THE MINISTRY OF FINANCE EXPECTS A DEFICIT UNDER THE CONSOLIDATED FISCAL PROGRAMME OF ONLY 0.2% OF FORECASTED GDP AS OF FEBRUARY 2015
27.02.2015
The deficit for the first two months of 2015 is the lowest for the past five years
Based on preliminary data and estimates the balance of the Consolidated Fiscal Programme (CFP) on a cash basis as of February 2015 is expected to be negative, amounting to around BGN 130 million (- 0,2% of the forecasted GDP). For comparison, the balance as of February 2014 was a deficit of BGN 688.2 million (-0,8 % of GDP), which means that compared to the first two months of the previous year the budget stance improves by 0.6% of GDP. The higher revenues continue to be the main factor for the forecasted improvement of the budget balance while the expenditures remain close to those reported in the same period of the previous year.
Revenues and grants under CFP as of February 2015 are expected to be around BGN 4 750 million (15,7% of the annual estimate), which accounts for a nominal growth of 13,0 % (BGN 548 million) compared to the first two months of 2014. The growth in revenues for the first two months of 2015 significantly outpaces the one reported for the same period of 2014 compared to 2013 and of 2013 compared to 2012.
On the basis of operational data and assessments the expenditures under the Consolidated Fiscal Programme (including the contribution of the Republic of Bulgaria to the EU budget) as of 28.02.2015 amount to approximately BGN 4 880 million, which is 14.9 % of the annual estimate. In nominal terms the expenditures remain close to those reported for the same month of the previous year.
The part of Republic of Bulgaria's contribution to the EU budget, paid as of 28.02.2015 from the central budget, amounts to BGN 226.3 million, which complies with Council Regulation (EC, EURATOM) No 1150/2000 of 22 May 2000 implementing Decision 94/728/EC, Euratom on the system of the Communities' own resources.
The statistical data and the Information Bulletin on the Execution of the Consolidated Budget as of 28 February 2015 based on data from the monthly reports on the cash performance of the budgets of the first-level spending units will be published on the website of the Ministry of Finance at the end of March 2015.