site.btaConsolidated Fiscal Programme Performance By December 31 2022
The Finance Ministry published on Tuesday data about the performance of the Consolidated Fiscal Programme (CFP) by the end of 2022. The deficit for 2022, according to the methodology of the European System of National and Regional Accounts (ESA 2010), is expected to stand at 2.9% of GDP, which is within the criteria of the Stability and Growth Pact and gives a stable outlook under the convergence report by the European Commission and the European Central Bank assessing the process of Bulgaria’s accession to the eurozone.
In 2022, CFP revenues, grants an donations stood at BGN 64,765,4 million, compared with budget projections of BGN 61,584,3 million, up by 3.2%.
CFP expenditures, including Bulgaria’s contribution to the EU budget, stood at BGN 66,112,6 million, compared with budget projections of BGN 62,931,6 million, or down by 4.5%.
Expenditures are lower than planned and the most significant delay is observed in the absorption of EU funds. This is mainly due to the low rate of absorption of funds under the National Recovery and Resilience Plan and some operational programmes in the 2021-2027 period, resulting in lower than projected transfers under the state budget as well.
Based on data from the monthly reports on the cash performance of the budgets of first-level spending units, Bulgaria's CFP balance was in a BGN 1,347.3 million deficit on a cash basis, 0.8% of the projected GDP. The deficit resulted from a BGN 5087.2 million excess of national budget expenditures over revenues and a BGN 3,739.9 million surplus on EU funds.
By December 31, 2022, the fiscal reserve stood at 13.4 billion leva.