02.05.2024

Based on the monthly data on cash execution of first-level spending units’ budgets, the Consolidated Fiscal Programme (CFP) balance on a cash basis as of March 2024 is positive, amounting to BGN 403.7 million, (0.2% of the projected GDP).

CFP revenues, grants and donations as of March 2024 amount to BGN 15,757.1 million, or 20.9% of the annual estimates. Proceeds grow by BGN 1,065.0 million, or 7.2% compared to those reported in March 2023. Compared to the same period of 2023, tax revenues grow by BGN 209.1 million (1.8%) in nominal terms, while non-tax revenues decrease by BGN 118.7 million (4.9%) due to a decline in proceeds from the sale of greenhouse gas emission allowances under the ESSF budget. Proceeds in the part of grants and donations (mainly grants under EU programmes and funds) increase by BGN 974.6 million.

Tax proceeds, including revenues from social security contributions, amount to BGN 12,026.5 million, which accounts for 20.8% of the estimates for the year, forming 76.3% of the overall CFP proceeds for the period.

Non-tax revenues amount to BGN 2,321.7 million, which accounts for 22.6% of the annual estimates.

Grant and donation proceeds amount to BGN 1,408.9 million.

CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budget for March 2024, amount to BGN 15,353.4 million, which accounts for 18.8% of the annual estimates. 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 will be 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 Municipal Projects Investment Programme under the procedure of Article 107 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-March 2024 are BGN 16,553.4 million compared to BGN 15,357.2 million for the first three months of 2023. As regards the individual expenditure items, there is an increase in social expenditures due to the higher pensions paid following the increase effective as from July 2023, as well as due to the higher 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 passed in the middle of 2023, etc. 

The fiscal reserve as of 31.03.2024 is BGN 11,877.9 million, including BGN 9,977.9 million of fiscal reserve deposits in the BNB and in banks and BGN 1,900.0 million of receivables under the EU Funds for certified expenditures, advance payments, etc.

The Consolidated Fiscal Programme implementation data as of 31 March 2024 are published in the Statistics section on 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 57/21.03.2024can be found here.