03.12.2024

Based on preliminary data and estimates the budget balance of the Consolidated Fiscal Programme (CFP) as of end-November 2024 is expected to be deficit, amounting to BGN 3.7 billion (1.9 percent of the forecast GDP).

On a monthly basis, the budget balance has recorded improvement for November, with the revenues for the month exceeding the expenditures by nearly BGN 0.3 million. The main driver for this are the higher proceeds from corporate taxes. The majority of taxable persons have submitted within the statutory time limit (15 November 2024, as per Article 88 of the Corporate Income Tax Law) declarations for changes in the amount of advance payments under the Corporate Income Tax Law for the current year, as a result of which significant amounts of proceeds are concentrated in this month.

In addition to the regular monthly personnel and maintenance expenditures, as well as social expenditures (on pensions, allowances and benefits, and health insurance payments), etc., the last tranche of BGN 125 million of state aid was also disbursed in November under the “Aid to support the liquidity of farmers to overcome the negative economic impact of Russian aggression against Ukraine” programme and the “Aid to support the liquidity of farmers, producers of grain and oilseed crops, to overcome the negative economic impact of Russian aggression against Ukraine” programme.

Key CFP parameters on the basis of preliminary data and estimates:

Revenues, grants and donations under CFP as of November 2024 are expected to be BGN 65.2 billion, or 86,7 % of the annual estimates. Compared to November 2023 revenues under the CFP have risen by BGN 5.1 billion (8.5 per cent); the factors for this increase are the tax and social security revenues that rise by BGN 5.6 billion in nominal terms (11.8 per cent) and the proceeds from grants and donations (mainly grants under EU Programmes and Funds) that rise by BGN 0.8 billion. Compared to the previous year, non-tax revenues decrease by BGN 1.3 billion (12.5 per cent), mainly due to the lower revenues of dividend receipts and from the sale of greenhouse gas allowances.

The expenditures under the CFP, including the contribution of the Republic of Bulgaria to the EU budget, amount to BGN 68.9 billion as of November 2024, which is 84.6 % of the annual estimates. Making a comparison with the previous year, 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 30 November 2024, amounts to BGN 1.4 billion, which complies with the current legislation in the area of EU own resources.

The statistical data and the Information Bulletin on the execution of the state budget and the key indicators of the Consolidated Fiscal Programme based on data from the monthly reports on the cash performance of the budgets of the first-level spending units as of November 2024 will be published on the website of the Ministry of Finance at the end of December 2024.