State Budget Execution for January of 2023 (preliminary data)

According to the preliminary data available for the execution of the State Budget on a modified cash basis, the State Budget balance for the period of January of 2023 presented a surplus of 1,471 million Euros, against a target of a surplus of 917 million Euros that has been incorporated for the same period of 2023 in the 2023 Budget introductory report and a deficit of 1,199 million Euros for the same period of 2022. The State Budget Primary Balance amounted to a surplus of 2,765 million Euros, against the primary surplus target of 2,147 million Euros and the primary surplus of 15 million Euros performed at the same period of the previous year.
State Budget net revenues amounted to 7,157 million Euros, showing an overperformance of 566 million Euros or 8.6% 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 and is achieved despite the increase observed in tax refunds.
State Budget total revenues amounted to 7,603 million Euros, 750 million Euros higher or 10.9% against the target.
Tax revenues amounted to 5,023 million Euros, 620 million Euros or 14,1% higher against the target which is included in the 2023 Budget introductory report. This overperformance is due to the better performance of the previous year’s taxes collected in installments until the end of February 2023 (income tax of natural and legal persons, ENFIA) as well as the better performance in the collection of the current year’s taxes (VAT, Excise taxes, etc.).
A more precise allocation among the revenue categories of the State Budget will take place when the final Bulletin is issued.
Tax refunds amounted to 445 million Euros, 184 million Euros higher than the target (261 million Euros).
PIB revenues amounted to 601 million Euros, 86 million Euros higher than the target (515 million Euros).
State Budget expenditures for the period of January of 2023 amounted to 5,686 million Euros, 12 million Euros higher than the target (5,674 million Euros), which is included in the 2023 Budget introductory report, while they were increased in comparison to the respective period of 2022 by 632 million Euros, mainly due to the increased ordinary budget transfers by 615 million Euros.
In the Ordinary Budget the payments are shown increased, compared to the target, by 110 million Euros. This evolution is mainly attributed to the front-loaded transfer to hospitals of 176 million Euros. Also noteworthy is the grant to the Information Society S.A. of 325 million Euros, with the use of reserve appropriations, dedicated for tackling energy crisis measures, in order to serve the needs of Market Pass, for the first months of its implementation, as well as, the time differentiation of military procurement cash expenditure of 298 million Euros.
Investment expenditure amounted to 648 million Euros presenting decreased payments by 99 million Euros. PIB expenditure includes amount of 22 million Euros for COVID-19 measures, of which the most important, in number terms, is 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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