Will Bulgaria Have a Stable Government After Yet Another Election in June? Our Readers Have Spoken
On our Facebook page, readers were asked about Bulgaria's stability after the June elections
With its decision, the government approved the report on the cash execution of the consolidated fiscal program for the first half of 2019.
On the basis of the quarterly cash reports for the implementation of the budgets of the first budget spending units, the budget balance under the Consolidated Fiscal Program for the first half of 2019 is positive at BGN 3 223,3 million and is formed by excess of revenues over expenditures under the national budget in the amount of BGN 3 107,6 million and by European funds in the amount of BGN 115,7 million.
The receipts, grants and donations under the CFP as of June 30 amount to BGN 22 285,8 million or 50,8% of the annual estimates, reporting an increase of 16 percent compared to the same period of the previous year. Tax receipts increase in nominal terms by 10.4 per cent compared to the first half of 2018. Non-tax revenues have increased by 38.4 per cent compared to those reported for the first six months of 2018, while receipts from grants and donations have increased by 64.9 per cent compared to those reported as of June of the previous year. The total amount of tax receipts (including social security income) as of the end of June amounted to BGN 17 686.3 million, which represents 51.2% of the annual estimates. In structural terms, the most significant growth was recorded in contributions from social security contributions and indirect taxes. Non-tax revenues amount to BGN 3 448.4 million, which represents 52.0% of the annual estimates. It should be noted that the non-tax revenues show a base effect in the part of the revenues from the budget of the Electricity Security Fund "due to the amendments to the Energy Act of 01.07.2018, which changed the collection mechanism. Therefore, the revenue from the budget of the Fund for the first half of 2019 is higher than the revenue for the same period of 2018. The revenue from grants and donations is 1 151,1 million. the lion.
The expenditures under the consolidated fiscal program (including the contribution of the Republic of Bulgaria to the EU budget) at the end of June amounted to BGN 19 062.5 million, which is 42.9% of the annual estimates. Non-interest expenses amount to BGN 17,931.9 million, which is 42.4% of the annual estimates. Current non-interest expenses as of June 30 amount to BGN 16 418.3 million, capital expenditures (including the net increase of the government reserve) amount to BGN 1 499.8 million, current and capital transfers provided abroad are in Interest payments amount to BGN 413.1 million or 61.7% of the plans for 2019.
The part of the Republic of Bulgaria's contribution to the EU budget, paid as of 30 June from the central budget, amounts to BGN 717.5 million, which is in implementation of the current EU own resources legislation.
The amount of the fiscal reserve as of June 30 is BGN 11.7 billion, incl. BGN 11.3 billion of fiscal reserve deposits with the BNB and banks and BGN 0.4 billion of claims on European Union funds for certified expenditures, advances and more.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
Sofia, the vibrant capital of Bulgaria, is experiencing a surge in its economic landscape, surpassing the average European standard of living, according to senior researcher Peter Ganev from the Institute for Market Economics
Mounting uncertainty looms over Bulgaria's anticipated entry into the Eurozone, with officials cautioning that the prospect may be delayed amidst persisting inflation challenges
According to the latest data released by the National Statistical Institute, Bulgarian household incomes experienced a remarkable surge in 2023, reaching an average of BGN 10,846 per household member.
The National Statistical Institute's latest report unveils a marginal annual increase in the income of Bulgarians in 2023 compared to their expenses, marking a reversal of the trend observed in 2022
In a recent interview on Nova TV, former Minister of Economy Bogdan Bogdanov expressed skepticism regarding Bulgaria's prospects of entering the Eurozone at the outset of 2025
The path to Eurozone accession for Bulgaria may see a significant milestone in 2025, albeit not at the outset of the year, according to Dimitar Radev, the governor of the Bulgarian National Bank (BNB)
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022