site.btaApril Surplus under Consolidated Fiscal Programme Forecastat 1.4% of Projected GDP

May 2 (BTA) - According to preliminary data and estimates as at April 2020, the surplus under the Consolidated Fiscal Programme (CFP) will amount to 1,587.1 million leva (1.4 per cent of the projected GDP), the Bulgarian Finance Ministry said. In comparison, the same period of 2019 had a surplus of 2,699.8 million leva (2.3 per cent of GDP), meaning that the budget balance worsened nominally by 1.1 billion leva compared to last year.

A delay in revenues is reported due to the negative effects of the COVID-19 crisis and the extension of the period for paying taxes.

Compared to January-April 2019, tax and non-tax revenues under the CFP decreased by 875.8 million leva as at April 2020, while revenues from grants grew by 358.5 million leva. The negative trend is expected to continue in the coming months.

Revenues, grants and donations under the CFP as at April 2020 are expected to total 14,658,9 million leva (33 per cent of the updated annual target). Compared to January-April 2019, revenues under the CFP registered a delay mostly due to corporate and other taxes, import VAT and tax revenues.

Total expenditures under the CFP, including Bulgaria's contribution to the EU budget, amounted to 13,071.8 million leva as at April 2020 (27.3 per cent of the updated annual estimate). The respective figure for 2019 was 12,476.5 million leva. The nominal increase is mostly due to the higher amount of expenditures for personnel, social payments (a base effect of the July 2019 increase of pensions), capital expenditures, and others.

The portion of Bulgaria's contribution to the EU budget paid from the country's central executive budget as at the end of April was 474.1 million leva.

RI/DS

/ДЛ/