03.09.2024

Based on preliminary data and estimates the budget balance of the Consolidated Fiscal Programme (CFP) as of end-August 2024 is expected to be deficit, amounting to BGN 1.6 billion (0.8 % of the forecast GDP).

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

Revenues, grants and donations under CFP as of August 2024 are expected to be BGN 46.5 billion, or 61,8 % of the annual estimates. The trend from the previous months of moderate increase of proceeds in the part of tax and social security revenues continued in August, too; the performance as of August 2024 is expected to be 64.3 % of the annual estimates, while their performance was 62.2 % of the estimates for the same period of 2023.

Compared to the same period of the previous year proceeds under CFP rise by BGN 4.1 billion (9.6 per cent); the factors for this increase are the tax and social security revenues that rise by BGN 4.2 billion in nominal terms (12.6 per cent) and the proceeds from grants and donations (mainly grants under EU Programmes and Funds) that rise by BGN 0.9 billion. Compared to the previous year, non-tax revenues decrease by BGN 1.0 billion (13.2 per cent), mainly in the part of dividend receipts and revenues from the sale of greenhouse gas allowances. In the first eight months of 2023, dividend receipts for the state from state-owned enterprises amounted to BGN 1.55 billion, while the receipts for the same period of the current year are only BGN 0.1 billion, with BGN 0.34 billion being planned. This is mainly due to the non-distribution of dividend from the profit of Bulgarian Energy Holding EAD for the financial year 2023. The revenues from the sale of greenhouse gas allowances are influenced by the smaller volumes and lower price of allowances in 2024.

The expenditures under the CFP, including the contribution of the Republic of Bulgaria to the EU budget, amount to BGN 48.1 billion as of August 2024, which is 59.1 % 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 31 August 2024, amounts to BGN 0.98 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 August 2024 will be published on the website of the Ministry of Finance at the end of September 2024.