31.03.2015

The preliminary data and estimates of the Consolidated Fiscal Programme (CFP) balance on a cash basis show that as of March 2015 it is expected to be positive, amounting to around BGN 250 million (0.3% of the projected GDP). It should be noted that for the first time since 2009 a CFP surplus is expected for the first three months of the year. For comparison, the balance as of March 2014 was a deficit of BGN 874.7 million, or -1.1% of GDP, which means that compared to the first quarter of the previous year the budget stance improves by 1.4% of GDP. The higher revenues continue being the key factor behind the improved projected budget balance, while expenditures remain close to those reported over the same period of the previous year. Just for the last two days of March the revenues administered by the revenue agencies amount to around BGN 340 million.

As of March 2015, CFP revenues and grants are expected to be around BGN 7,780 million, or 25.6% of the annual plans, which accounts for a nominal growth of 18.3%, or BGN 1,204.2 million, compared to Q1 of 2014. In addition to tax proceeds, good revenue performance this month is also due to the expenditures declared for refunding by the European Commission under the operational programmes and under the Rural Development Programme, with BGN 530 million received in the form of grants, which is by around BGN 260 million more than the proceeds for Q1 of 2014.

Based on operational data and estimates, CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budget, as of 31/03/2015 amount to around BGN 7,530 million, which is 22.9% of the annual plans. Expenditures, in nominal terms, remain close to those reported in the same month of the previous year.

The part of Bulgaria's contribution to the EU budget, as paid as of 31/03/2015 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.

The statistical data and the Information Bulletin on the Execution of the Consolidated Budget as of 31 March 2015 based on the monthly data on cash execution of first-level spending units will be published on the website of the Ministry of Finance at the end of April 2015.