State Budget Execution for February of 2023

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 – February of 2023 presented a surplus of 2,308 million Euros, against a target of a surplus of 36 million Euros that has been incorporated for the same period of 2023 in the 2023 Budget introductory report and a deficit of 910 million Euros for the same period of 2022. The State Budget Primary Balance amounted to a surplus of 4,215 million Euros, against the primary surplus target of 1,816 million Euros and the primary surplus of 840 million Euros performed at the same period of the previous year.
State Budget net revenues amounted to 12,966 million Euros, showing an overperformance of 1,962 million Euros or 17.8% against the target of the corresponding period, which is included in the 2023 Budget introductory report. This increase is mainly due to the increased tax revenues as well as the increased PIB revenues.
State Budget total revenues amounted to 13,750 million Euros, 2,066 million Euros higher or 17.7% against the target.
More specifically, the major revenue categories of the State Budget are as follows:
I. Tax revenues amounted to 9,990 million Euros, 1,245 million Euros or 14.2% higher against the target which is included in the 2023 Budget introductory report. Part of this increase, amounting to approximately 470 million Euros, concerns the extension of the deadline of the payment of road duties until the end of February 2023, while it was estimated that this amount would be collected in December 2022. The remaining amount of over execution is due to the better performance of income taxes of natural and legal persons of the previous year, collected in installments until the end of February 2023, as well as the best performance of the collection of VAT of the current year.
Particularly for the main tax revenues categories we observe the following:
• VAT revenues amounted to 4,107 million Euros, 330 million Euros higher against the target.
• Excise tax revenues amounted to 979 million Euros, 39 million Euros lower against the target.
• Property tax revenues amounted to 222 million Euros, 52 million Euros lower against the target.
• Income tax revenues amounted to 3,149 million Euros, 367 million Euros higher against the target.
II. Social Contributions amounted to 10 million Euros in line with the target.
III. Transfers amounted to 2,952 million Euros, 457 million Euros higher against the target which is included in the 2023 Budget introductory report. An amount of 1,179 million Euros, out of 2,952 million Euros, comes from PIB revenues, which is 434 million Euros higher against the target.
IV. Sales of goods and services amounted to 143 million Euros, 19 million Euros higher against the target which is included in the 2023 Budget introductory report.
V. Other current revenues amounted to 655 million Euros, 345 million Euros higher against the target which is included in the 2023 Budget introductory report. An amount of 237 million Euros, comes from PIB revenues, which is 197 million Euros higher against the target.
VI. Sales of fixed assets no revenues were observed in line with the target.
Tax refunds amounted to 784 million Euros, 104 million Euros higher than the target (680 million Euros).
PIB total revenues amounted to 1,416 million Euros, 631 million Euros higher than the target (785 million Euros).
Particularly, in February 2023 the State Budget net revenues amounted to 5,800 million Euros, 1,388 million Euros higher than the monthly target.
State Budget total revenues amounted to 6,139 million Euros, 1,308 million Euros higher than the monthly target.
More specifically, the major revenue categories of the State Budget in February 2023, are as follows:
I. Tax revenues amounted to 5,062 million Euros, 721 million Euros or 16.6% higher against the target, due to: (a) the extension of the deadline of payment of road duties until the end of February 2023, (b) the better performance of the previous year income tax collected in installments until the end of February 2023 and c) the better performance of the collection of taxes of the current year.
Particularly the main tax revenues categories are concerned, we observe the following:
• VAT revenues amounted to 1,830 million Euros, 84 million Euros higher against the target.
• Excise tax revenues amounted to 487 million Euros, 5 million Euros lower against the target.
• Property tax revenues amounted to 102 million Euros, 35 million Euros lower against the target.
• Income tax revenues amounted to 1,673 million Euros, 106 million Euros higher against the target.
II. Social Contributions amounted to 5 million Euros in line with the target.
III. Transfers amounted to 616 million Euros, 337 million Euros higher against the target which is included in the 2023 Budget introductory report. An amount of 588 million Euros, out of 616 million Euros, comes from PIB revenues, which is 325 million Euros higher against the target.
IV. Sales of goods and services amounted to 73 million Euros, 16 million Euros higher against the target which is included in the 2023 Budget introductory report.
V. Other current revenues amounted to 383 million Euros, 234 million Euros higher against the target which is included in the 2023 Budget introductory report. An amount of 227 million Euros, comes from PIB revenues, which is 220 million Euros higher against the target.
Tax refunds amounted to 339 million Euros, 80 million Euros lower than the target (419 million Euros).
PIB total revenues amounted to 815 million Euros, 545 million Euros higher than the target (270 million Euros).
State Budget expenditures for the period of January – February of 2023 amounted to 10,658 million Euros, 309 million Euros lower than the target (10,967 million Euros), which is included in the 2023 Budget introductory report, while they were increased in comparison to the respective period of 2022 by 895 million Euros, mainly due to the increased ordinary budget transfers by 687 million Euros.
In the Ordinary Budget the payments are shown decreased, compared to the target, by 139 million Euros. This evolution is mainly attributed to the time differentiation of military procurement cash expenditure of 395 million Euros and the underperformance of guarantees called by 135 million Euros.
Noteworthy events are the front-loaded transfer to hospitals of 180 million Euros and the grant to the Information Society S.A. of 325 million Euros, with the use of reserve appropriations dedicated for tackling energy crisis measures (non allocated expenditure), in order to serve the needs of Market Pass, for the first months of its implementation.
Investment expenditure amounted to 1,319 million Euros presenting decreased payments by 170 million Euros. PIB expenditure includes amount of 32 million Euros for COVID-19 measures, of which the most important, is the reinforcement of health institutions with auxiliary staff to respond to the needs arising from the COVID-19 pandemic in the Regions and the grant to existing SMEs in the retail sector that have a physical store, for the development, upgrade and management of an online store.
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