Bulgaria's Budget Deficit Up BGN 167 M Y/Y in Feb 2013

Finance | April 1, 2013, Monday // 15:40|  views

Bulgaria's budget balance under the Consolidated Fiscal Programme (CFP) as of end-February 2013 is negative, amounting to BGN 732 M, according to reports of the Finance Ministry. Photo by BGNES

Bulgaria's budget balance under the Consolidated Fiscal Programme (CFP) as of end-February 2013 is negative, amounting to BGN 732 M, according to reports of the Finance Ministry.

The deficit of BGN 732 M is formed by a deficit of BGN 485.5 M under the national budget and a deficit of BGN 246.5 M under EU funds.

Compared to the same period of previous year, the deficit under the CFP has increased by BGN 167 M in nominal terms, mainly due to the higher expenditure in the first two months of 2013 resulting from the higher health insurance payments stipulated in the 2013 National Health Insurance Fund (NHIF) Budget Act and the higher interest expenditure.

Bulgaria's fiscal reserve as of 28.02.2013 amounts to BGN 3.9 B.

CFP revenues and grants by end-February stand at BGN 3,827.3 1 or 12.5% of the forecast under the 2013 State Budget Act.

Tax proceeds, including revenues from social security contributions, amount to BGN 3,247.9 M by end-February, making up 84.9 % of all proceeds under the CFP.

Revenues from direct taxes stand at BGN 402.9 M, or 9.8% of the forecast for 2013.

Indirect tax revenues amount to BGN 1,903.2 M, or 15.4% of the forecast under the 2013 State Budget Act, with VAT revenues of BGN 1,331.1 M, or 16.9 % of the forecast, excise duty revenues of BGN 551.2 M, or 12.8 % of the forecast, and receipts from custom duties of BGN 20.4 M, or 17.0 % of the forecast.

Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Act, amount to BGN 74.6 M, or 8.6 % of the plans for the year.

Revenues from social security and health insurance contributions for February stand at BGN 867.2 M, or 14.3% of the forecast for 2013.

Non-tax revenues and grants amount to BGN 579.4 M, or 8.1% of the forecast for 2013.

The expenditures under the consolidated budget, including Bulgaria's contribution to the EU budget, amount to BGN 4,559.3 M by February 28, 2013, at 14.4% of the forecast for 2013.

The expenditures under the consolidated budget have increased by 7.4% to BGN 313.1 from February 2012.

Non-interest current expenditures amount to BGN 3,685.4 M (15.3 % of the forecast for 2013), capital expenditures (including net increment of state reserve) amount to BGN 303.2 M (5.6 % of the forecast for 2013), while interest payments - to BGN 313.1 M (35.8 % of the forecast for 2013).

The part of Bulgaria's contribution to the EU budget, as paid for the first two months of 2013 from the central budget, amounts to BGN 257.6 M, which complies with Council Regulation (EC, Euratom) No 1150/2000 of 22 May 2000 implementing Decision 94/728/EC, Euratom on the system of the Communities' own resources.

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Tags: Finance Ministry, budget deficit, National Health Insurance Fund (NHIF), state budget act

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