The budget balance shows a surplus of nearly 250 mln as of the end of September

The budget balance under the Consolidated Fiscal Programme (CFP) as of end-September 2012 is positive, amounting to BGN 248.1 mln. This is formed by a surplus under the national budget of 735.2 mln and a deficit under EU funds of BGN 487 mln, showed data from the Ministry of Finance. A surplus of BGN 140.5 mln on a monthly basis was reported in September.

The fiscal reserve as of September 30, 2012 amounts to BGN 7.2 bn. This, however, includes nearly BGN 2 bn the Government raised on the debt market this summer to pay off foreign debt maturing in January 2013.

As of the end of September, CFP revenues and grants stand at nearly BGN 20 bn or 69.5% of those planned in the 2012 State Budget Law. Compared to the same period last year, CFP proceeds recorded a nominal growth of 8.9% (BGN 1.63 bn). This is mostly due to higher indirect tax, non-tax and grant revenue. Tax proceeds, including revenues from social security contributions, total roughly BGN 16 bn as of the end-September, which is 74.1 % of the annual plans. Revenues from direct taxes are more than BGN 2.9 bn, or 76.4 % of those planned for the year. Indirect tax revenues amount to BGN 8.37 bn, or 73.6 % of those planned in the 2012 State Budget Law, including VAT revenues amounting to BGN 5.25 bn (74 % of the plans), excise duty revenues exceeding BGN 3 bn (72.9 % of the plans) etc. Non-tax revenues and grants are close to BGN 4 bn, or 55.8 % of those planned for the year, which means they are behind schedule. As of September 30, 2012, expenditures under the consolidated budget, including the contribution of the Republic of Bulgaria to the EU budget, amount to BGN 19.735 bn, or 66.1 % of the planned for the year. In structural terms, compared to the same period of 2011, capital expenditures and social security expenditures are mostly higher. Non-interest current expenditures amount to more than BGN 16.45 bn (73 % of those planned for the year), capital expenditures (including net increment of the state reserve) amount to BGN 2.13 bn (40.1 % of those planned).

The part of Bulgaria's contribution to the EU budget, as paid from the central budget by end-September 2012, amounts to BGN 629 mln.

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