BULGARIAN ECONOMY

CONSOLIDATED FISCAL PROGRAMME PERFORMANCE DATA AS OF 31.05.2013

The budget balance under the Consolidated Fiscal Programme (CFP) as of end-May is positive, amounting to BGN 45.5 million (0.1% of forecasted GDP), and is formed by a surplus under the national budget of BGN 71.8 million and deficit under EU funds of BGN 26.2 million. For the same period of 2012 the surplus amounted to BGN 67.4 million (0.1% of GDP) ), and was formed by a surplus under the national budget of BGN 334.5 million and deficit under EU funds of BGN 267 million. On a monthly basis, the CFP budget balance in end-May 2013 is positive amounting to BGN 331.9 million against BGN 284.6 million for May 2012.

Key performance data under the CFP as of May 2013:

At end-May, CFP revenues and grants stand at BGN 11,802.4 million or 38.6% of those planned in the 2013 State Budget Law. Compared to same period of 2012 CFP revenues and grants at end-May have grown in nominal terms by 7.2 % (BGN 792.4 million).

As of end-April tax proceeds, including revenues from social security contributions, total BGN 9,189.6 million, being 39.3% of those planned for the year. For comparison tax revenue performance for the same period of 2012 was 40.3% from the provided for in the 2012 State Budget Law. Revenues from direct taxes are BGN 1,912.3 1million, or 46.3% of those planned for the year. Indirect tax revenues amount to BGN 4,571.7 million, or 37.0% of those planned in the 2013 State Budget Law, of which VAT revenues - BGN 3,051.1 million, or 38.7%; excise duties - BGN 1,457.6 million, or 33.8 %; custom duties - BGN 55.9 million, or 46.6%. Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amount to BGN 390.0 million, or 45.2% of the plans for the year. Revenuesfrom social security and health insurance contributions as of 31.05.2013 are BGN 2,315.6 million, or 38.1% of those planned for the year.

Non-tax revenues and grants amount to BGN 2,612.8 million, or 36.4% of those planned for the year.

The expenditures under the consolidated budget, including the contribution of the Republic of Bulgaria to the EU budget, as of 31.05.2013 amount to BGN 11,756.8 million, or 37.1% of the planned for the year. Compared to end-May 2012 the expenditures under the consolidated budget are higher by BGN 814.3 million (7.4 %). Non-interest current expenditures amount to BGN 9,938.8 million (41.2% of the planned for the year), capital expenditures (including net increment of state reserve) amount to BGN 991.0 million (18.4 % of the planned for the year), while interest payments - to BGN 361.7 million (41.3% of the planned for 2013).

The part of Bulgaria's contribution to the EU budget, paid for the five months of 2013 from the central budget, amounts to BGN 465.3 million, which complies with Council Regulation (EC, Euratom) No 1150/2000 of 22 May 2000 implementing Decision 94/728/EC, Euratom on the system of the Communities' own resources.

Fiscal reserve as of 31.05.2013 amounts to BGN 5.8 billion.

Data on consolidated budget implementation as of 31 May 2013 are published in "Statistics" section on the website of the Ministry of Finance.

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