2024-09-04 18:13:28
The budget balance under the consolidated fiscal program (CFP) at the end of August 2024 is expected to be at a deficit of BGN 1.6 billion (0.8 percent of the estimated Gross Domestic Product – GDP), reports the Ministry of finance (MF).
The balance under the CFP on a cash basis as of July 2024 is negative in the amount of BGN 972.1 million (0.5 percent of estimated GDP), the Ministry of Finance announced on Friday.
Revenues, benefits and donations under the CFP as of August 2024 are expected to be in the amount of BGN 46.5 billion, which is 61.8 percent of the annual estimates. And in August, the trend observed from the previous months for a moderate increase in income in the part of tax and social security revenues continues, with implementation expected by August 2024 of 64.3 percent of annual estimates, with implementation of 62.2 percent of estimates for the same period of 2023.
Compared to the same period of the previous year, income under the CFP increased by BGN 4.1 billion (9.6 percent), with the contribution of tax insurance revenues, which increased in nominal terms by BGN 4.2 billion. (12.6 percent) and receipts in the part of aid and donations (mainly grants under EU programs and funds), which increased by BGN 0.9 billion. Compared to the previous year, non-tax revenues decreased by BGN 1.0 billion (13.2 percent), which is mainly due to dividend revenues and revenues from the sale of greenhouse gas emission allowances.
In the first eight months of 2023, dividend income for the state from state-owned enterprises amounted to BGN 1.55 billion, while in the current year the receipts for the period are only BGN 0.1 billion, against a planned 0.34 BGN billion. The main reason for this is the non-distribution of a dividend from the profit of “Bulgarian Energy Holding” EAD for the financial year 2023.
Expenditures under the CFP (including Bulgaria’s contribution to the EU budget) as of August 2024 amount to BGN 48.1 billion, which is 59.1 percent of the annual estimates.
The part of Bulgaria’s contribution to the EU budget paid as of August 31 amounts to BGN 0.98 billion.