site.btaBudget Deficit Up by Nearly BGN 700 Mln in May

The budget balance under the Consolidated Fiscal Programme (CFP) on a cash basis in May was negative, amounting to BGN 2.606 billion (1.2% of forecast GDP). This is an increase of some BGN 692 million compared to April, according to the Bulgarian Finance Ministry data released on Monday. This deficit is formed by a national budget deficit of BGN 1.916 billion and a deficit of revenues over expenditures from EU funds amounting to BGN 690.3 million. 

By comparison, the CFP balance on a cash basis in April was negative at BGN 1.914 billion (0.9% of forecast GDP). 

Revenues, grants, and donations under CFP as of May 2025 amounted to BGN 31.518 billion, or 34.9% of the annual estimates. Revenues increased by BGN 3.262 billion (11.5%) compared to the first five months of last year. Compared to the same period of 2024, tax revenues increased by 15.1% to BGN 3.309 billion and non-tax revenues rose by 11.9% to BGN 542.8 million, while revenues from grants and donations decreased by BGN 589.8 million. 

The total amount of tax revenues under CFP, including social security contributions, was BGN 25.169 billion, representing 35.5% of the planned amount for the year and forming 79.9% of the overall CFP proceeds for the period. 

As of May 2025, the CFP expenditures, including Bulgaria's contribution to the EU budget, amounted to BGN 34.125 billion, which is 35.3% of the annual estimates. By comparison, CFP expenditures in the first five months of 2024 amounted to BGN 28.109 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. Excluding this transaction for comparability with the 2024 data, expenditures by the end of May 2025 increased by BGN 4.815 billion (16.4%), the Finance Ministry said. 

The fiscal reserve as of end-May amounted to BGN 13.103 billion, including BGN 12.456 billion in fiscal reserve deposits at the Bulgarian National Bank (BNB) and other banks, and BGN 647 million in receivables from EU funds for certified expenditures, advances, and others.

By comparison, the fiscal reserve stood at BGN 7.851 billion at the end of April, including BGN 7.247 billion in fiscal reserve deposits at BNB and other banks, and BGN 603.8 million in receivables from EU funds for certified expenditures, advances, and others.