30.06.2022

Based on data from the monthly reports on the cash performance of the budgets of first-level spending units, the budget balance of the Consolidated Fiscal Programme (CFP) on a cash basis as of May 2022 is positive, amounting to BGN 605.1 million (0.4 % of forecast GDP) and is formed by an excess of revenues over expenditures under the national budget of BGN 324.4 million and under EU funds of BGN 280.7 million.

The CFP revenues, grants and donations as of May 2022 are to the amount of BGN 22,849.5 million, or 39.9 % of the annual estimates^[1]. Proceeds have increased by BGN 2,373.9 million (11.6 %) compared to those reported as of May 2021. Tax and non-tax proceeds under CFP rise by BGN 2,343.7 million in nominal terms, while proceeds from grants and donations (mostly EU programme and fund grants) are by BGN 30.2 million more as compared to the amount reported for the same period of the previous year.

Tax proceeds under CFP, including revenues from social security and health insurance contributions, total BGN 17,768.4 million, which is 39.5 % of the annual plans. Proceeds from taxes and social security and health insurance contributions have grown by BGN 2,042.5 million (13.0 %) compared to those reported for the same period of the previous year, forming 77.8 % of the overall CFP proceeds for the period.

Revenues from direct taxes amount to BGN 2,987.0 million, or 32.5 % of the annual estimates. Indirect tax revenues amount to BGN 8,718.5 million (41.4 % of the annual estimates), with VAT revenues amounting to BGN 6,293.5 million (42,6 % of the plans), excise duty revenues – to BGN 2,220.4 million (37.5 % of the estimates), and customs duty revenues – to BGN 179.0 million (59.1 % compared to the annual estimates). Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 756.8 million, or 54.8 % performance of the annual estimates. Revenues from social security and health insurance contributions are BGN 5,306.2 million, or 39.6 % of those planned for the year.

Non-tax revenues amount to BGN 3,967.3 million and are mostly formed by revenues from state, municipal and legal fees, revenues from rents, concession revenues, greenhouse gas emission allowance revenues, etc.

Proceeds from grants and donations amount to BGN 1,113.8 million.

The expenditures under the CFP, including the contribution of the Republic of Bulgaria to the EU budget, amount to BGN 22,244.4 million as of May 2022, which is 35.2 % of the annual estimates. For comparison the expenditures under the CFP as of end-May 2021 amounted to BGN 20,616.2 million.

Non-interest expenditures amount to BGN 21,200.0 million, which is 35.0% of the annual plan. Non-interest current expenditures amount to BGN 19,999.2 million. Capital expenditures (including net increment of state reserve) amount to BGN 1,190.3 million. The current and capital transfers to other countries amount to BGN 10.5 million. Interest payments amount to BGN 372.2 million, or 56.0 % of those planned for 2022.

The part of Republic of Bulgaria's contribution to the EU budget, paid from the central budget as of 31 May 2022, amounts to BGN 672.1 million, which complies with the current legislation in the area of EU own resources.

Fiscal reserve as of 31.05.2022 is BGN 9.37 billion, including BGN 8.34 billion fiscal reserve deposits in BNB and banks and BGN 1.03 billion receivables under the EU Funds for certified expenditure, advance payments, etc.

The Consolidated Fiscal Programme implementation data as of 30 April 2022 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.

^[1] Estimates to the 2022 State Budget of the Republic of Bulgaria Law (prom., SG No 18 of 4 March 2022).