State Budget Execution for January 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 of 2023 presented a surplus of 1,480 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 2,773 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 7,166 million Euros, showing an overperformance of 574 million Euros or 8.7% 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 7,611 million Euros, 758 million Euros higher or 11.1% against the target.
More specifically, the major revenue categories of the State Budget are as follows:
A. Tax revenues amounted to 4,928 million Euros, 525 million Euros or 12% higher against the target which is included in the 2023 Budget introductory report.
Particularly, in January 2023, as far as the main tax revenues categories are concerned, we observe the following:
• VAT revenues amounted to 2,277 million Euros, 246 million Euros higher against the target.
• Excise tax revenues amounted to 492 million Euros, 34 million Euros lower against the target.
• Property tax revenues amounted to 120 million Euros, 17 million Euros lower against the target.
• Income tax revenues amounted to 1,475 million Euros, 261 million Euros higher against the target.
B. Social Contributions amounted to 5 million Euros in line with the target.
C. Transfers amounted to 2,336 million Euros, 120 million Euros higher against the target which is included in the 2023 Budget introductory report. An amount of 1,718 million Euros concerns to the collection of the expected second installment of 2022 from the Recovery and Resilience Facility (RRF), in the context of “Greece 2.0”, whereas an amount of 592 million Euros, comes from PIB revenues, which is 109 million Euros higher against the target.
D. Sales of goods and services amounted to 70 million Euros, 3 million Euros higher against the target which is included in the 2023 Budget introductory report.
Ε. Other current revenues amounted to 272 million Euros, 111 million Euros higher against the target which is included in the 2023 Budget introductory report. An amount of 9 million Euros, out of 272 million Euros, comes from PIB revenues, which is 23 million Euros lower against the target.
F. Sales of fixed assets no revenues were recorded, as expected in the target.
Tax refunds amounted to 445 million Euros, 184 million Euros higher than the target (261 million Euros).
PIB total 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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