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Bulgaria with May Deficit, Budget Surplus Declines

Date: 06.06.2009

Bulgaria registered a deficit of BGN 119,6 in May 2009, and its surplus declined to BGN 555,4 M, according to the latest Finance Ministry data.

Bulgaria's registered a deficit only in May, and the overall balance is still positive thanks largely to the surplus it had in January 2009. In April 2009, the surplus was still at BGN 675 M.

Bulgaria's fiscal reserved amounted to BGN 8,3 B at the end of May 2009, and the budget balance on the consolidated fiscal program (CFP - which includes the state budget, the National Social Security Institute, the National Health Fund, the municipalities and the judiciary) was BGN 555,4 on May 31, 2009.

The CFP income and aid amounted to BGN 11,044 B at the end of May which is 33,9% of the planned amount for 2009. The income is 94% of the income in the same period of 2008 because of considerable decline of export, the decline in the import of energy sources and raw materials, and the dramatic in the prices of oil, metals, and other raw materials on the international market, which resulted from the global financial crisis.

Tax income amounted to BGN 8,5 B by the end of May 2009, which is 33% of the plans for 2009. Direct tax income amounts to BGN 2,3 B (39% of the planned for 2009), indirect tax income - BGN 4,02 B (29,1%), social security and health payments - BGN 2,16% (36%).

The non-tax income amounted to BGN 1,8 B, which is an increase of 9,7% compared to the same period of 2008, and is 45,9% of the annual estimates. This increase is mainly due to the transfer of BGN 401 M to the state budget from the Bulgarian Natonal Bank in April 2009, after the Bank's income exceeded its expenditures.

Bulgaria's expenditures on its consolidated fiscal program amounted to BGN 10,5 B at the end of May 2009, which 34,5% of what had been planned for 2009.

Interest payments amounted to BGN 320 M (50,3% of the estimated amount for 2009); the current non-interest payments - BGN 8,407 B (37%); capital expenditures were BGN 1 417,5 (27,2%) By the end of May Bulgaria has received a total of BGN 803,5 M in aid, mostly advance payments under the Structural and Cohesion Funds of the EU, which is 26,7% of the estimated 2009 amount. Bulgaria has contributed BGN 343,7 M to the EU budget in accordance with regulation 1150/2000 of the Council of the EU.

Several international financial institutions have warned Bulgaria that it had to take measures in order to restrict spending and avoid a budget deficit at the end of 2009.

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