site.btaConsolidated Fiscal Programme Records Lv 601 Mln Surplus as at August 31

Consolidated Fiscal Programme Records Lv 601 Mln Surplus as at August 31

Sofia, September 1 (BTA) - The Finance Ministry said on Monday that Bulgaria's Consolidated Fiscal Programme (CFP) recorded a surplus of 601 million leva as at August 31, 2015, according to early estimates. The amount is equivalent to 0.7 per cent of projected GDP.

In comparison, as at August 31, 2014 there was a deficit of 1,275.6 million leva (1.6 per cent of GDP), meaning that, as a percentage of GDP, the budget position in August 2015 improved by 2.3 percentage points. Larger revenues and aid remain the principal factors for the improvement of the budget position.

As at August 31, 2015, CFP revenues and aid are estimated at 21,515.4 million leva (70.9 per cent of the annual target), increasing by 12.0 per cent from a year earlier. The increase was mainly due to higher tax and non-tax revenues as well as aid (refunds made by the European Commission), which rose, respectively, by 1,567.9 million and 732.3 million leva.

CFP expenditures (including Bulgaria's contribution to the EU budget) as at August 31, 2015 amounted to 20,914.4 million leva, accounting for 63.7 per cent of the annual target. This compares with 20,490.7 million leva in expenditures a year earlier.

By August 31, 2015, Bulgaria had contributed 596.3 million leva from its central executive budget to the EU budget.

A month earlier, as at July 31, 2015, CFP recorded a surplus of 789.4 million leva (0.9 per cent of projected GDP). This resulted from a national budget surplus of 406.3 million leva and an EU aid surplus of 383.1 million leva. In comparison, as at July 31, 2014, there was a CFP deficit of 1,147.2 million leva (1.4 per cent of GDP). This means that, as a percentage of GDP, the budget position improved by 2.3 percentage points. The improvement was due to rising national budget revenues and aid.