site.btaEnd-October Budget Deficit at 2.2% of GDP

105 ECONOMY - FINANCE - CFP - OCTOBER

End-October Budget Deficit
at 2.2% of
GDP


Sofia, November 11 (BTA) - Preliminary assessments put the
cash-based deficit under the consolidated fiscal programme (CFP)
at end-October at 1,775 million leva (2.2 per cent of the
projected GDP), while the annual projection for 2014 is 1,472.3
million leva (1.8 per cent of GDP), the Finance Ministry said.

By comparison, the year-earlier deficit was 443.0 million leva.
Year on year, the deficit increased by 1,332 million leva in
nominal terms.

Based on operational data and estimates, CFP proceeds and grants
in the first ten months of 2014 totalled about 24,004 million
leva, 77.3 per cent of the annual projection. Revenues under the
CFP as of end-October rose by about 253 million leva (1.1 per
cent) from a year earlier. In end-October tax revenues
(including revenues from social security contributions) totalled
about 19,151 million leva, 78.7 per cent of the annual
projection.

Non-tax revenues stood at about 2,978 million leva, 85.8 per
cent of the annual projection. Domestic and foreign grants
amounted to 1,876 million leva, 58.0 per cent of the annual
projection.

Expenditures under the CFP (including Bulgaria's contribution to
the EU budget) as of end-October stood at about 25,779 million
leva, 79.3 per cent of the annual projection. Compared to
October 2013, total expenditures under the CFP were up 6.5 per
cent, mainly due to the accelerated absorption of funding under
EU programmes, and to an increase in social and health insurance
payments.

The increase in welfare payments was largely due to the increase
in pensions as of April 2013 and larger health insurance
payments in the first months of 2014.

The portion of Bulgaria's contribution to the EU budget paid by
October 31 from the central-government budget amounted to 743.0
million leva.

Since they are based on preliminary information, the above data
may differ to some extent from the data based on the monthly
reports of the first-level spending units as of end-October,
which will be published at the end of November, the Finance
Ministry said. LI/DD