State Budget Execution for December of 2022

According to the data available for the execution of the State Budget on a modified cash basis, the State Budget balance for the period of January – December of 2022 presented a deficit of 11,656 million Euros, against a target of a deficit of 13,400 million Euros that has been incorporated for the same period of 2022 in the 2023 Budget introductory report and a deficit of 14,872 million Euros for the same period of 2021. The State Budget Primary Balance amounted to a deficit of 6,652 million Euros, against the primary deficit target of 8,506 million Euros and the primary deficit of 10,327 million Euros performed at the same period of the previous year.
State Budget net revenues amounted to 59,623 million Euros, showing an underperformance of 230 million Euros or 0.4% against the target of the corresponding period, which is included in the 2023 Budget introductory report. This decrease is due to the decreased PIB revenues by 878 million Euros, as well as, the fact that an amount of 486 million Euros, concerning the road duties, which was projected to be received in the year 2022, will finally be collected in the year 2023, due to the extension of the deadline of the payment until the end of February 2023. On the contrary, an amount of 367 million Euros was collected as an extraordinary contribution of 90% of electricity producers, based on the gross profit margin of the period October 2021 – June 2022, which was not projected to be collected.
State Budget total revenues amounted to 65,775 million Euros, 71 million Euros lower or 0.1% against the target.
More specifically, the major revenue categories of the State Budget are as follows:
Α. Tax revenues amounted to 55,217 million Euros, 81 million Euros or 0.1% higher against the target which is included in the 2023 Budget introductory report, but if we consider the extension of the collection of road duties, the real increase in tax revenues is even higher.
Particularly for the main tax revenues categories we observe the following:
• VAT revenues amounted to 21,422 million Euros, 116 million Euros higher against the target.
• Excise tax revenues amounted to 6,984 million Euros, 89 million Euros lower against the target.
• Property tax revenues amounted to 2,692 million Euros, 165 million Euros higher against the target.
• Income tax revenues amounted to 17,012 million Euros, 331 million Euros higher against the target.
B. Social Contributions amounted to 56 million Euros, 1 million Euros higher against the target which is included in the 2023 Budget introductory report.
C Transfers amounted to 6,357 million Euros, 548 million Euros lower against the target which is included in the 2023 Budget introductory report. An amount of 3,309 million Euros, out of 6,357 million Euros, comes from PIB revenues, which is 920 million Euros lower against the target.
D. Sales of goods and services amounted to 833 million Euros, 51 million Euros higher against the target which is included in the 2023 Budget introductory report.
Ε. Other current revenues amounted to 3,301 million Euros, 345 million Euros higher against the target which is included in the 2023 Budget introductory report. An amount of 272 million Euros, comes from PIB revenues, which is 42 million Euros higher against the target.
F. Sales of fixed assets amounted to 12 million Euros, 1 million Euros lower against the target which is included in the 2023 Budget introductory report.
Tax refunds amounted to 6,153 million Euros, 159 million Euros higher than the target (5,993 million Euros).
PIB total revenues amounted to 3,581 million Euros, 878 million Euros lower than the target (4,459 million Euros).
Particularly, in December 2022 the State Budget net revenues amounted to 6,193 million Euros, 519 million Euros lower than the monthly target, due to the decreased PIB revenues by 803 million Euros, as well as, the non-collection of an amount of 486 million Euros of road duties, because of the extension of their payment deadline. On the contrary, the revenues of December include an amount of 367 million Euros from the extraordinary contribution to electricity producers which was no projected to be collected, as mentioned above.
State Budget total revenues amounted to 6,794 million Euros, 549 million Euros lower against the target included in the 2023 Budget introductory report.
Α. Tax revenues amounted to 5,038 million Euros, 362 million Euros or 6.7% lower against the target which is included in the 2023 Budget introductory report due to the extension of the deadline of payment of the road duties, until the end of February 2023.
Particularly the main tax revenues categories are concerned, we observe the following:
• VAT revenues amounted to 1,594 million Euros, 20 million Euros lower against the target.
• Excise tax revenues amounted to 640 million Euros, 38 million Euros lower against the target.
• Property tax revenues amounted to 146 million Euros, 65 million Euros higher against the target.
• Income tax revenues amounted to 1,576 million Euros, 177 million Euros higher against the target.
B. Social Contributions amounted to 5 million Euros in line with the target.
C. Transfers amounted to 1,078 million Euros, 442 million Euros lower against the target which is included in the 2023 Budget introductory report. An amount of 705 million Euros, out of 1,078 million Euros, comes from PIB revenues, which is 809 million Euros lower against the target.
D. Sales of goods and services amounted to 59 million Euros, 7 million Euros higher against the target which is included in the 2023 Budget introductory report.
Ε. Other current revenues amounted to 614 million Euros, 252 million Euros higher against the target which is included in the 2023 Budget introductory report. An amount of 8 million Euros, comes from PIB revenues, which is 6 million Euros higher against the target.
Tax refunds amounted to 601 million Euros, 31 million Euros lower than the target (632 million Euros).
PIB total revenues amounted to 713 million Euros, 803 million Euros lower than the target (1,516 million Euros).
State Budget expenditures for the period of January – December of 2022 amounted to 71,279 million Euros, 1,974 million Euros or 2.7% lower than the target (73,253 million Euros), which is included in the 2023 Budget introductory report.
In the Ordinary Budget the payments are shown reduced, compared to the target, by 1,383 million Euros. This evolution is mainly attributed to the under execution of the payments in the consumption category of 283 million Euros, as well as, to the disuse of part of the appropriations redistributed from the reserve within the current year, due to procedural delays. The relevant appropriations are committed again, with priority, in the following financial year, in order the relevant payments to be realized and the accumulation of payables to be avoided.
Investment expenditure amounted to 11,025 million Euros presenting decreased payments by 591 million Euros.
The preliminary payments for the main pandemic fiscal measures during the period January – December , is as follows:
a) the support of small and very small enterprises affected by COVID-19 in the Regions of 160 million Euros, through PIB,
b) the state contribution for the repayment of business loans to affected borrowers of 90 million Euros, through PIB,
c) the subsidies for working capital to tourism businesses of 42 million Euros, through PIB,
d) the support of Regions’ health organizations with auxiliary personnel of 103 million Euros, through PIB,
e) the extraordinary grant of 44 million Euros to the pandemic-affected entertainment businesses, gyms, dance schools, etc through PIB,
f) the expenditure of the special purpose compensation of 163 million Euros, paid by the Ministry of Labour and Social Affairs (transfers category),
g) the extraordinary grant to EOPYY of 115 million Euros and to hospitals/DYPE of 281 million Euros and as well as the vaccines purchase of 320 million Euros,
h) the extraordinary grant to DYPA (former OAED) of 594 million Euros to cover the loss of its revenues, due to reduction of insurance contributions of employees and the grant to e-EFKA of 372 million Euros to cover the loss of revenues, due to reduction of contributions collected
i) the expenditure for the Social Security Contributions of 296 million Euros, mainly for the Short-term employment scheme (SYN-ERGASIA) and the subsidy program for 150.000 new hirings and
j) the state compensation to lessors of 68 million Euros, due to their decreased rent.
The preliminary payments for the main energy tackling measures concerning the Central Administration, for the period January – December , is as follows:
a) grant to OPEKA (on April and June) of 207 million Euros, broken down into: 120 million Euros for the additional installment of child benefit, 46 million Euros for the increased payment of the guaranteed minimum income, 33 million Euros for the extraordinary disability benefit, and 7 million Euros for the increase of the non-insured elderly pension, as well as, grant to OPEKA (on December) of 221 million Euros broken down into: 122 million Euros for the additional installment of child benefit, 47 million Euros for the increased payment of the guaranteed minimum income, 43 million Euros for the extraordinary disability benefit, and 9 million Euros for the increase of the non-insured elderly pension.
b) grant to e-EFKA on May of 135 million Euros and on December of 250 million Euros, for the extraordinary payment of the low income pensioners,
c) grant to the Information Society of 302 million Euros to support natural persons and entrepreneurs for tackling increased fuel costs (fuel pass) and of 296 million Euros to support the increased electricity bills (power pass),
d) grant of 50 million Euros to OPEKEPE to address the consequences for greek livestock due to international developments, as well as, grant to farmers of 60 million Euros, due to the increased costs of fertilizers,
e) special purpose compensation for the support of TAXI operators and drivers of 5 million Euros,
f) subsidy for diesel fuel for driving of 217 million Euros,
g) subsidy for heating oil of 90 million Euros and
h) transfer to the Energy Transition Fund by 1,600 million Euros
For the period of January – December of 2022 State Budget expenditures were increased in comparison to the respective period of 2021 by 1,529 million Euros.
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