Deficit of BGN 1,440.2 mln in budget balance under consolidated fiscal programme at end-October

The budget balance under the Consolidated Fiscal Programme (CFP) as of end-October had a deficit of BGN 1,440.2 million or 0.8% of the estimated GDP, with a deficit in the 2023 State Budget Act of BGN 1,271.3 million and in EU funds of BGN 168.9 million, said the Ministry of Finance on Friday. Incomes, benefits, and donations under the CFP as at October amounted to BGN 53,439.9 million (76.9% of the estimate in the 2023 State Budget Act). Revenues under the CFP increased nominally compared to the same period of 2022 by BGN 3,199.8 million.

Expenditures under the CFP (including Bulgaria's contribution to the EU budget) as at October amounted to BGN 54,880.1 million (74.1% of the annual estimate) and increased by 9.2% compared to the same period of 2022. In the individual cost indicators, the most significant increase was observed in social and health insurance costs as well as in the part of personnel costs, capital costs, and others.

At the end of October, the fiscal reserve stood at BGN 12.5 billion, inclusive of the BGN 10.4 billion in deposits at the central bank and banks as well as BGN 2.1 billion taken from EU funds for certified expenditures, advance payments, and others.

The data on the CFP's implementation for end-October are available on the website of the Finance Ministry.

Based on preliminary data and assessments, the budget balance under the CFP in November is expected to have a deficit of some BGN 1 billion or 0.6% of the estimated GDP, with a planned deficit in the 2023 State Budget Act of 2.5% of the estimated GDP. The budget balance in November has improved month on month, with revenues exceeding expenditures by some BGN 400 million.