Bulgaria's Budget Deficit Down 46% in Q1-Q3 2011

Business » FINANCE | November 1, 2011, Tuesday // 19:52
Bulgaria: Bulgaria's Budget Deficit Down 46% in Q1-Q3 2011 Pictured: Bulgarian PM Borisov (left) and Finance Minister Simeon Djankov. Photo by BGNES

Bulgaria's budget deficit has declined by 46% in the first three quarters of 2011 year-on-year, according to latest data of the Finance Ministry.

Thus, in January-September 2011 Bulgaria accrued a deficit of BGN 826 M compared with BGN 1.51 B (a decline of BGN 692 M) in the same period of 2010.

In the first three-quarters of the current year, Bulgaria's national budget has accrued a deficit of BGN 483 M, while Bulgaria's EU transactions deficit (i.e. the country's contribution to the EU budget minus the absorbed EU funds) amounts to BGN 387.7 M.

In September alone, Bulgaria's monthly budget deficit was BGN 94.9 M, which is an increase compared with the BGN 11 M of deficit in August as well as with the BGN 18.9 M surplus in September 2010.

Bulgaria's state budget income as of September 30, 2011, amounted to BGN 18.35 B, or 70.0% of the annual projection, which is a 5.7% increase (BGN 997.7 M more) than the state income for the first nine months of 2010.

The Finance Ministry points out that the growth in state revenues is the result of higher income from indirect taxes, which grew by 12.7%, or BGN 865.1 M, compared with the same period of last year.

Bulgaria's total tax revenues, including social security and insurance payments, in the first nine months of 2011 amounted to BGN 15.08 B, or 82.2% of the total state income under the so called Consolidated Fiscal Framework. This is 72.9% of the projection for 2011 compared with 70.6% of the projection reach at the end of September 2010.

Direct tax revenues in the first nine months of 2010 amounted to BGN 2.79 B or 73.6% of the projected sum for 2011.

Indirect tax revenues came at BGN 7.66 B, or 73.7% of the expected amount. VAT income reached BGN 4.70, or 72.6% of the projected sum for the year. Excise tax revenues amounted to BGN 2.85 B, or 75.1% of the projection for 2011. Customs duties have yielded BGN 95.1 M, or 95.1% of the planned earnings for the year. Income from other taxes, including property taxes, amounted to BGN 593.1 M, or 77.3% of the annual projection.

Social security and health insurance payments have reached BGN 4.03 B, or 70.2% of the 2011 projection.

Bulgaria's revenues from non-tax sources and foreign aid amounted in the first nine months of 2011 amounted to BGN 3.27 B, or 59.4% of the projected sum.

Bulgaria's state spending, including its contribution to the EU budget, reached BGN 19.18 B in January-September 2011, which is 68.1% of the annual projection.

Current non-interest spending came at BGN 16.29 B (72.5% of the projected spending), capital spending, including the net growth of the fiscal reserve, amounted to BGN 1.87 B (50.5% of the projected amount), and interest payments reached BGN 490 M, or 74.1% of the projection for the above-stated period.

As of September 30, Bulgaria's contribution to the EU budget for 2011 amounted to BGN 528.1 M, in accordance with Regulation 1150/2000 of the Council of the EU.

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Tags: budget deficit, state budget, Finance Ministry, revenues, state spending, VAT, taxes, tax, tax revenues, tax revenue
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