Bulgaria registered a monthly surplus of BGN 190 M in April 2011, the second month in a row with a positive balance, the Finance Ministry announced.

The April surplus appears to have resulted from the contribution of BGN 200.9 M of the Bulgarian National Bank (BNB) to the state budget, which is a leftover from BNB's 2010 surplus. Meanwhile, Bulgaria's fiscal reserve appears to have been depleted further.

In March 2011, Bulgaria's budget registered a surplus of only BGN 8 M.

In the first four months of 2011, however, Bulgaria's budget deficit amounts to BGN 552 M, or 0.7% of the projected GDP.

The financial result for January-April 2011 is an improvement of BGN 748 M (1.1 percentage points of GDP) on cash basis compared with the first four months of 2011 when Bulgaria's budget deficit amounted to BGN 1.299 B (1.8% of the projected GDP).

In the first four months of 2011, Bulgaria's national budget saw a deficit of BGN 436.3 M, while the deficit in the EU transactions (i.e. Bulgaria's EU funding minus its contribution to the common EU budget) amounted to BGN 115 M.

By the end of April, Bulgaria's budget revenues amounted to BGN 7.95 B, or 30.3% of the projected 2011 income.

The Finance Ministry points out that the revenues grew by 6.1%, or BGN 456.7 M year-on-year, thanks to the increase of indirect tax revenues (up by BGN 445.2 M, or 17.9%), and the higher income from social security and health insurance payments.

The state revenues from direct taxes such as corporate tax were about the same as the amount raised in the same period of 2010.

In January-April 2011, Bulgaria's tax revenues were BGN 6.497, or 81.7% of the total state income.

BGN 1.473 B were raised from direct taxes, which is 38.8% of the 2011 direct tax income projection.

The revenues from indirect taxes amounted to BGN 2.925 B, or 28.1% of the annual projection, including BGN 1.798 B (27.7% of the expected 2011 amount) from VAT, and BGN 1.086 B (28.6%) from excise taxes.

The income from customs duties was BGN 36.3 M, or 36.3% of the annual projection.

State revenues from other taxes, including property tax, amounted to BGN 315.5 M, which is 41.1% of the 2011 projection.

The income from social security and health insurance payments amounted to BGN 1.783 B, or 31.1% of the expected 2011 amount.

Bulgaria's non-tax revenues in January-April were BGN 1.452 B, or 26.4% of the projection, including a contribution of BGN 200.9 M from the 2010 surplus of the Bulgarian National Bank.

Bulgaria's state spending in the first four months of 2011 amounted to BGN 8.502 B, or 30.2% of the planned annual spending.

Compared with the same period of 2011, the state expenditures have declined by BGN 291 M, or 3.3%. The capital spending, subsidies, and the money for salaries and social security payments are lower, which the health insurance payments are higher.

Current non-interest spending amounted to BGN 7.295 B, or 32.5% of the annual projection; capital spending was BGN 621.6 M (16.8% of the projection for 2011, while interest payments were BGN 298.5 M, or 45.2% of the planned interest spending.

Bulgaria's contribution to the EU budget amounted to BGN 286.3 M.

As of April 30, 2011, Bulgaria's fiscal reserve stood at BGN 4.7 B, a decline of BGN 400 M in just two months.

Bulgaria's fiscal reserve amounted to BGN 5.1 B as of February 28, 2011, a decline of BGN 300 M.

Bulgaria's fiscal reserve stood at BGN 5.4 B at the end of January compared with BGN 6 B at the end of December 2010.

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