Consolidated Fiscal Programme Performance Data as of 31.01.2021
26.02.2021
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 31 January 2021 is positive, amounting to BGN 409.7 million, or 0.3% of the projected GDP, and is formed by an excess of revenues over expenditures of BGN 483.1 million under the national budget and a deficit of BGN 73.4 million under EU funds.
CFP revenues, grants and donations for January 2021 amount to BGN 3,712.5 million, or 7.8% of the annual estimates. Compared to the same period of the previous year, their amount is similar, decreasing in nominal terms by BGN 62.0 million or by 1.6%.
Tax proceeds, including revenues from social security contributions, total BGN 3,131.5 million, which accounts for 8.5% of the tax revenues planned for the year. Direct tax revenues amount to BGN 409.9 million, or 5.9% of those planned for the year. Indirect tax proceeds amount to BGN 1,772.8 million (10.4% of the annual estimates), with VAT proceeds amounting to BGN 1,329.3 million (11.8% of those planned), excise duty revenues amounting to BGN 418.7 million, (7.5% of the estimates), and customs duty proceeds amounting to BGN 18.7 million (8.0% as against the annual estimates). Proceeds from other taxes, including property and other taxes under the Corporate Income Tax Law, amount to BGN 65.5 million, or execution of 5.1% of the annual estimates. Revenues from social security and health insurance contributions are BGN 883.3 million, which accounts for 7.6% of the estimates for the year.
Non-tax revenues amount to BGN 470.9 million, or 7.1% of the annual estimates, while grant and donation proceeds amount to BGN 110.1 million.
CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budget for January 2021, amount to BGN 3,302.9 million, which accounts for 6.3% of the annual estimates. For comparison, the CFP expenditures for January 2020 amount to BGN 2,895.9 million. The nominal increase in comparison to the same period of the previous year is mostly related to the social and economic measures taken to tackle the negative impact of the COVID-19 pandemic, as well as with higher social expenditures (mainly for pensions), staff costs, etc.
Non-interest expenditures amount to BGN 3,096.3 million, which accounts for 6.2% of the annual estimates. Non-interest current expenditures for January 2021 amount to BGN 2,981.8 million, capital expenditures (including net increment of state reserve) amount to BGN 112.9 million. The current and capital transfers to other countries amount to BGN 1.6 million. Interest payments amount to BGN 41.0 million, or 6.2% of those planned for 2021.
The part of Bulgaria’s contribution to the EU budget, as paid from the central budget as of 31.01.2021, amounts to BGN 165.5 million, which complies with the existing legislation in the area of EU own resources.
The fiscal reserve as of 31.01.2021 is BGN 9.7 billion, including BGN 8.6 billion of fiscal reserve deposits in the BNB and banks and BGN 1.1 billion of receivables under the EU Funds for certified expenditures, advance payments, etc.
The Consolidated Fiscal Programme implementation data as of 31 January 2021 are published on the website of the Ministry of Finance, in Statistics section. 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.