Bulgaria Sees Highest Monthly Budget Surplus since Jan 2009

Finance | June 1, 2012, Friday // 19:25|  views

Bulgaria's Finance Ministry. File photo

Bulgaria's state budget in April 2012 saw its highest monthly surplus since January 2009, according to latest data of the Bulgarian Finance Ministry.

Based on the monthly reports on the cash budget implementation of first level spending units the budget balance under the Bulgaria's Consolidated Fiscal Programme (CFP) as of April is positive, amounting to BGN 473.8 M.

This is the highest surplus per calendar month since January 2009, the Ministry announced Friday. The annual contribution of the Bulgarian National Bank to the state budget seems to have helped a great deal for April's surplus.

The Bulgaria's CFP negative balance on an accrual basis since the beginning of the year amounts to BGN 217.1 M and is formed by a surplus under the national budget of BGN 164.1 M and a deficit under EU funds of BGN 381.2 M.

The Finance Ministry reminds that the deficit in January - April 2011 was BGN 552.1 M, which means the country's budget position as of April 2012 shows an improvement by BGN 334.9 M year-on-year.

Bulgarian government's revenues and grants as of the end of April stand at BGN 8.536 B, or 29.7 % of those projected in the 2012 State Budget Act. Compared to the same period of 2011, proceeds report a nominal growth by 7.4 % (BGN 587.4 M), which is mostly due to higher VAT and excise duties revenue, the ministry says.

Bulgaria's tax proceeds, including revenues from social security contributions, total BGN 6.990 B as of the end of April, or 32.4 % of the annual projection.

Direct tax revenues amount to BGN 1.508 B, or 39.3 % of the projection for 2012. Indirect tax revenues amount to BGN 3.402 B, or 29.9 % of the annual plan; of those, VAT revenues - BGN 2.195 B, or 30.9 % of the projection, excise duty revenues - BGN 1.162 B, or 28.1 %, customs duty revenues - BGN 36.3 M, or 30.2 %.

Revenues from other taxes (other taxes under CITA, property taxes, etc.) amount to BGN 327.1 M, or 39.7 % of the annual projection. Revenues from social security and health insurance contributions as of 30.04.2012 amounted to BGN 1.753 B, or 31.5 % of the annual projection.

Bulgaria's non-tax revenues and grants amounted to BGN 1.547 B, or 21.6 % of the annual plan. In April, the Bulgarian National Bank paid its contribution for 2011 to the state budget amounting to BGN 180.5 M.

In Jan-April 2012, Bulgaria's expenditure under the consolidated budget (including the contribution of Republic of Bulgaria to the common EU budget) as of 30 April 2012 amounted to BGN 8.754 B, or 29.3 % of the 2012 projection. In structural terms compared to the same 2011 period, an increase mainly in social security and health insurance payments (including scholarships) and capital expenditure is observed.

Non-interest current expenditures amount to BGN 7.370 B (32.7 % of the annual projection), capital expenditures (including net increment of state reserve) amounted to BGN 703.3 M (13.2 % of those planned in the 2012 budget), and interest payments - to BGN 309.4 M (43.1 % of those planned for 2012).

Bulgaria's contribution to the common EU budget paid as of April 30, 2012, amounted to BGN 371.7 million, which is in compliance with the requirements of Council Regulation 1150/2000.

Bulgaria's fiscal reserve as of April 30, 2012, amounted to BGN 4.9 billion.

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Tags: state budget, surplus, deficit, Finance Ministry, BNB, Bulgarian National Bank, state revenue, budget deficit, budget surplus, state spending


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