29.06.2012

The budget balance under the Consolidated Fiscal Programme (CFP) cumulatively from the beginning of the year until end-May 2012 is positive, amounting to BGN 67.4 million, and is formed by a deficit under the national budget of 334.5 million and a deficit under EU funds of BGN 267.0 million. Compared to the same period of last year, the CFP budget stance as of end-May 2012 has improved by BGN 665.0 million (0,8 % of GDP), which is mostly due to better revenue performance. There is a nominal revenue growth of 3.3 % related to the increased costs under EU programmes, while national budget expenditure contract by BGN 39.9 million (0.04 %). Fiscal reserve as of 31 May 2011 amounts to BGN 5.0 billion.

At end-May CFP revenues and grants stand at BGN 11,010.0 million or 38.3 % of those planned in the 2012 State Budget Law. Compared to the same period of last year, CFP proceeds report a nominal growth by 10.1% (BGN 1,012.5 million), which is mostly due to higher indirect tax and non-tax revenue.

Tax proceeds, including revenues from social security contributions, total BGN 8,702.8 million as of end-May 2012, which is 40.3 % of the annual plans. Revenues from direct taxes are BGN 1,831.9 million, or 47.7 % of those planned for the year. Indirect taxes amount to BGN 4,266.0 million, or 37.5 % of CFP for the year, with VAT revenues amounting to BGN 2,715.0 million, or 38.2 % of the plans, excise duty revenues amounting to BGN 1,492.2 million, or 36.1 % of the plans, customs duty revenues amounting to BGN 47.6 million, or 39.6 % of the plans, and insurance premium tax revenues amounting to BGN 11.2 million, or 46.8 % of the plan. Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 384.2 million, or 46.6 % performance of the plans for the year. Revenues from social security and health insurance contributions as of 31 May 2012 are BGN 2,220.8 million, or 39.9 % of those planned for the year.

Non-tax revenues and grants amount to BGN 2,307.2 million, or 32.2 % of those planned for the year.

The expenditures under the consolidated budget, including the contribution of the Republic of Bulgaria to the EU budget, as of 31 May 2012 amount to BGN 10,942.6 million, or 36.7 % of the planned for the year. In structural terms, compared to the five months of 2011, capital expenditures, social security expenditures and health insurance payments are higher. Non-interest current expenditures amount to BGN 9,191.0 million (40.8 % of those planned for the year), capital expenditures (including net increment of state reserve) amount to BGN 987.0 million (18.6 % of those planned under the 2012 State Budget Law), while interest payments - to BGN 333.3 million (46.5 % of those planned in the 2012 budget).

The part of Bulgaria\'s contribution to the EU budget, as paid as of end-May 2012 from the central budget, amounts to BGN 431.3 million, which complies with Council Regulation 1150/2000.

Data on consolidated budget implementation as of 31 May 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.