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CONSOLIDATED FISCAL PROGRAMME PERFORMANCE DATA AS OF 31 JANUARY 2018

28.02.2018

Based on the monthly reports from first-level spending units, the Consolidated Fiscal Programme (CFP) balance on a cash basis for January 2018 is positive, amounting to BGN 1,162.4 million, or 1.1% of the projected GDP, and is formed by a national budget surplus of BGN 1,243.0 million and by a EU funds deficit of BGN 80.6 million. For comparison, a CFP deficit of BGN 884.2 million (0.9% of GDP) was reported for January 2017. The underlying factors for the excess of revenues over expenditures in January are the good parameters of national budget tax and social security revenue performance.

The CFP revenues and grants in January 2018 stand at BGN 3,706.3 million, or 9.7% of the annual estimates. Compared to the same period of the previous year, tax and non-tax revenues have risen by BGN 505.3 million, or by 15.8%, with grant proceeds being lower.

Tax proceeds, including revenues from social security contributions, total BGN 3,346.3 million, which accounts for 10.7% of the revenues planned for the year. Compared to the data for January 2017, tax proceeds have risen in nominal terms by 16.1%, or by BGN 464.3 million. Direct tax revenues amount to BGN 405.4 million, or 7.0% of the estimates planned for the year, growing by BGN 123.1 million (43.6%) compared to the same period of the previous year. Indirect tax revenues amount to BGN 2,160.0 million, which accounts for 14.3% of the annual estimates. Compared to the data for January 2017, proceeds in this group have grown by BGN 222.2 million, or by 11.5%. VAT proceeds amount to BGN 1,430.6 million, or 14.6% of those planned. Compared to the same period of the previous year, VAT revenues have grown by BGN 154.9 million, or by 12.1%. The amount of non-refunded VAT as of 31 January 2018 is BGN 58.5 million. The excise duty revenues amount to BGN 699.9 million, or 13.6% of the annual estimates. Customs duty proceeds amount to BGN 23.1 million, or 12.2% of the estimates for the year. Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 66.8 million, or 6.1% of the annual estimates.

Revenues from social security and health insurance contributions are BGN 714.1 million, which accounts for 7.8% of the estimates for the year. Compared to the same period of the previous year, the revenues from social security contributions have risen by BGN 104.8 million, or by 17.2%, in nominal terms. Non-tax revenues amount to BGN 347.8 million, which accounts for a performance of 7.4% of the annual estimates. Grant revenues amount to BGN 12.3 million, or 0.5% of those planned for the year.

CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budget for January 2018, amount to BGN 2,543.9 million, which accounts for 6.5% of the annual estimates. For comparison, CFP expenditures for the same period of 2017 amount to BGN 2,454.6 million. The increasing expenditures as against the same period of 2017 are mainly due to the higher amount of social payments related to the baseline effect for pension expenditures as a result of the increase in July 2017, the two-step increase in the minimum pension in 2017 (as from July and October), the higher staff costs mostly resulting from the increase in the remuneration of pedagogical staff within the secondary education, etc.

Non-interest expenditures amount to BGN 2,366.3 million, which accounts for 6.3% of the annual estimates. The non-interest current expenditures for January 2018 amount to BGN 2,262.8 million, or 7.3% of the estimates for the year, capital expenditures (including net increment of state reserve) amount to BGN 101.3 million, or 1.6% of the 2018 State Budget of the Republic Bulgaria Law estimates. The current and capital transfers to other countries amount to BGN 2.2 million, or 15.6% of the estimates for the year. Interest payments amount to BGN 93.5 million, or 12.9% of those planned for 2018.

The part of Bulgaria’s contribution to the EU budget, as paid from the central budget as of 31 January 2018, amounts to BGN 84.0 million, which complies with the existing legislation in the area of EU own resources, i.e. Council Decision 2014/335/EU on the system of own resources of the European Union, Council Regulation (EU, Euratom) No 608/2014 of 26 May 2014 laying down implementing measures for the system of own resources of the European Union and Council Regulation (EU, Euratom) No 609/2014 of 26 May 2014 on the methods and procedure for making available the traditional, VAT and GNI-based own resources and on the measures to meet cash requirements, as amended by Council Regulation (EU, Euratom) 2016/804 of 17 May 2016.

Fiscal reserve as of 31 January 2018 is BGN 11.2 billion, including BGN 9.8 billion deposits in BNB and banks and BGN 1.4 billion receivables under the EU Funds for certified expenditure, advance payments, etc.

The Consolidated Fiscal Programme implementation data as of 31 January 2018 are published on the website of the Ministry of Finance, in Statistics section.

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