01.11.2023

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 end-September 2023 is negative, amounting to BGN 841.0 million (0.5% of the projected GDP), and is formed by a deficit of BGN 771.5 million under the national budget and a deficit of BGN 69.5 million under the EU funds.

The CFP revenues, grants and donations as of September 2023 stand at BGN 47,636.7 million, which accounts for 68.6% of the estimates to the Law on the 2023 State Budget of the Republic of Bulgaria. Proceeds grow by BGN 2,639.7 million as compared to those reported in September 2022.

Tax proceeds, including revenues from social security contributions, amount to BGN 37,373.9 million, which accounts for 70.3% of the estimates for the year. Tax and social security contribution proceeds grow by BGN 3,377.6 million (9.9%) compared to those reported for the same period of the previous year, forming 78.5% of the overall CFP proceeds for the period. Direct tax revenues amount to BGN 7,401.8 million or 63.7% of the estimates for 2023. Indirect tax revenues (VAT mostly) amount to BGN 14,321.6 million (61.2% of the estimates for the year). Indirect tax revenues (mostly VAT) amount to BGN 16,452.3 million, which accounts for 70.3% of those planned in the Law on the 2023 State Budget of the Republic of Bulgaria. Proceeds from other taxes, including other taxes under the Corporate Income Tax Law, property and other taxes, amount to BGN 2,136.4 million (including BGN 802.8 million earmarked contributions to the Electricity System Security Fund), or 80.2% of the annual estimates. Revenues from social security and health insurance contributions amount to BGN 11,383.3 million, or 73.6% of those planned for the 2023.

Non-tax revenues amount to BGN 8,567.7 million, which accounts for 76.8% of the annual estimates, and are mostly formed by state, municipal and legal expense revenues, rents, concession revenues, greenhouse gas emission allowance revenues, etc.

Grant and donation proceeds amount to BGN 1,695.1 million.

CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budget as of September 2023, amount to BGN 48,477.7 million, which accounts for 65.5% of the annual estimates. In nominal terms, expenditures increase by BGN 4,466.9 million (10.1%) compared to the same period of 2022. In the individual expenditure indicators, the most significant increase is registered with social security and health insurance expenditures, as well as in the personnel, capital and other expenditure components. 

Non-interest expenditures amount to BGN 46,492.1 million, which accounts for 65.6% of the annual estimates. Non-interest current expenditures amount to BGN 42,798.4 million. Capital expenditures (including net increment of state reserve) amount to BGN 3,647.2 million. The current and capital transfers to other countries amount to BGN 46.4 million. Interest payments amount to BGN 733.5 million, or 89.0% of those planned for 2023.

The part of Bulgaria’s contribution to the EU budget paid from the central budget as of 30.09.2023 amounts to BGN 1,252.1 million, which complies with the existing legislation in the area of EU own resources.

The fiscal reserve as of 30.09.2023 is BGN 11.35 billion, including BGN 10.88 billion of fiscal reserve deposits in the BNB and in banks and BGN 0.47 billion of receivables under the EU Funds for certified expenditures, advance payments, etc.

The Consolidated Fiscal Programme implementation data as of 30 September 2023 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.