site.btaFinance Ministry Expects Lv 867.3 Mln Surplus on Consolidated Fiscal Programme for January 2017

Finance Ministry Expects Lv 867.3 Mln Surplus on Consolidated Fiscal Programme for January 2017

Sofia, February 1 (BTA) - Based on preliminary figures and estimates, the consolidated fiscal programme (CFP) is expected to show an 867.3 million leva surplus (0.9 per cent of projected GDP) on a cash basis for January 2017, the Bulgarian Finance Ministry said in a press release on Tuesday.

By comparison, a 991.6 million leva surplus (1.1 per cent of GDP) was reported for January 2016. A substantial amount of grants from the EU were received in the first half of 2016, recovering expenditures committed at the end of 2015 on the EU-funded programmes. For this reason, the portion of revenues from EU grants for January 2017 is smaller than in the comparable period of 2016 which, other things being equal, translates into a narrower margin of revenues over expenditures for the month, the Ministry explains.

Revenues and grants under the CFP are expected to add up to 3,326.7 million leva (9.4. per cent of the annual estimate) for January 2017, up by 196.4 million leva from January 2016. The year-on-year increase is mainly due to a 265.8 million leva (9.1 per cent) growth of tax and non-tax revenues, while the incoming grants were lower.

Expenditures under the CFP (including Bulgaria's contribution to the EU budget) for January 2017 amounted to 2,459.4 million leva (6.7 per cent of the annual plan). Compared to the same month of the previous year, expenditures increased, mainly due to the larger amount of social and health insurance contributions paid for employees insured for the account of the Exchequer and the pension increase as from July 2016.

The portion of Bulgaria's contribution to the EU budget, paid by the central-government budget by January 31, 2017, was 71.3 million leva, which is in line with the relevant EU legislation in force.