site.btaConsolidated Fiscal Programme Indicates BGN 1,560 Mln Surplus at end-July

Based on preliminary data and estimates, the Consolidated Fiscal Programme (CFP) as of July 2022 is expected to show a surplus of BGN 1,560 million (1.1 % of the GDP forecast). On a monthly basis, for July the excess of revenues over expenditures is expected to be BGN 380 million, the main contributors for it being the higher receipts under the EU funds accounts as well as strong tax revenues as at end-July 2022, the Finance Ministry said Monday.

The growth of revenues was also positively influenced by the targeted contribution of BGN 456.0 million paid in July by the Bulgarian Energy Holding EAD to the Electricity System Security Fund, calculated for the period January – May 2022, aimed at covering losses under the Energy Law.

As of July 2022, CFP revenues, grants and donations are expected to be BGN 33,776 million (56.6 % of the annual estimates), growing by BGN 4,522 million. (15.5%) compared to the same period of 2021. Compared to July 2021, tax proceeds under CFP rise by BGN 3,338 million in nominal terms, non-tax proceeds – by BGN 842 million, and proceeds from grants and donations (mostly EU programme and fund grants) – by BGN 343 million.

The CFP expenditures, including the contribution of Bulgaria to the EU budget, as of July 2022 amount to BGN 32,215 million (48.9 % of the annual estimates). For comparison, the expenditures under the CFP as of end-July 2021 amounted to BGN 28,548 million.

Bulgaria's contribution to the EU budget, paid from the central budget as of 31 July 2022, amounts to BGN 952 million, which complies with the current legislation in the area of EU own resources.