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CONSOLIDATED FISCAL PROGRAMME PERFORMANCE DATA AS OF 30/11/2018

31.12.2018

Based on the monthly reports from first-level spending units, the Consolidated Fiscal Programme (CFP) balance on a cash basis as of end-November 2018 is positive, amounting to BGN 2,896.5 million, or 2.7% of the projected GDP, and is formed by a national budget surplus of BGN 3,286.2 million and by a EU funds deficit of BGN 389.7 million.

The CFP revenues and grants in November 2018 stand at BGN 35,809.6 million, or 93.7% of the annual estimates. Compared to the same period of the previous year, tax and non-tax revenues have risen by BGN 3,448.3 million, or by 11.2%, and grant proceeds – by BGN 457.9 million, or by 36.8%.

Tax proceeds, including revenues from social security contributions, total BGN 29,273.2 million, which accounts for 94.0% of the tax revenues planned for the year. Compared to the data for November 2017, tax proceeds have risen in nominal terms by 9.3%, or by BGN 2,495.1 million.

Direct tax revenues amount to BGN 5,246.4 million, or 91.1% of the estimates planned for the year, growing by BGN 428.2 million (8.9%) compared to the same period of the previous year.

Indirect tax revenues amount to BGN 14,397.0 million, which accounts for 95.0% of the annual estimates. Compared to the data as of November 2017, proceeds in this group have grown by BGN 989.5 million, or by 7.4%. VAT proceeds amount to BGN 9,302.2 million, or 95.1% of those planned. The amount of non-refunded VAT as of 30 November 2018 is BGN 61.3 million. The excise duty revenues amount to BGN 4,844.9 million, or 94.1% of the annual estimates. Customs duty proceeds amount to BGN 212.5 million, or 111.8% 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 1,043.9 million, or 95.1% of the annual estimates.

Revenues from social security and health insurance contributions are BGN 8,585.8 million, which accounts for 94.0% 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 1,002.8 million, or by 13.2%, in nominal terms. 

Non-tax revenues amount to BGN 4,833.5 million, or 102.8% of the annual estimates.

Grant proceeds amount to BGN 1,702.9 million.

CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budget for November 2018, amount to BGN 32,913.1 million, which accounts for 83.7% of the annual estimates[1]. For comparison, the expenditures for the same period of the previous year amount to BGN 29,517.5 million. The nominal increase is due both to the higher national budget expenditures and to the increasing expenditures under the European Union fund accounts. The growth in national budget expenditures is mainly due to the higher amount of health insurance and social payments (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, as well as the new increase in pensions as from July 2018), the higher staff costs mostly resulting from the increase in the remuneration of pedagogical staff within the system of secondary education, etc., with mostly capital expenditures under EU fund accounts growing. 

Non-interest expenditures amount to BGN 31,266.2 million, which accounts for 83.9% of the annual estimates. Non-interest current expenditures as of November 2018 amount to BGN 28,335.4 million, capital expenditures (including net increment of state reserve) amount to BGN 2,880.6 million. The current and capital transfers to other countries amount to BGN 50.2 million. Interest payments amount to BGN 652.7 million, or 90.4% of those planned for 2018.

The part of Bulgaria’s contribution to the EU budget, as paid from the central budget as of 30.11.2018, amounts to BGN 994.2 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.

The fiscal reserve[2] as of 30.11.2018 amounts to BGN 11.3 billion, including BGN 11.0 billion of fiscal reserve deposits in the BNB and in banks and BGN 0.3 billion of receivables under the EU Funds for certified expenditure, advance payments, etc.

The Consolidated Fiscal Programme implementation data as of 30 November 2018 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 2018 State Budget of the Republic of Bulgaria Law (promulgated in issue 99 of the State Gazette of 12 December 2017, in force since 1 January 2018, amended by issue 103 of 13 December 2018, in force since 13 December 2018).

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

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