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BUDGET DEFICIT FOR AUGUST ON A MONTHLY BASIS IS BGN 10,6 MILLION ACCORDING TO FINAL DATA

BUDGET DEFICIT FOR AUGUST ON A MONTHLY BASIS IS BGN 10,6 MILLION ACCORDING TO FINAL DATA
Снимка: BUDGET DEFICIT FOR AUGUST ON A MONTHLY BASIS IS BGN 10,6 MILLION ACCORDING TO FINAL DATA

03.10.2011

The budget balance under the Consolidated Fiscal Programme (CFP) as of end-August 2011 is negative, amounting to BGN 731,1 million, or 1,0 % of projected GDP, and is formed by a deficit under the national budget of BGN 469,7 million and a deficit under EU funds of BGN 261,4 million. As a comparison, the deficit for the period January-August 2010 amounts to BGN 1 536,7 million, or 2,2 % of GDP, i.e. on a cash basis the deficit under the Consolidated Fiscal Programme in 2011 has improved in nominal terms by BGN 805,7 million, or 1,2 p.p. of GDP. On a monthly basis for August 2011 the deficit under the Consolidated Fiscal Programme shrank to BGN 10,6 million.

For the first eight months of 2011 CFP revenues and grants stand at BGN 16 241,8 million or 62,0 % of the annual estimates, showing a growth of BGN 940,0 million or 6,1% compared to the same period of 2010. The higher indirect tax revenues, which have increased by BGN 769,0 million (13,1 %), are the key contributor to the reported nominal growth as compared to the same period of the previous year. Revenues from direct taxes also grow compared to the data reported in the same period of 2010 - by 7,2%, and revenues from other taxes under the Corporate Income Tax Law grow by 11,6%.

Tax revenues, including social security and health insurance contributions, as of end-August total BGN 13 305,5 million, or 81,9 % of all revenues under the CFP. Revenues from direct taxes are BGN 2 554,3 million, or 67,3% of those planned for the year. Indirect tax revenues are BGN 6 622,4 million, or 63,7% of those planned for the year. VAT revenues amount to BGN 4 082,6 million, or 63,0% of those planned in the 2011 State Budget of the Republic of Bulgaria Law. Excise duty revenues as of the end of August amount to BGN 2 446,8 million, or 64,4 % of the annual estimates. Customs duty revenues are BGN 79,4 million, or 79,4% of those planned for the year. Revenues from other taxes (including property taxes and other taxes under the Corporate Income Tax Law) are BGN 546,5 million, or 71,2% of those planned for the year. Revenues from social security and health insurance contributions as of 31 August are BGN 3 582,3 million, or 62,4% of the annual estimates.

Non-tax revenues and grants amount to BGN 2 936,3 million, or 53,3 % 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 end-August amount to BGN 16 972,9 million, or 60,2% of the annual estimate. Non-interest current expenditures amount to BGN 14 542,1 million (64,7 % of those planned for the year), capital expenditures (including net increment of state reserve) amount to BGN 1 509,1 million (40,8% of those planned), and interest payments amount to BGN 455,3 million (68,9 % of those planned in the 2011 budget).

The part of Bulgaria's contribution to the EU general budget, paid as of end-August 2011 from the central budget, amounts to BGN 466,3 million, which complies with Council Regulation 1150/2000.

The fiscal reserve as of 31 August 2011 amounts to BGN 5,0 billion.

Data on consolidated budget implementation as of 31 August 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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