03.02.2025

Based on the monthly data on cash execution of first-level spending units’ budgets, the Consolidated Fiscal Programme (CFP) balance on a cash basis for 2024 is negative, amounting to BGN 6,138.0 million (3.0% of the projected GDP). In an extremely tight budget environment, reported data show that Bulgaria’s budget stance is in line with the CFP one set in estimates to the Law on the 2024 State Budget of the Republic of Bulgaria adopted at the end of 2023. Tremendous efforts have been made in the course of budget execution both to improve revenue collection and to curb the pressure on the expenditure side so as to minimise the pressure on the budget stance.

CFP revenues, grants and donations as of December 2024 amount to BGN 71,999.2 million, or 95.6% of the annual estimates. Proceeds grow by BGN 4,958.4 million, or 7.4%, compared to those reported in December 2023. The non-execution of the estimated CFP revenues is mainly due to the lower-than-planned revenues from grants and donations in the EU fund accounts (due to non-payment of the second and third tranches under the Recovery and Resilience Plan). National budget revenues are close to the plan for the year, with the over-performance of tax revenue estimates fully offsetting the non-execution of non-tax revenue estimates. Compared to the previous year, tax revenues increase nominally by BGN 6,381.8 million (12.2%), with a growth of BGN 209.7 million for the first quarter of 2024 and BGN 6,172.1 million for the period of April-December 2024. Non-tax revenues decrease by BGN 1,224.4 million (11.2%) compared to 2023, while grant and donation proceeds (mostly EU programme and fund grants) are lower by BGN 199.0 million compared to the same period of last year.

Tax proceeds, including revenues from social security contributions, amount to BGN 58,700.2 million, which accounts for 101.3% of the estimates for the year, forming 81.5% of the overall CFP proceeds for the period. Direct tax revenues amount to BGN 12,483.3 million, which accounts for 97.0% of the estimates for 2024 and is an increase by BGN 1,261.2 million (11.2%) compared to the reports as of December 2023. Indirect tax revenues amount to BGN 25,888.9 million, which accounts for 101.5% of those planned in the Law on the 2024 State Budget of the Republic of Bulgaria and is an increase by BGN 3,141.4 million (13.8%) compared to those reported for 2023. Proceeds from other taxes, including other taxes under the Corporate Income Tax Law, property and other taxes, amount to BGN 2,309.5 million (including BGN 559.3 million under the budget of the Electricity System Security Fund as against BGN 949.2 million for 2023), which accounts for 124.7% of the annual estimates and is a decrease by BGN 412.9 million compared to the reports as of December 2023. Revenues from social security and health insurance contributions amount to BGN 18,018.4 million, or 101.6% of the estimates for 2024, representing an increase by BGN 2,392.1 million (15.3%) compared to the ones reported in 2023.

Non-tax revenues amount to BGN 9,667.4 million, which accounts for 94.2% of the annual estimates. These revenues are lower than the ones projected with the estimates to the Law on the 2024 State Budget of the Republic of Bulgaria, mainly due to lower proceeds from the sale of non-financial assets (mainly in the proceeds from the sale of GHG emission allowances), lower-than-projected state and municipal fees, etc.

Revenues from grants and donations as of December 2024 amount to BGN 3,631.6 million, remaining significantly below the estimates to the Law on the 2024 State Budget of the Republic of Bulgaria (BGN 7,080.7 million). This is due to the non-payment of the planned second and third tranches of the Recovery and Resilience Plan and part of the planned revenues under the EU operational programmes (non-execution of the estimates for CFP grant and donation revenues by BGN 3.4 billion).

CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budget as of December 2024, amount to BGN 78,137.2 million, which accounts for 95.9% of the annual estimates. As per the individual expenditure items, there is an increase mainly in social expenditures due to the higher pensions paid following the increase effective as from July 2023 and July 2024, as well as in staff costs, following the increase in salaries for teaching staff and in other administrations with the Law on the 2023 State Budget of the Republic of Bulgaria and the Law on the 2024 State Budget of the Republic of Bulgaria, etc. 

The part of Bulgaria’s contribution to the EU budget paid from the central budget as of 31.12.2024 amounts to BGN 1,592.1 million, which complies with the existing legislation in the area of EU own resources.

The fiscal reserve as of 31.12.2024 is BGN 11,865.276 million, including BGN 9,585.940 million of fiscal reserve deposits in the BNB and in banks and BGN 2,279.336 million of receivables under the EU Funds for certified expenditures, advance payments, etc.

The Consolidated Fiscal Programme implementation data as of 31 December 2024 are published in the Statistics section of the website of the Ministry of Finance. The statistics is accompanied by an Information Bulletin on the Execution of the State Budget and the Main Indicators of the Consolidated Fiscal Programme, which represents a short analysis of the performance of the key budget parameters on a consolidated level and by constituent budgets.

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Detailed information about the capital expenditures approved by the Council of Ministers under Annex No. 2 to the Law on the 2024 State Budget of the Republic of Bulgaria for January as per CMD No 14/29.01.2024 can be found here.

Detailed information about the capital expenditures approved by the Council of Ministers under Annex No. 2 to the Law on the 2024 State Budget of the Republic of Bulgaria for February as per CMD No 32/26.02.2024 can be found here.

Detailed information about the capital expenditures approved by the Council of Ministers under Annex No. 2 to the Law on the 2024 State Budget of the Republic of Bulgaria for March as per CMD No 57/21.03.2024 can be found here.

Detailed information about the capital expenditures approved by the Council of Ministers under Annex No. 2 to the Law on the 2024 State Budget of the Republic of Bulgaria for April as per CMD No 107/23.04.2024 can be found here.

Detailed information about the capital expenditures approved by the Council of Ministers under Annex No. 2 to the Law on the 2024 State Budget of the Republic of Bulgaria for May as per CMD No 182/23.05.2024 can be found here.

Detailed information about the capital expenditures approved by the Council of Ministers under Annex No. 2 to the Law on the 2024 State Budget of the Republic of Bulgaria for June as per CMD No 220/19.06.2024 can be found here.

Detailed information about the capital expenditures approved by the Council of Ministers under Annex No. 2 to the Law on the 2024 State Budget of the Republic of Bulgaria for July as per CMD No 253/18.07.2024 can be found here.

Detailed information about the capital expenditures approved by the Council of Ministers under Annex No. 2 to the Law on the 2024 State Budget of the Republic of Bulgaria for August as per CMD No 309/03.09.2024 can be foundhere.

Detailed information about the capital expenditures approved by the Council of Ministers under Annex No. 2 to the Law on the 2024 State Budget of the Republic of Bulgaria for September as per CMD No 341/07.10.2024 can be found here.