30.11.2015

Based on preliminary data and estimates the balance of the Consolidated Fiscal Programme as of 30.11.2015 is expected to be a deficit, amounting to BGN 457 million (0.5% of forecast GDP). As a comparison, for the same period of the previous year CFP reported a deficit in the amount of BGN 1,600,7 million (1.9% of GDP), i.e., if referred to GDP, the budget position has improved by 1.4 percentage points. Only for November on a m.o.m. basis the deficit expected is to be approximately BGN 521 million which is due mainly to the higher expenditure under the EU funds accounts.

Key CFP parameters on the basis of preliminary data and estimates

Revenues and grants under CFP as of 30.11.2015 are expected to be BGN 29,048.0 million (95.7% of the annual estimate), registered growth of 8.6% (BGN 2,309.6 million) compared to the same period of 2014. The growth as compared to the previous year is mainly due to the higher tax and non-tax revenues as well as to the higher receipts in terms of grants (funds reimbursed by the European Commission) which increased by BGN 1,693.6 million and BGN 616.0 million, respectively.

On the basis of operational data and assessments the expenditures under the Consolidated Fiscal Programme (including the contribution of the Republic of Bulgaria to the EU budget) as of November 2015 amount to BGN 29,505.0 million, which is 89.9% of the annual plan. The expenditures for the same period of the previous year are to the amount of BGN 28,339.1 million. Traditionally expenditures in the last months of the year are higher than the average weighted expenditure reported in the previous months due to seasonal factors and the concentration of most of the capital expenditures at the end of the year. The greatest effect in November over the increased expenditures have those related to the closure of the EU co-financed projects for programming period 2007 - 2013 because of the expiring deadline for most of the programmes - end of 2015.

The part of Bulgaria's contribution to the EU budget, paid as of end-November 2015 from the central budget, amounts to BGN 935.8 million, which complies with the current legislation on EU own resources, Council Decision 2007/436/EC, Euratom on the system of the Communities' own resources and Council Regulation (EC, Euratom) 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 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 will be published on the website of the Ministry of Finance at the end of December 2015.