01.11.2011

The budget balance under the Consolidated Fiscal Programme (CFP) as of end-September 2011 is negative, amounting to BGN 826.0 million (1.1 % of projected GDP), and is formed by a deficit under the national budget of 438.3 million and a deficit under EU funds of BGN 387.7 million. Just for comparison, the deficit in the period from January to September 2010 amounts to BGN 1 517.8 million (2.2 % of GDP), or the CFP deficit on a cash basis has improved by BGN 691.8 million (1.1 pp of GDP) in nominal terms for the first nine months of 2011. The fiscal reserve amounts to BGN 5.1 billion as of 30 September 2011.

At end-September CFP revenues and grants stand at BGN 18,353.6 million or 70.0 % of those planned in the 2011 State Budget Law. Compared to the same period of 2010, proceeds report a nominal growth by BGN 997.7 million or 5.7% for the nine months of 2011 which is mostly due to higher indirect tax revenue. Revenues from direct taxes have increased by BGN 865.1 million (12.7 %) compared to the nine months of 2010. Revenues from the group of direct taxes, other taxes under the Corporate Income Tax Law and property taxes under municipal budgets also report some growth compared to the data reported in the same period of 2010.

Tax proceeds, including revenues from social security contributions, total BGN 15,082.4 million as of end-September, which is 82.2 % of total CFP proceeds. As of 30 September 2011, performance as planned for the year is 72.9 % compared to 70.6 5 for the same period of 2010. Revenues from direct taxes are BGN 2,791.7 million, or 73.6 % of those planned for the year. Indirect taxes amount to BGN 7,666.2 million, or 73.7 % of CFP for the year. VAT revenues amount to BGN 4,702.5 million, or 72.6 % of those planned in the 2011 State Budget Law. Excise duty revenues as of end-September amount to BGN 2,853.4 million, with performance according to the estimates being 75.1 %. Customs duty revenues amount to BGN 95.1 million, or 95.1 % of those planned for the year. Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 593.1million, or 77.3 % performance of the plans for the year. Revenues from social security and health insurance contributions as of 30 September are BGN 4 031.3 million, or 70.2 % of those planned for the year.

Non-tax revenues and grants amount to BGN 3,271.2 million, or 59.4 % 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 30 September amount to BGN 19,179.5 million, or 68.1 % of the planned for the year. Non-interest current expenditures amount to BGN 16,294.2 million (72.5 % of those planned for the year), capital expenditures (including net increment of state reserve) amount to BGN 1,867.5 million (50.5 % of those planned), while interest payments - to BGN 489.8 million (74.1 % of those planned in the 2011 budget).

The part of Bulgaria\'s contribution to the EU budget, as paid as of end-September from the central budget, amounts to BGN 528.1 million, which complies with Council Regulation 1150/2000.

Data on consolidated budget implementation as of 30 September 2011 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.