site.btaBudget Deficit at 0.5% of GDP in November

The Consolidated Fiscal Programme (CFP) as of end-November showed a deficit of BGN 980.3 million or 0.5% of the estimated GDP, the Ministry of Finance said on Tuesday. The budget balance registered an improvement in November, with the revenues exceeding the expenditures by BGN 459.9 million. 

Revenue, grants, and donations amounted to BGN 60,117.6 million (86.5% of the estimate in the 2023 State Budget Act), increasing by BGN 3,652.1 million from November 2022. 

Expenditures (including Bulgaria's contribution to the EU budget) amounted to BGN 61,098 million (82.5% of the annual estimate), increasing by BGN 4,234.4 million (7.4%) in nominal terms compared to the same period of 2022. 

At the end of November, the fiscal reserve stood at BGN 17.4 billion.

Based on preliminary data and assessments, the state government budget balance for 2023 is expected to have a deficit of around 2.2% of the GDP estimated according to the European system of national and regional accounts (ESA 2010). Preliminary estimates indicate that there is an improvement compared to the target level of the indicator for 2023 set in the reasoning to the 2023 State Budget Act (deficit of 3% of the estimated GDP).