The budget balance under the Consolidated Fiscal Programme (CFP) as of end-June 2012 is positive, amounting to BGN 62.4 million against a deficit of BGN 649.7 million as of June 2011, and is formed by a surplus under the national budget of 467.7 million and a deficit under EU funds of BGN 405.3 million. Compared to the same period of last year, the budget balance on a cash basis has improved by BGN 712.1 million (1.0 pp of GDP).
Fiscal reserve as of 30 June 2012 amounts to BGN 5.1 billion.
At end-June CFP revenues and grants stand at BGN 13,224.3 million or 46.0 % of those planned in the 2012 State Budget Law. Compared to the revenue reported in the same period of 2011, CFP proceeds report a nominal growth by BGN 1,183.3 million or 9.8%. This is mostly due to higher indirect tax, non-tax and grant revenue.
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