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BUDGET DEFICIT AS OF END-NOVEMBER STANDS AT 1,4% OF PROJECTED GDP

30.12.2011

The budget balance under the Consolidated Fiscal Programme (CFP) as of end-November 2011 is negative, amounting to BGN 1 049,2 million, or 1.4 % of projected GDP for the year, and is formed by a deficit under the national budget of 560,7 million and a deficit under EU funds of BGN 488,5 million. As a comparison, the deficit for the same period of 2010 is BGN 1 866,2 million, or 2,6 % of GDP, or in other words in 2011 the CFP deficit on a cash basis has improved by BGN 817,0 million (1,2 pp of GDP) in nominal terms.

The fiscal reserve as of 30 November 2011 amounts to BGN 5,3 billion.

As at 30 November 2011 CFP revenues and grants stand at BGN 22 638,6 million or 86,4 % of the annual estimates. Compared to the same period of 2010, CFP proceeds report a growth of BGN 1 282.9 million or 6,0% which is mostly due to higher tax revenues. Indirect tax revenues grow by BGN 806,4 million (9,2 %) as compared to the same period of 2010. Revenues from social security and health insurance contributions grow by 10,9 % as compared to those reported for the same period of the previous year, and revenues from direct taxes increase by 9,4%. Revenues from other taxes under the Corporate Income Tax Law report a growth of 12,4 %.

Tax revenues, including social security and health insurance contributions, as of end-November total BGN 18 649,3 million, or 82,4% of all revenues under the CFP. Revenues from the group of direct taxes are BGN 3 367,7 million, or 88,7 % of those planned for the year. Indirect tax revenues are BGN 9 606,0 million, or 92,4 % of those planned for the year. VAT revenues amount to BGN 5 938,9 million, or 91,6 % of those planned in the 2011 State Budget of the Republic of Bulgaria Law. Excise duty revenues as of the end of November amount to BGN 3 526,1 million, or 92,8 % of the annual estimates. Customs duty revenues are BGN 121,9 million, or 121,9% of those planned for the year. Revenues from other taxes (including property taxes and other taxes under the Corporate Income Tax Law) are BGN 719,9 million, or 93,8% of those planned for the year. Revenues from social security and health insurance contributions are BGN 4 955,7 million, or 86,3 % of the annual estimates.

Non-tax revenues and grants amount to BGN 3 989,4 million, or 72,5 % of those planned for the year.

The expenditures under the consolidated budget, including the contribution of the Republic of Bulgaria to the EU general budget, as of 30 November amount to BGN 23 687,8 million, or 84,1% of the annual estimate. Non-interest current expenditures amount to BGN 20 020,0 million (89,1% of those planned for the year), capital expenditures (including net increment of state reserve) amount to BGN 2 471,6 million (66,9% of those planned), and interest payments amount to BGN 520,6 million (78,8% of those planned in the 2011 budget).

The part of Bulgaria\'s contribution to the EU general budget, paid as of end-November 2011 from the central budget, amounts to BGN 675,6 million, which complies with Council Regulation (EC, EURATOM) No 1150/2000.

Data on consolidated budget implementation as of 30 November 2011 are published in the „Statistics\" section on the website of the Ministry of Finance. The statistical data are accompanied by an Information Bulletin on the Execution of the Consolidated Budget, which presents a short analysis of the performance of the key budget parameters on a consolidated level and by constituent budgets.

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