02.09.2024

Based on data from the monthly reports on the cash performance of the budgets of first-level spending units, the balance of the Consolidated Fiscal Programme (CFP) on a cash basis as of July 2024 is negative, amounting to BGN 972.1 million (0.5 % of the forecast GDP).

The CFP revenues, grants and donations as of July 2024 are to the amount of BGN 40,846.8 million, or 54.3 % of the annual estimates. Proceeds have increased by BGN 3,334.7 million (8.9 %) compared to those reported as of July 2023. Compared to the same period of the previous year, tax revenues rise by BGN 3,509.5 million in nominal terms, or 12.2 %, non-tax revenues decrease by BGN 1,053.3 million, or 14.7 %, and proceeds from grants and donations (mainly grants under EU Programmes and Funds) increase by BGN 878.6 million.

Tax proceeds (including revenues from social security and health insurance contributions) are to the amount of BGN 32,375.2 million, or 55.9 % of those planned for the year, forming 79.3 % of the overall CFP proceeds for the period. Revenues from direct taxes amount to BGN 6,728.8 million, or 52.3 % of the estimates for 2024, increasing by BGN 681.0 million, or 11,3 % compared to those reported as of July 2023. Revenues from indirect taxes amount to BGN 13,981.0 million, or 54,8 % of the 2024 State Budget of the Republic Bulgaria Law estimates, increasing by BGN 1,761.1 million, or 14,4 % compared to those reported as of July 2023. Proceeds from other taxes (including other taxes under the Corporate Income Tax Law, property taxes, etc.) amount to BGN 1,438.2 million (including BGN 238.3 million under the budget of the Electricity System Security Fund, this amount being BGN 696.1 million as of July 2023), or 77.7 % of the annual estimates, decreasing by BGN 416.7 million as compared to the amount reported as of July 2023. Proceeds from social security and health insurance contributions amount to BGN 10,227.2 million, or 57.7 % of the estimates for 2024, increasing by BGN 1,484.1 million, or 17.0 %, compared to the same period of 2023.

Non-tax revenues amount to BGN 6,111.7 million, or 59.6 % of the annual estimates.

Proceeds from grants and donations amount to BGN 2,359.9 million.

The expenditures under the CFP, including the contribution of the Republic of Bulgaria to the EU budget, amount to BGN 41,818.9 million^[1] as of July 2024, or 51.3 % of the annual estimates. As regards 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 teaching staff salaries and in some other administrations with the Law on the 2023 State Budget of the Republic of Bulgaria and with the Law on the 2024 State Budget of the Republic of Bulgaria, etc. 

The part of Republic of Bulgaria's contribution to the EU budget, paid from the central budget as of 31 July 2024, amounts to BGN 847.6 million, which complies with the current legislation in the area of EU own resources.

Fiscal reserve as of 31.07.2024 is BGN 11,089.4 million, including BGN 9,091.1 million fiscal reserve deposits in BNB and banks and BGN 1,998.3 million receivables under the EU Funds for certified expenditure, advance payments, etc.

The Consolidated Fiscal Programme performance data as of 31 July 2024 are published on the website of the Ministry of Finance in Statistics section. The statistical data are accompanied by an Information Bulletin on the Execution of the State Budget and the main indicators of the consolidated fiscal programme, 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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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 approved by the Council of Ministers capital expenditures under Annex No 2 to the 2024 SBRBL for February as per Council of Ministers’ Decree No 32/26.02.2024 can be found here.

Detailed information about the approved by the Council of Ministers capital expenditures under Annex No 2 to the 2024 SBRBL for March as per Council of Ministers’ Decree No 57/21.03.2024 can be found here.

Detailed information about the approved by the Council of Ministers capital expenditures under Annex No 2 to the 2024 SBRBL for April as per Council of Ministers’ Decree No 107/23.04.2024 can be found here.

Detailed information about the approved by the Council of Ministers capital expenditures under Annex No 2 to the 2024 SBRBL for May as per Council of Ministers’ Decree No 182/23.05.2024 can be found here.

Detailed information about the approved by the Council of Ministers capital expenditures under Annex No 2 to the 2024 SBRBL for June as per Council of Ministers’ Decree No 220/19.06.2024 can be found here.

Detailed information about the approved by the Council of Ministers capital expenditures under Annex No 2 to the 2024 SBRBL for July as per Council of Ministers’ Decree No 253/18.07.2024 can be found here.

[1] In February 2024, in execution of Article 71(1) of Council of Ministers’ Decree No 13 of 2024, a total amount of BGN 1,200.0 million was reimbursed to the budget of the Ministry of Regional Development and Public Works (MRDPW) from the external funds account. In the course of implementation of the 2024 budget these funds are disbursed by a Council of Ministers’ act on the basis of agreements signed with the MRDPW in the form of transfers to municipalities to fund the Investment Programme under the procedure of Article 106, Article 107, etc., of the Law on the 2024 State Budget of the Republic of Bulgaria. After eliminating this transaction, in order to have comparability with the previous year, expenditures as of end-July 2024 are BGN 43,018.9 million compared to BGN 37,056.8 million for the same period of 2023.