site.bta2015 Budget Deficit Estimated at 2.66% of GDP

2015 Budget Deficit Estimated at 2.66% of GDP

Sofia, January 1 (BTA) - Preliminary reports and estimates show the 2015 Consolidated Fiscal Programme (CFP) in a cash-based deficit of about 2,287 million leva, 2.66 per cent of the projected GDP, the Finance Ministry said. The CFP deficit in 2014 was 3,072.9 million leva (3.7 per cent of GDP).

The CFP revenues and grants in 2015 are estimated at 32,263.4 million leva, up 9.7 per cent (2,854.3 million leva) on 2014. CFP revenues increased from 35.2 per cent of GDP in 2014 to 37.5 per cent of GDP in 2015, largely due to an increase in tax and non-tax revenues and grant aid (mostly funds reimbursed by the European Commission) by 2,096.6 million leva and 757.7 million leva respectively.

The national budget revenues from direct taxes increased most, by nearly 1,900 million leva. The revenues from all major taxes and social insurance contributions were larger than in 2014. Indirect taxes rose by nearly 1,000 million leva, with excise duty alone growing by about 500 million leva (12 per cent). The revenues from social and health insurance contributions and corporate taxes, among others, also increased.

In 2015 the expenditures under the Consolidated Fiscal Programme, including Bulgaria's contribution to the EU budget, are estimated at 34,550.4 million leva, which is close to the annual projection. In 2014 expenditures stood at 32,482.0 million leva.

The part of Bulgaria's contribution to the EU budget paid as at the end of 2015 from the central government budget amounts to 946.4 million leva.