Bulgaria’s consolidated budget deficit (cash basis) increased to BGN 105.3m for Jan – Nov 2012 (0.1% of GDP*) compared to BGN 74.2m deficit for Jan – Oct 2012 and a deficit of BGN 1 049.2m (1.4% of GDP) for Jan – Nov 2011. The consolidated deficit was a result of the BGN 227.7m deficit on EU funds while national budget came to BGN 122.4m surplus.
Revenues and grants for January - November totalled BGN 24.45bn, up 8% YoY mostly due to higher indirect tax, non-tax and grant revenue. Indirect tax revenues increased 6.2% YoY to BGN 10.2bn (89.7% of budgeted amount), direct tax revenues were up 2.8% YoY to BGN 3.46bn (90.2% of 2012 budget) while social security and healthcare contributions added 1.7% YoY to BGN 5.04bn (90.6% of 2012 budget). Non-tax and grant revenues surged 25.2% YoY to BGN 4.99bn (69.8% of 2012 budget).
Expenditures under the consolidated budget increased by 3.7% YoY to BGN 24.56bn. Non-interest current expenditures increased 1.4% YoY to BGN 20.3bn, capital expenditures rose 21% YoY to BGN 2.99bn, EU contribution increased 7.1% YoY to BGN 723.5m while interest expenses added 5.1% YoY to BGN 547.3m.The fiscal reserve as of end-November amounted to BGN 6.8bn.
*2012 GDPe of BGN 77 323m – source BNB