site.btaFinance Ministry Expects State Budget Deficit of BGN 1.5 Bln at End-February

According to preliminary estimates, state budget expenditures and transfers exceeded revenues, grants, and donations in the first two months of 2025. As a result, the state budget is expected to record a deficit of approximately BGN 1.5 billion, or 0.7% of the projected GDP, the Finance Ministry said in a press release on Tuesday.

At end-February 2025, the consolidated fiscal programme (CFP) balance is projected to be negative, amounting to BGN 1.0 billion (0.5% of GDP). On a monthly basis, the deficit for February 2025 alone is expected to reach approximately BGN 1.6 billion.

Based on preliminary data, total revenues, grants, and donations under the CFP for February 2025 are projected to reach BGN 11 billion – an increase of BGN 1.1 billion (10.6%) compared to the first two months of 2024. This growth is primarily driven by tax revenues, which have risen by 13% year-on-year (equivalent to BGN 1 billion in nominal terms).

Expenditures under the CFP (including Bulgaria’s contribution to the EU budget) for February 2025 are estimated at BGN 12 billion. In comparison, CFP expenditures for the first two months of 2024 amounted to BGN 9 billion. However, in February 2024, a transaction of BGN 1.2 billion was recorded as a reimbursement from the Ministry of Regional Development and Public Works’ foreign funds account back into the ministry’s budget.

As of end-February 2025, Bulgaria’s contribution to the EU budget, paid from the central budget, amounts to BGN 0.3 billion.