01.02.2012

The budget balance under the Consolidated Fiscal Programme (CFP) on a cash basis is negative, amounting to BGN 1,582.2 million or 2.1 % of projected GDP. The deficit reported is significantly lower than the provided for in the 2011 Annual Budget Act, i.e. BGN 1,963.0 million or 2.5% of GDP. The CFP negative balance is formed by a deficit under the national budget of 1,750.0 million and a surplus under EU funds of BGN 167.9 million. For comparison the deficit in 2010 was BGN 2,822.8 million or 4% of GDP. The budget position for 2011 is improving in nominal terms by BGN 1,240.6 million of by 1.9 p.p. of GDP.

The fiscal reserve as of 31 December 2011 amounts to BGN 5.0 billion.

2011 CFP revenues and grants stand at BGN 25,378.0 or 33.3% of GDP which is 96.8% of the annual estimates. Tax and non-tax revenue implementation is very close to the annual plan - reported tax revenues and non-tax revenues have been implemented at 99.5% and 101.0% of the provided for in the 2011 Annual Budget Act respectively. In nominal terms tax revenues amount to BGN 20,591.9 million or 27.0 % of GDP, and non-tax and grants to BGN 4,786.1 million or 6,3 % of GDP.

Direct tax revenues amount to BGN 3,675.6 million or 96.9 % of the annual plan and non-tax revenues amount to BGN 10,624.6 million or 102.2 % of the annual plan. Other taxes revenues (other taxes under CITA, property taxes, etc.) amount to BGN 792.0 million or 103.2 % of the 2011 annual. Revenues from social security and health insurance contributions as of 31.12.2011 amount to BGN 5,499.6 million or 95.8 % of the annual plan. Non-tax revenues and grants amount to BGN as of 31.12.2011 amount to BGN 4,786.1 million or 86.9 % of annual estimates.

The expenditures under the consolidated budget (including the contribution of Republic of Bulgaria to the EU general budget) for 2011 amount to BGN 26,960.2 million or 95.7 % of annual estimates. By economic elements they are as follows: non-interest current expenditures amount to BGN 22,563.1 million, interest expenditures - BGN 546.9 million and capital expenditure - BGN 3,071.0 million.

The part of Bulgaria's contribution to the EU general budget paid for 2011 from the central budget, amounted to BGN 779.2 million, which is in compliance with the requirements of Council Regulation 1150/2000.

Data on consolidated budget implementation as of 31 December 2011 are published in „Statistics" section on the website of the Ministry of Finance. The statistical data are accompanied by an Information Bulletin on the Execution of the Consolidated Budget, which presents a short analysis of the performance of the key budget parameters on a consolidated level and by constituent budgets.