site.btaBudget Surplus of BGN 1 Bln Reported at End-February

Based on preliminary estimates, the Finance Ministry reported a budget surplus of BGN 1 billion at the end of February 2024. This is 0.5% of the projected GDP. Consolidated Fiscal Programme (CFP) revenues, grants and donations increased by about 4.8% compared to February 2023 and stood at BGN 9.9 billion in nominal terms.

The increase is mainly due to tax revenues, which increased by 6.2% compared to February 2023 and stood at BGN 500 million in nominal terms, while non-tax revenues and grants and donations (mainly grants under EU programmes and funds) were close to those reported for a year earlier, the Finance Ministry said.

As at February 2024, CFP expenditures (including Bulgaria's contribution to the EU budget) stood at BGN 8.9 billion, compared to BGN 9.6 billion in the first two months of 2023. The increase was driven by social expenditures as higher pensions were paid in January and February 2024, as well as by higher staff costs, following pay rises for teaching staff and some administrations approved in mid-2023 when the 2023 State Budget Act was adopted.

The portion of Bulgaria’s contribution to the EU budget paid as at February 29, 2024, stood at BGN 200 million.

The budget deficit projection for 2024 again is around 3% of GDP (about BGN 6 billion).