According to estimates from the Bulgarian Ministry of Finance, the balance of the consolidated fiscal program (CFP) should be positive for February, with a $445 million surplus.

Official figures for the month will not be published until the end of March.

Revenues and grants for February are expected to be reported at $3.1 billion, amounting to 16.2 percent of the annual estimate, with expenditures expected to be $2.6 billion or 13.4 percent of annual estimates.

The increase in revenue is attributed to a 9 percent growth in tax and non-tax revenues, which hit $244 million and bolstered the country’s overall revenue figures despite decreased proceeds from grants.

Expenditures, meanwhile, have increased year on year, due primarily to higher payments issued for social security and health insurance, expenditures on subsidies and higher expenditures on pensions and insurance payments due to statutory changes that occurred in 2016.

The ministry also reported that the expenditures figures include part of Bulgaria contribution to the European Union budget, which last month amounted to $83 million.

The ministry will publish the Information Bulletin on the Execution of the State Budget and Key Consolidated Fiscal Programme indicators with the final February figures on its website.