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Consolidated Fiscal Programme performance data as of 31.01.2019 are published

28.02.2019

Based on the monthly data of first-level spending units, the CFP balance on a cash basis for January 2019 is positive, amounting to BGN 1,005.9 million (0.9 % of forecast GDP) and is formed by a surplus under the national budget of BGN 944.1 million and a surplus under EU funds of BGN 61.7 million.

The CFP revenues and grants for January 2019 stand at BGN 3,717.9 million, or 8.5 % of the annual estimates. Compared to the same period of the previous year, the amount of revenues is close to that of grants.

Tax proceeds, including revenues from social security and health insurance contributions, total BGN 3,034.4 million, which is 8.8 % of the annual plans.

Revenues from direct taxes amount to BGN 405.0 million, or 6.2 % of the annual estimates, the proceeds being close to the ones for the same period of the previous year.

Indirect tax revenues amount to BGN 1,789.4 million, or 10.9 % of the annual plans. The VAT proceeds amount to BGN 1,354.4 million, or 12.5 % of the plan. The amount of the non-refunded VAT as of 31.01.2019 is BGN 68.4 million. The excise duty revenues amount to BGN 408.5 million, (7.7 % of the annual estimates). Custom duties revenues are BGN 19.9 million or 8.4 % of the annual plan.

Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 54.4 million, or 4.6 % performance of the annual estimates.

Revenues from social security and health insurance contributions are BGN 785.6 million, or 7.6 % of those planned for the year. Compared to the same period of the previous year these revenues have risen by 10.0 percent in nominal terms. 

Non-tax revenues amount to BGN 527.5 million, or 8.0 % of the annual estimates.

Proceeds from grants amount to BGN 156.0 million.

The expenditures under the CFP, including the contribution of the Republic of Bulgaria to the EU budget, amount to BGN 2,712.1 million for January 2019, which is 6.1 % of the annual estimates. For comparison, the expenditures for the same period of the previous year were to the amount of BGN 2,543.8 million. As compared to January 2018, the nominal increase is mainly due to the higher amount of the contribution to the general budget of the EU, the higher staff costs, the higher social payments (a baseline effect from the increase of pensions as from July 2018), the higher capital expenditures, etc.   

Non-interest expenditures amount to BGN 2,472.1 million, which is 5.8 % of the annual plans. Non-interest current expenditures as of January 2019 amount to BGN 2,352.9 million and capital expenditures (including net increment of state reserve) amount to BGN 116.3 million. The current and capital transfers to other countries amount to BGN 2.9 million. Interest payments amount to BGN 91.0 million, or 13.6 % of those planned for 2019.

The part of Bulgaria's contribution to the EU budget, paid from the central budget as of 31.01.2019, amounts to BGN 149.0 million, which complies with the current legislation in the area of EU own resources – Council Decision 2014/335/EU, Euratom 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) No 2016/804 of 17 May 2016.

Fiscal reserve[1] as of 31.01.2019 is BGN 10.5 billion, including BGN 9.3 billion fiscal reserve deposits in BNB and banks and BGN 1.2 billion receivables under the EU Funds for certified expenditure, advance payments, etc.

The Consolidated Fiscal Programme performance data as of 31 January 2019 are published on the website of the Ministry of Finance in Statistics section. The statistical data are accompanied by an Information Bulletin on the Execution of the State Budget and the main indicators of the consolidated fiscal programme, which presents a short analysis of the performance of the key budget parameters on a consolidated level and by constituent budgets.

 

[1] The scope of the fiscal reserve indicator is in accordance with §1, point 41 of the Additional Provisions of the Public Finance Law.

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