01.12.2011

The budget balance under the Consolidated Fiscal Programme (CFP) as of end-October 2011 is negative, amounting to BGN 842.1 million, or 1.1 % of projected GDP for the year, and is formed by a deficit under the national budget of 326,4 million and a deficit under EU funds of BGN 515,6 million. For 2011, as compared to the previous year, the CFP deficit on a cash basis has improved by BGN 1 060,7 million (1.6 pp of GDP) in nominal terms. The deficit for the same period of 2010 is BGN 1 902,7 million, or 2,7 % of GDP.

On a monthly basis, in October 2011 the deficit under the Consolidated Fiscal Programme shrank to BGN 14,8 million, at a deficit of BGN 376,0 million for October 2010.

As at 31 October 2011 CFP revenues and grants stand at BGN 20 518,7 million or 78,3% of the annual estimates. Compared to the same period of 2010, CFP proceeds report a growth of BGN 1 285,2 million or 6,7%. This is mostly due to higher indirect tax revenue, which grow by BGN 966,1 million (12,5%) as compared to the same period of 2010. Revenues from direct taxes have also increased by 9,3% and those from other taxes under the Corporate Income Tax report a growth of 13,1%.

Tax revenues, including social security and health insurance contributions, as of end-October total BGN 16 940,4 million, or 82,6% of all revenues under the CFP. Revenues from the group of direct taxes are BGN 3 110,5 million, or 82,0% of those planned for the year. Indirect tax revenues are BGN 8 674,1 million, or 83,4% of those planned for the year. VAT revenues amount to BGN 5 355,3 million, or 82,6% of those planned in the 2011 State Budget of the Republic of Bulgaria Law. Excise duty revenues as of the end of October amount to BGN 3 190,8 million, or 84,0 % of the annual estimates. Customs duty revenues are BGN 110,7 million, or 110,7% of those planned for the year. Revenues from other taxes (including property taxes and other taxes under the Corporate Income Tax Law) are BGN 663,8 million, or 86,5% of those planned for the year. Revenues from social security and health insurance contributions are BGN 4 492,0 million.

Non-tax revenues and grants amount to BGN 3 578,3 million, or 65,0% of those planned for the year.

The expenditures under the consolidated budget, including the contribution of the Republic of Bulgaria to the EU general budget, as of 31 October amount to BGN 21 360,8 million, or 75,8% of the annual estimate. Non-interest current expenditures amount to BGN 18 134,1million (80,7% of those planned for the year), capital expenditures (including net increment of state reserve) amount to BGN 2 132,8 million (57,7% of those planned), and interest payments amount to BGN 506,1 million (76,6% of those planned in the 2011 budget.

The part of Bulgaria\'s contribution to the EU general budget, paid as of end-October 2011 from the central budget, amounts to BGN 587,8 million, which complies with Council Regulation (EC, EURATOM) No 1150/2000 of 22 May 2000 implementing Decision 94/728/EC.

The fiscal reserve as of 31 October 2011 amounts to BGN 5,3 billion.

Data on consolidated budget implementation as of 31 October 2011 are published in the „Budget\"/„Statistics\" section on the website of the Ministry of Finance. The statistical data are accompanied by an Information Bulletin on the Execution of the Consolidated Budget, which presents a short analysis of the performance of the key budget parameters on a consolidated level and by constituent budgets.