2024-03-01 23:38:17
As of the end of February, the budget surplus amounted to BGN 1 billion, according to the preliminary estimates of the Ministry of Finance. The press release also states that this amount is 0.5 percent of the projected gross domestic product (GDP) for the year. As of February 2024, the incomes, benefits and donations under the CFP increased by about 4.8 percent compared to the same period of the previous year, and in nominal terms reached BGN 9.9 billion.
“This growth is mainly contributed by tax revenues, which increased compared to February 2023 by 6.2 percent (BGN 0.5 billion in nominal terms), while non-tax revenues and receipts from aid and donations ( mainly grants under EU programs and funds) are close to those reported for the same period in 2023,” the Ministry of Finance reports.
Consolidated expenses (including the contribution to the EU budget) as of February 2024 amount to BGN 8.9 billion, compared to BGN 9.6 billion. for the first two months of last year. The increase comes from welfare costs stemming from higher pensions paid out in January and February 2024. Higher staff costs have also contributed, following pay increases for teaching staff and some other administrations enacted in the middle of last year The Law on the State Budget of the Republic of Bulgaria (ZDBRB) for 2023.
The part of Bulgaria’s contribution to the EU budget paid as of 02/29/2024 is BGN 0.2 billion.
For the year 2024, the state predicts that the budget deficit will again be around 3 percent of GDP, which with the projected economic growth is around BGN 6 billion.