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Budget deficit at 14.8 mln BGN in October

By October 31, Bulgaria's contribution to the EU was 587.8 million BGN

3E news
28-11-2011 09:14:00

In October, the budget deficit was 14.8 million BGN, the Finance Ministry said. It dropped from 376 million BGN in October 2010. The cash deficit under the Consolidated Fiscal Programme (CFP) in 2011 improved nominally by 1,060.7 million BGN, or 1.6 per cent of GDP from the like period of 2010, when it was 1,902.7 million BGN, or 2.7 per cent of GDP.


By October 2011, the budget deficit was 842.1 million BGN, or 1.1 per cent of projected GDP. It was made up by a national budget deficit of 326.4 million BGN and EU funds deficit of 515.6 million BGN. By October 31, the fiscal reserve stood at 5,300 million BGN. Revenues and grants totalled 29,518.7 million BGN, or 8.3 of yearly projections.


Revenues under the CFP grew by 6.7 per cent, or 1,285.2 million BGN year-on-year. The increase is due to higher revenues from indirect tax and insurance contributions. Revenues in indirect tax increased by 966.1 million BGN, or 12.5 per cent from the like period of 2010.


Revenues in direct tax grew 9.3 per cent year-on-year, and those from other taxes by 13.1 per cent. Expenditures under the consolidated budget along with Bulgaria's contribution to the EU totalled 21,360.8 million BGN, or 75.8 per cent of annual projections. In nominal terms, expenditures remained close to 2010 figures (up 1.1 per cent). The growth was due to increased spending on healthcare and current expenditures. By October 31, Bulgaria's contribution to the EU was 587.8 million BGN.

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