MF EXPECTS SURPLUS OF BGN 961 MILLION UNDER THE CONSOLIDATED FISCAL PROGRAMME AS OF FEBRUARY 2016
29.02.2016
Based on preliminary data and estimates the balance of the Consolidated Fiscal Programme (CFP) on a cash basis as of February 2016 is expected to be positive, amounting to BGN 961 million (1.1% of the projected GDP). For comparison, a CFP deficit of BGN 105.5 million (0.1% of GDP) was reported in February 2015, which means that, as a relative share of GDP, the budget stance has improved by 1.2 percentage points. The improved budget stance is still mainly due to a growth in revenues and grants; it is also influenced positively by the lower expenditures as compared to the same month of the previous year.
Key CFP parameters on the basis of preliminary data and estimates:
In February 2016, CFP revenues and grants are expected to be BGN 5,500.3 million (16.7% of the annual estimate), registering a growth by BGN 738.7 million as against February 2015. The growth compared to the previous year is mainly due to the higher tax and non-tax revenues and grant proceeds (funds reimbursed by the European Commission) which rise by BGN 478.3 million and BGN 260.3 million, respectively.
The Consolidated Fiscal Programme expenditures, including the contribution of the Republic of Bulgaria to the EU budget, for February 2016 amount to BGN 4,539.3 million, which accounts for 13.0% of the annual estimates. The expenditures for the same period of last year amount to BGN 4,867.1 million.
The part of Bulgaria's contribution to the EU budget, as paid from the central budget as of 29.02.2016, amounts to BGN 179.7 million, which complies with the existing legislation in the area of EU own resources, Council Decision 2007/436/EC, Euratom on the system of the Communities' own resources and Council Regulation No 1150/2000, as amended by Regulation No 2018/2004, Regulation No 105/2009 and Regulation No 1377/2014, implementing Decision 2007/436/EC.
The statistics and the Information Bulletin on the Execution of the State Budget and the key Consolidated Fiscal Programme indicators based on the monthly data on cash execution of the budgets of first-level spending units will be published on the website of the Ministry of Finance at the end of March 2016.