State Budget Execution for the period of January – April 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 – April of 2023 presented a deficit of 798 million Euros, against a target of a deficit of 3,829 million Euros that has been incorporated for the same period of 2023 in the 2023 Budget introductory report and a deficit of 3,316 million Euros for the same period of 2022. The State Budget Primary Balance amounted to a surplus of 2,434 million Euros, against the primary deficit target of 869 million Euros and the primary deficit of 799 million Euros performed at the same period of the previous year.
State Budget net revenues amounted to 21,042 million Euros, showing an overperformance of 2,496 million Euros or 13.5% against the target of the corresponding period, which is included in the 2023 Budget introductory report. This increase is mainly due to: (a) the increased 4-months tax revenues, (b) the collection of an amount of 603 million Euros from ANFAs, that was not projected in the 2023 Budget introductory report and (c) the increased revenues of the PIB.
Tax revenues amounted to 17,870 million Euros, 1,635 million Euros or 10.1% 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.
Tax refunds amounted to 2,129 million Euros, 390 million Euros higher than the target (1,739 million Euros) mainly due to the VAT refund in March, to the Renewable Energy Sources Operator & Guarantees of Origin (DAPEEP SA), amounting to approximately 220 million Euros arising from revenues collected by DAPEEP and attributed to the State from the Recovery Mechanism in Day-Ahead Market.
PIB revenues amounted to 1,756 million Euros, 341 million Euros higher than the target (1,415 million Euros).
A more precise allocation among the revenue categories of the State Budget will take place when the final Bulletin is issued.
Particularly, in April 2023 the State Budget net revenues amounted to 4,199 million Euros, 216 million Euros higher than the monthly target.
Tax revenues amounted to 4,261 million Euros, 199 million Euros or 4.9% higher against the target.
Tax refunds amounted to 407 million Euros, 22 million Euros higher than the target (385 million Euros).
PIB revenues amounted to 68 million Euros, 2 million Euros lower than the target (70 million Euros).
State Budget expenditures for the period of January – April of 2023 amounted to 21,840 million Euros, 535 million Euros lower than the target (22,375 million Euros), which is included in the 2023 Budget introductory report, while they were increased in comparison to the respective period of 2022 by 833 million Euros, mainly due to the increased ordinary budget transfers by 881 million Euros.
In the Ordinary Budget the payments are shown decreased, compared to the target, by 345 million Euros. This evolution is mainly attributed to the time differentiation of military procurement cash expenditure of 838 million Euros.
Noteworthy events are the grant to the Information Society S.A. of 502 million Euros, in order to serve the needs of Market Pass, as well as, the grant to the Green Transition Fund amounting to 367 million Euros of excess profits of energy producers, for the period from October 1, 2021 to June 30, 2022. Both aforementioned grants were made with the use of reserve appropriations dedicated for tackling energy crisis measures (non allocated expenditure).
Investment expenditure amounted to 2,811 million Euros presenting decreased payments by 190 million Euros. PIB expenditure includes amount of 52 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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