site.btaConsolidated Fiscal Programme Deficit Balance at End of October Is 0.8% of Estimated GDP

Based on preliminary data and estimates, the budget balance under the consolidated fiscal programme (CFP) as of October 2023 is expected to be a deficit of about BGN 1.4 billion or 0.8 percent of the estimated GDP, with a planned 2023 deficit for the year in the amount of BGN 4.6 billion, the Ministry of Finance said on Wednesday. 

On Tuesday, the Ministry said that the accumulated deficit until the end of September was BGN 841.0 million (0.5% of estimated GDP).

The remaining months of the year, the budget balance is expected to reach the planned deficit of 2.5% of GDP.

Revenues, benefits and donations under the CFP as of October 2023 amounted to BGN 53.4 billion (76.9% of the annual estimate). Tax revenues under the CFP increased nominally compared to the same period of 2022, by BGN 4.4 billion (11.6%), and non-tax revenues and revenues from aid and donations (mainly grants under EU programmes and funds) decreased by BGN 1.2 billion.

Expenditures under the consolidated fiscal programme (including Bulgaria's contribution to the EU budget) as of October 2023 amounted to BGN 54.8 billion (74% of the annual estimate) and increased by 9.1% compared to the same period of the previous year. In the individual cost indicators, the most significant increase was in social costs, as well as in personnel costs, capital costs, and others.

Bulgaria's contribution to the EU budget, paid as of October 31 from the central budget, amounted to BGN 1.39 billion.