The Ministry of finance expects a surplus under the Consolidated Fiscal Programme for the first half of 2015

Based on preliminary data and estimates the Consolidated Fiscal Programme (CFP) for the first half of 2015 is expected to have a surplus. The forecast of the Ministry of Finance is the CFP balance as of 30.06.2015 to be positive, amounting to approximately BGN 850 million (1,0% of the projected GDP). This is the biggest surplus for the first-half-of-the-year period since 2008. As a comparison, in the same period of the previous year CFP had a deficit in the amount of BGN 996,4 million (1,2% of GDP), which means that compared to the same period of the previous year the budget position has improved by BGN 1 846,4 million. The higher revenues and grants continue to be the main factors for the improved budget position as of June 2015.

Key CFP parameters on the basis of preliminary data and estimates

Revenues and grants under CFP for the first half of 2015 are expected to be around BGN 16 248,9 million (53,5% of the annual estimate). As of end-June, revenues register a significant growth of 14,7% (BGN 2 078,2 million) compared to the same period of 2014. The growth as compared to the previous year is due to the higher tax and non-tax revenues as well as to the higher receipts in terms of grants (funds reimbursed by the European Commission), which increased by BGN 1 297,3 million and BGN 780,9 million, respectively.

On the basis of operational data and assessments the expenditures under the Consolidated Fiscal Programme (including the contribution of the Republic of Bulgaria to the EU budget) as of June 2015 amount to approximately BGN 15 398,9 million, which is 46,9% of the annual plans. The expenditures for the same period of the previous year are to the amount of BGN 15 167,1 million.

The part of Bulgaria's contribution to the EU budget, paid in the first half of 2015 from the central budget, amounts to BGN 505,3 million, which complies with the current legislation on EU own resources, Council Decision 2007/436/EC, Euratom on the system of the Communities' own resources and Regulation (EC, Euratom) No 1150/2000 implementing Decision 2007/436/EC.

The statistical data and the Information Bulletin on the execution of the state budget and the key indicators of the Consolidated Fiscal Programme based on data from the monthly reports on the cash performance of the budgets of the first-level spending units will be published on the website of the Ministry of Finance in the end of July 2015.