is expected to be positive, amounting to around BGN 1.2 billion (0.1 % of the forecast GDP). For comparison, a surplus of BGN 1.2 billion was reported for the first half of 2022. The improvement of the budget position in June is mainly related to revenues and is due to the higher proceeds connected with the deadline (30 June) for submitting the 2022 annual tax returns under the Corporate Income Tax Law, as well as for payment of the corporate income tax, the tax on expenses, the tax on revenues of budget enterprises, as well as the tax due on vessels operation activity; it is also due to the payments made by the European Investment Bank for projects financed under the Modernisation fund, which are formed by deductions from auctions of emissions trading allowances, etc.

Key CFP parameters on the basis of preliminary data and estimates:

As of June 2023, CFP revenues, grants and donations are BGN 31.3 billion, increasing by BGN 3.1 billion (10.8 per cent) compared to those reported as of end-June 2022. Compared to the same period of 2022, tax revenues under CFP have risen in nominal terms by BGN 2.4 billion (10.7 per cent), non-tax revenues – by BGN 0.9 billion (19.9 per cent), while proceeds from grants and donations (mainly grants under EU Programmes and Funds) have decreased by BGN 0.2 billion. As regards tax revenues, proceeds from direct taxes, social and health security contributions and other taxes have grown at good pace, while indirect taxes have remained, in nominal terms, close to the ones recorded for the same period of the previous year, mainly due to lower proceeds in terms of revenues from VAT on imports and customs duties. One of the factors for the above is the decrease in the price of crude oil imported for processing purposes, as compared to the price reported in the same period of the previous year.

The Consolidated Fiscal Programme expenditures, including the contribution of the Republic of Bulgaria to the EU budget, as of June 2023 amount to BGN 31.1 billion. For comparison, CFP expenditures as of June 2022 amounted to BGN 27.1 billion which means that expenditures have increased in nominal terms by 14.9 %. The most significant increase in the individual expenditure indicators is recorded in terms of pension expenditures, as well as in the part of staff and capital expenditures, etc.

The part of Republic of Bulgaria's contribution to the EU budget, paid from the central budget as of 30 June 2023, amounts to BGN 0.85 billion, which complies with the current legislation in the area of EU own resources.

The statistical data and the Information Bulletin on the execution of the state budget and the key indicators of the Consolidated Fiscal Programme based on data from the monthly reports on the cash performance of the budgets of the first-level spending units as of June 2023 will be published on the website of the Ministry of Finance at the end of July 2023.

 

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