site.btaBudget Goes into Deficit Zone in March

ESD 12:24:02 01-04-2020
SN1221ES.106
106 ECONOMY - BUDGET - MARCH - SURPLUS

Budget Goes into
Deficit Zone
in March


Sofia, April 1 (BTA) - The Bulgarian Finance Ministry released data on the performance of the Consolidated Fiscal Programme (CFP) showing that the budget is estimated to go into deficit territory in March. The deficit is estimated at 205.4 million leva.

The CFP revenues and grants as of March 2020 are estimated at 11,007.6 million leva, 23.5 per cent of the annual target. Compared with this time last year, the revenues increased by 149.5 million leva due mostly to the receipts under EU programmes and funds. The revenue from corporate tax was lower than last year's due to the extension of payment deadlines this year as part of the coronavirus pandemic measures.

The CFP expenditures (including Bulgaria's contribution to the EU budget) amounted to 9,732.8 million leva as of March 2020, which was 20.8 per cent of the annual estimates. A year earlier, the CFP expenditures totalled 9,053.5 million leva.

Considering the fact that a national emergency was declared in mid-March, its fiscal effects is expected to make itself more pronounced in the coming months when both the revenues and the expenditures will suffer from the changed economic environment and the extraordinary measures that have been taken, the Finance Ministry said. NV/LN/

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