site.btaBudget Deficit Down by BGN 12.5 Mln at End of April: Finance Ministry Data

The budget balance under the consolidated fiscal programme (CFP) at the end of April 2025 was negative, amounting to just over BGN 1.9 billion (0.9% of the forecast gross domestic product), the Ministry of Finance announced on its official website on Tuesday.

CFP revenues, grants and donations as of April 2025 amounted to BGN 24.47 billion, or 27.1% of the annual estimates. Proceeds grew by BGN 1.7 billion (7.5%) as compared to those reported in the first four months of 2024. This growth was mainly due to the tax revenues which increased by 13.3% (BGN 2.3 billion). Non-tax revenues were close to those reported for the same period of 2024, while proceeds in the part of grants and donations were less by BGN 655.7 million.

Tax proceeds, including revenues from social security contributions, amounted to BGN 19.59 billion, which accounts for 27.7% of the estimates for the year. Tax and social security contribution proceeds formed 80.0% of the overall CFP proceeds for the period.

Non-tax revenues amounted to BGN 3.9 billion, which accounts for 32.8% of the annual estimates and is an increase by BGN 63.1 million, or 1.6%, compared to the same period of 2024. These revenues were formed mostly from state, municipal and legal expense revenues, rents, concession revenues, greenhouse gas emission allowance revenues, etc. In April, the contribution from the excess of revenues over expenditures for 2024 of the Bulgarian National Bank to the amount of BGN 550 million was transferred to the state budget.

Grant and donation proceeds amounted to BGN 958.3 million.

CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budget for April 2025, amounted to BGN 26.3 billion, which accounts for 27.3% of the annual estimates. For comparison, CFP expenditures for the first four months of 2024 amounted to BGN 22.1 billion, and it should be taken into account that in February 2024 there was a reported reimbursement transaction of BGN 1.2 billion from the external funds account of the Ministry of Regional Development and Public Works back to the Ministry’s budget. Eliminating this transaction and for the purposes of data comparability, expenditures as of the end of April 2025 increased by BGN 3 billion (12.9%). An increase is expected mainly in the spending on social payments, including pension expenditures, as well as on personnel costs, subsidies, capital expenditures, etc.

Non-interest expenditures amounted to BGN 25.3 billion, which accounts for 27.3% of the annual estimates and is an increase (on a comparable basis) by BGN 2.7 billion, or 12.2%, compared to those reported in April 2024. Non-interest current expenditures amounted to BGN 23.4 billion. Capital expenditures (including net increment of state reserve) amounted to BGN 1.9 billion. The current and capital transfers to other countries amounted to BGN 20.5 million. Interest payments amounted to BGN 428.8 million (26.4% of those planned for the year and increasing by BGN 69.7 million compared to the same period of 2024).

The CFP budget balance as of April 2025 was negative, amounting to BGN 1.9 billion (0.9% of the projected GDP).

The fiscal reserve as of April 30 was BGN 7.85 billion, including BGN 7.25 billion of fiscal reserve deposits in the BNB and in banks and BGN 603.8 million of receivables under the EU Funds for certified expenditures, advance payments, etc.