site.btaJanuary 2016 Surplus under Consolidated Fiscal Programme Estimated at Lv 952 Mln

January 2016 Surplus under Consolidated Fiscal Programme Estimated at Lv 952 Mln

Sofia, January 30 (BTA) - The Finance Ministry estimates that in January 2016 Bulgaria ran a surplus of 952 million leva under its Consolidated Fiscal Programme (CFP) on a cash basis, which is 1.1 per cent of projected GDP. This compares with a surplus of 69.1 million leva (0.1 per cent of GDP) in January 2015, the Ministry said in a press release on Friday.

According to early estimates, January 2016 saw the largest ever excess of public revenues over expenditures for this month in the year. The improved budgetary position was due mainly to rising tax and non-tax revenues and aid. Total revenues in January 2016 increased by an estimated 26.0 per cent, way above the rates recorded in January 2015 and January 2014, which were, respectively, 19.3 per cent and 15.8 per cent. Falling expenditures, compared with a year earlier, also had a positive impact on the national budget balance.

Total revenues and aid received under the CFP in January 2016 amounted to 3,114,300,000 leva (9.4 per cent of the annual target), increasing by 642,700,000 leva compared with January 2015. The increase resulted mainly from a 461,800,000 leva increase in tax and non-tax revenues and a 180,900,000 leva rise in aid (refunds from the European Commission).

Total expenditures incurred under the CFP in January 2016 (including Bulgaria's contribution to the EU budget) amounted to 2,162,300,000 leva (6.2 per cent of the annual target), compared with 2,402,500,000 leva in January 2015.

Bulgaria's January 2016 contribution to the EU budget was 21,900,000 leva, which was in accordance with effective EU legislation.