31.03.2012

Based on the monthly reports on the cash budget implementation of first level spending units the budget balance under the Consolidated Fiscal Programme (CFP) as of February is negative, amounting to BGN 565.0 million. The CFP negative balance is formed by a deficit under the national budget of BGN 327.6 million and a deficit under EU funds of BGN 237.4 million. For comparison the deficit in February 2011 was BGN 750.5 million, or the budget position as of February 2012 shows improvement by BGN 185.5 million compared to the same period last year.

The CFP revenues and grants as of the end of February stand at BGN 3,681.1 million, or 12.8 % of those planned in the 2012 State Budget Law (SBL). Compared to the same period of 2011, proceeds report a nominal growth by 11.5 % (BGN 378.4 million), which is mostly due to higher VAT revenue.

Tax proceeds, including revenues from social security contributions, total BGN 3,127.3 million as of the end of February, or 14.5 % of the annual plan. Direct tax revenues amount to BGN 499.7 million, or 13.0 % of the annual plan. Indirect tax revenues amount to BGN 1,699.million, or 14.9 % of the annual plan, of which VAT revenues - BNG 1,080.6 million, or 15.2 % of the plan, excise duty revenues - BNG 595.6 million, or 14.4 %, customs duty revenues - BGN 18.3 million, or 15.2 %. Other taxes revenues (other taxes under CITA, property taxes, etc.) amount to BGN 84.7 million, or 10.3 % of the annual plan. Revenues from social security and health insurance contributions as of 29.02.2012 amount to BGN 843.7 million, or 15.2 % of the annual plan.

Non-tax revenues and grants amount to BGN 553.8 million, or 7.7 % of the annual plan.

The expenditure under the consolidated budget (including the contribution of Republic of Bulgaria to the EU general budget) as of 29 February 2012 amount to BGN 4,246.1 million, or 14.2 % of the annual plan. In structural terms an increase mainly in subsidies and capital expenditure is observed, which is related to the efforts to accelerate EU funds absorption. The earlier payment from State Fund Agriculture under the national co-financing scheme is the reason for the growth of subsidies, while for capital expenditure the growth is mostly due to the acceleration of EU funds absorption under the operational programmes and the EU Funds. Non-interest current expenditures amount to BGN 3,421.3 million (15.2 % of the annual plan), capital expenditures (including net increment of state reserve) amount to BGN 326.0 million (6.1 % of those planned in the 2012 SBL) and interest payments - BGN 257.2 million (35.9 % of those planned for 2012).

The part of Bulgaria\'s contribution to the EU general budget paid as of 29.02.2012 from the central budget, amounts to BGN 241.6 million, which is in compliance with the requirements of Council Regulation 1150/2000.

The fiscal reserve as of 29.02.2012 amounts to BGN 3.8 billion. At the beginning of March the EC reimbursed the paid from the national budget payments under the single area payment scheme totalling BGN 683.9 million, whereby the temporary drop in the fiscal reserve amount due to those payments has been compensated.

Data on consolidated budget implementation as of 29 February 2012 are published in „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.