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Consolidated Fiscal Programme performance data as of 28.02.2019 are published

29.03.2019

Based on the monthly data of first-level spending units, the CFP balance on a cash basis as of February 2019 is positive, amounting to BGN 1,513.4 million (1.3 % of forecast GDP) and is formed by a surplus under the national budget of BGN 1,282.8 million and a surplus under EU funds of BGN 230.6 million.

The CFP revenues and grants as of February 2019 stand at BGN 7,219.7 million, or 16.5 % of the annual estimates. Compared to the same period of the previous year, tax and non-tax revenues have grown by BGN 576.5 million, (9.3 %), while grant proceeds (mainly grants under EU Programmes and Funds) have increased by BGN 430.9 million. It should be noted that as regards non-tax revenues there is a baseline effect in the part of revenues to the budget of the Energy Security Fund due to the amendments to the Energy Law which entered into force on 01.07.2018 and changed the mechanism of collection of revenues to the Fund’s budget. For this reason the revenues to the Fund’s budget for the first two months of 2019 were higher than the revenues for the same period of 2018.

Tax proceeds, including revenues from social security and health insurance contributions, total BGN 5,577.0 million, which is 16.1 % of the annual plans.

Revenues from direct taxes amount to BGN 728.3 million, or 11.1 % of the annual estimates, growing, as compared to same period of the previous year, by BGN 14.4 million (2.0 %).

Indirect tax revenues amount to BGN 3,101.7 million, or 18.9 % of the annual plans. The VAT proceeds amount to BGN 2,196.2 million, or 20.3 % of the plan. The amount of the non-refunded VAT as of 28.02.2019 is BGN 70.1 million. The excise duty revenues amount to BGN 854.6 million, (16.0 % of the annual estimates). Custom duties revenues are BGN 39.9 million or 16.8 % of the annual plan.

Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 134.3 million, or 11.5 % performance of the annual estimates.

Revenues from social security and health insurance contributions are BGN 1,612.7 million, or 15.5 % of those planned for the year. Compared to the same period of the previous year these revenues have risen by 11.1 percent in nominal terms. 

Non-tax revenues amount to BGN 1,175.7 million, or 17.7 % of the annual estimates.

Proceeds from grants amount to BGN 467.0 million.

The expenditures under the CFP, including the contribution of the Republic of Bulgaria to the EU budget, amount to BGN 5,706.2 million as of February 2019, which is 12.8 % of the annual estimates. For comparison, the expenditures for the same period of the previous year were to the amount of BGN 5,460.1 million. As compared to February 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), etc. As regards the staff costs as of February this year, most of the budget systems have not yet reflected the income policy for 2019. The delay is due to the technological time needed for the final meetings for the annual assessment of civil servants for 2018, which are used as a basis to apply the increase in individual salaries. The increase for January and February will be paid together with the increase for March 2019.    

Non-interest expenditures amount to BGN 5,231.4 million, which is 12.4 % of the annual plans. Non-interest current expenditures as of February 2019 amount to BGN 4,940.2 million and capital expenditures (including net increment of state reserve) amount to BGN 286.0 million. The current and capital transfers to other countries amount to BGN 5.2 million. Interest payments amount to BGN 103.1 million, or 15.4 % of those planned for 2019.

The part of Bulgaria's contribution to the EU budget, paid from the central budget as of 28.02.2019, amounts to BGN 371.8 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 28.02.2019 is BGN 10.4 billion, including BGN 10.0 billion fiscal reserve deposits in BNB and banks and BGN 0.4 billion receivables under the EU Funds for certified expenditure, advance payments, etc.

The Consolidated Fiscal Programme performance data as of 28 February 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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