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In November 2023, revenues outpace expenditures, with the budget deficit dropping to 0.6 % of GDP

04.12.2023

Based on preliminary data and estimates the budget balance of the Consolidated Fiscal Programme (CFP) as of November 2023 is expected to be deficit of around BGN 1.0 billion or 0.6 % of the forecast GDP, with a deficit of 2.5 % of the forecast GDP planned in the estimates to the Law on the 2023 State Budget of the Republic of Bulgaria. On a monthly basis, the budget balance has recorded improvement for November, with the revenues for the month exceeding the expenditures by around BGN 400 million. The improvement in the budget position in November was driven by the revenue side of the budget, with higher tax revenues being the main contributor.

The higher amount of tax revenues in November is mainly due to the proceeds from corporate tax prepayments and the implementation of the measure to upgrade and improve fiscal control by introducing mandatory prior declaration of data on the transport of goods on the territory of the Republic of Bulgaria. This measure was adopted earlier in the year with changes in the Tax and Social Insurance Procedure Code (prom., SG No. 66 of 2023, in force from 1.10.2023) and entered into effect after the adoption of Ordinance No Н-5 on the terms and procedure for the performance of fiscal control on the movement of high fiscal risk goods on the territory of the Republic of Bulgaria (prom., SG No. 83 from 3.10.2023, in force from 3.10.2023).

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

As of November 2023, CFP revenues, grants and donations are to the amount of BGN 60.1 billion (86.5 % of the annual estimates). Compared to the same period of 2022, tax revenues under CFP have risen in nominal terms by BGN 5.0 billion (11.7 per cent), while non-tax revenues and proceeds from grants and donations (mainly grants under EU Programmes and Funds) have decreased by BGN 1.4 billion.

The Consolidated Fiscal Programme expenditures, including the contribution of the Republic of Bulgaria to the EU budget, as of November 2023 amount to BGN 61.1 billion (82.5 % of the annual estimates), increasing by 4.2 per cent compared to the same period of the previous year. The most significant increase in the individual expenditure indicators is recorded in terms of social 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 November 2023, amounts to BGN 1.5 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 November 2023 will be published on the website of the Ministry of Finance at the end of December 2023.

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