Bulgaria's government has ended the first half of 2012 with a minor budget surplus, according to preliminary data of the Finance Ministry released Wednesday.

Thus, as of June 30, 2012, the budget balance under Bulgaria's Consolidated Fiscal Program (CFP) is positive, amounting to BGN 62.4 M.

The positive balance of the Bulgarian state budget is formed by a surplus under the national budget of BGN 467.7 M and a deficit under EU fund transactions of BGN 405.3 M.

This is compared with a deficit of BGN 649.7 M that was accrued in the first half of 2011, the Ministry notes.

Thus, Bulgaria's budget balance on a cash basis has improved by BGN 712.1 M (1.0 pp of GDP), year-on-year.

Bulgaria's fiscal reserve as of June 30, 2012, amounted to BGN 5.1 B.

At end-June Bulgaria's state revenues and grants stand at BGN 13.2 B or 46.0 % of those planned in the 2012 State Budget Act, an increase by BGN 1.183 B or 9.8% year-on-year. This is mostly due to higher indirect tax, non-tax and grant revenue, the Finance Ministry says.

Bulgaria's tax proceeds, including revenues from social security contributions, total BGN 10.562 B, in H1 2012, which is 48.9 % of projection for the year.

Revenues from direct taxes amounted to BGN 2.122 B, or 55.3 % of those planned for the year.

Indirect tax revenues amounted to BGN 5.319 B, or 46.8% of those planned in the 2012 State Budget Act, of which VAT revenues amounted to BGN 3.419.3 B, or 48.2 % of the projection, excise duty revenues amounted to BGN 1.829.7 B, or 44.3 % of the projection, customs duty revenues amounted to BGN 57.0 M, or 47.5 % of the projection, and insurance premium tax revenues amounted to BGN 13.3 M, or 55.3 % of the projection.

Bulgaria's income from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amounted to BGN 442.6 M, or 53.7 % of the projection for the year.

Revenues from social security and health insurance contributions in the first half of 2012 amounted to BGN 2.678 B, or 48.2 % of the 2012 projection.

Non-tax revenues and grants amount to BGN 2,662.0 M, or 37.2 % of those planned for the year.

In the first half of 2012, Bulgaria's expenditures under the consolidated budget, including the contribution of the Republic of Bulgaria to the EU budget, came at BGN 13.162 B, or 44.1 % of the projection for the year.

In structural terms, compared to the first half of 2011, capital expenditures and social security expenditures are higher. Non-interest current expenditures amounted to BGN 11.018 B (48.9 % of the projection for the year), capital expenditures (including net increment of state reserve) amounted to BGN 1.318 B (24.8% of the projection), while interest payments came at BGN 359.6 M (50.1 % of those planned in the 2012 budget).

Bulgaria's contribution to the EU budget, as paid as of end-June 2012 from the central budget, amounted to BGN 466.6 M, which in compliance with European Council Regulation 1150/2000.

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