30.04.2015

The first level spending units' monthly reports show that a surplus of BGN 257.1 million is reported as at the end of March 2015 (0.3 % of forecast GDP). It is formed by a surplus under the national budget of BGN 156.2 million and a surplus under EU funds of BGN 100.9 million. Compared to end-March 2014 the budget position has improved by 1.4 % of GDP. The higher revenues continue to be the main factor for the improvement of the budget balance, while expenditures develop as provided for in the fiscal framework. The rate of revenue growth significantly outpaces the rate of expenditure growth which results in the reported budget balance improvement.

Consolidated revenues and grants under CFP as of 31.03.2015 stand at BGN 7,796.5 million, or 25.7 % of the plans under the 2015 Annual Budget Law. Compared to the same period of the previous year revenues and grants have risen by BGN 1,220.7 million (18.6 %).

At end-March 2015 tax proceeds, including revenues from social security contributions, total BGN 5,937.4 million, which is 24.7 % of the 2015 plans. Compared to 2014 tax revenues have risen by 14.2 % (BGN 737.7 million) in nominal terms. In structural terms the highest growth is reported in indirect tax revenues, followed by revenues from social security and health insurance contributions.

Revenues from direct taxes amount to BGN 1,085.1 million or 24.7% of the 2015 Annual Budget Law plans.

Revenues from indirect taxes amount to BGN 2,963.5 million, or 24.5 % of the annual plans for 2015. VAT revenues amount to BGN 1,969.4 million or 25.4% of the annual plan and by BGN 352.1 million more compared to the same period of 2014. The non-refunded VAT amount as of end-March remains lower than the one reported for the same period of the previous year and stands at BGN 132.5 million. Excise duty revenues amount to BGN 949.8 million (22.7 % of the annual plans), and compared to March 2014 have risen by 11.1 % or BGN 94.7 million. Custom duties revenues are BGN 39.4 million, or 27.2 % of the annual plan, and also report growth by 12.5 %. Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 264.2 million, or 30.5 % of the plans. Revenues from social security and health insurance contributions are BGN 1,624.7 million, or 24.4 % of those planned for the year. Compared to the same period of the previous year these revenues have risen by 16.4 % (BGN 228.7 million) in nominal terms

Non-tax revenues amount to BGN 1,079.9 million or 32.3 % of the annual plans. This is by BGN 221.4 million (25.%) more compared to end-March 2014 which is due to revenues from the higher amount of proceeds from state and municipal charges and other non-tax revenues.

Grants from the country and abroad (including grants from EU Funds) amount to BGN 779.1 million or 26.0 % of the annual plan. Only in March BGN 522.5 million have been received in the EU funds accounts, reimbursed by the European Commission to Bulgaria under the operational programmes and the Rural Development Programme.

The expenditures under the consolidated fiscal programme, including the contribution of the Republic of Bulgaria to the EU budget, as of the end of the first quarter amount to BGN 7,539.4 million, which is 23.0 % of the annual plans.

Non-interest expenditures amount to BGN 6,974.6 million or 22.8 % of the annual plans. Non-interest current expenditures as of 31.3.2015 amount to BGN 6,208.8 million, or 24.6 % of the plans, capital expenditures (including net increment of state reserve) amount to BGN 765.8 million, or 14.2 % of the plans for 2015. Interest payments amount to BGN 262.8 million, or 30.2 % of the plans for 2015.

The part of Bulgaria's contribution to the EU budget, as paid as of 31.3.2015 from the central budget, amounts to BGN 301.9 million, which complies with Council Regulation 1150/2000 of 22 May 2000 implementing Decision 94/728/EC, Euratom on the system of the Communities' own resources.

Fiscal reserve as of 31.03.2015 is BGN 11.1 billion, including BGN 10.1 billion deposits in BNB and banks and BGN 1.0 billion receivables under the EU Funds for certified expenditure, advance payments, etc.

Data on consolidated fiscal programme implementation as of 1 March 2015 are published on the website of the Ministry of Finance in section "Statistics". The statistical data are accompanied by an Information Bulletin on the Execution of the State Budget and the main indicators of the consolidated fiscal programme, which presents a short analysis of the performance of the key budget parameters on a consolidated level and by constituent budgets.