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REVENUES REPORT NOMINAL GROWTH, EXPENDITURES SHRINK COMPARED TO MAY 2010 ACCORDING TO BUDGET PERFORMANCE DATA

01.07.2011

Fiscal reserve as of 31 May 2011 being BGN 5 billion

The budget balance under the Consolidated Fiscal Programme (CFP) as of end-May 2011 is negative, amounting to BGN 597.5 million (0.8 % of projected GDP), and is formed by a deficit under the national budget of 468.0 million and a deficit under EU funds of BGN 129.5 million. Just for comparison, the deficit in the period from January to May 2010 amounts to BGN 1,360.million (1.9 % of GDP), or the CFP deficit on a cash basis has improved by BGN 762.5 million (1.1 pp of GDP) in nominal terms for the first five months of 2011.

At end-May CFP revenues and grants stand at BGN 9,997.5 million or 38.1 % of those planned in the 2011 State Budget Law. Compared to the same period of 2010, proceeds report a nominal growth by BGN 639.6 million or 6.8%. This is mostly due to higher indirect tax revenue, having increased by BGN 580.5 million (18.1 %), as well as to higher revenues from social security and health insurance contributions. Revenues from direct taxes and from other taxes under the Corporate Income Tax Law also report some growth compared to the data reported in the same period of 2010.

Tax proceeds, including revenues from social security contributions, total BGN 8,158.7 million as of end-May, which is 81.6 % of total CFP proceeds. Revenues from direct taxes are BGN 1,766.9 million, or 46.6 % of those planned for the year. Indirect taxes amount to BGN 3,787.2 million, or 36.4 % of CFP for the year. VAT revenues amount to BGN 2,346.3 million, or 36.2 % of those planned in the 2011 State Budget Law. Excise duty revenues as of end-May amount to BGN 1,389.4 million, with performance according to the estimates being 36.6 %. Customs duty revenues amount to BGN 44.9 million, or 44.9 % of those planned for the year. Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 369.8 million, or 48,2 % performance of the plans for the year. Revenues from social security and health insurance contributions as of 31 May are BGN 2,234.7 million, or 38.9 % of those planned for the year.

Non-tax revenues and grants amount to BGN 1,838.8 million, or 33.4 % of those planned for the year.

The expenditures under the consolidated budget, including the contribution of the Republic of Bulgaria to the EU budget, as of 31 May amount to BGN 10,595.0 million, or 37.6 % of the planned for the year. Compared to the first five months of 2010, there is a nominal drop in expenditures by BGN 122.9 million (1.1 %) on a consolidated level. In structural terms, compared to the five months of 2010, wage bill and social security expenditures, maintenance costs and capital expenditures are lower, while health insurance payments are higher. Non-interest current expenditures amount to BGN 9,160.9 million (40.8 % of those planned for the year), capital expenditures (including net increment of state reserve) amount to BGN 791.6 million (21.4 % of those planned), while interest payments - to BGN 312.7 million (47.3 % of those planned in the 2011 budget).

The part of Bulgaria\'s contribution to the EU budget, as paid as of end-May from the central budget, amounts to BGN 329.8 million, which complies with Council Regulation 1150/2000.

Fiscal reserve as of 31 May 2011 amounts to BGN 5.0 billion.

Data on consolidated budget implementation as of 31 May 2011 are published in \"Statistics\" section on the website of the Ministry of Finance. The statistical data are accompanied by an Information Bulletin on the Execution of the Consolidated Budget, which presents a short analysis of the performance of the key budget parameters on a consolidated level and by constituent budgets.

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