Υπουργείο Εθνικής Οικονομίας και Οικονομικών

State Budget Execution for the period of January – April of 2024

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 – April of 2024 presented a deficit of 250 million Euros, against a target of a deficit of 2,699 million Euros that has been incorporated for the same period of 2024 in the 2024 Budget introductory report and a deficit of 789 million Euros for the same period of 2023. The State Budget Primary Balance on a modified cash basis amounted to a surplus of 3,282 million Euros, against the primary surplus target of 631 million Euros and the primary surplus of 2,443 million Euros performed at the same period of the previous year. It is noted that the first installment of ENFIA was collected in April, amounted of 903 million Euros while it was estimated to be collected in May (estimated amount 940 million Euros). Additionally, an important part of the difference in the Primary Balance surplus against the target, in cash terms, is not counted in the 2024 Primary Balance in fiscal terms. Indicatively, 159 million Euros relating to the Recovery and Resilience Facility revenues (RRF), do not affect the outcome in fiscal terms, while a significant part of the difference in tax revenues of 647 million Euros, is accounted for, in the fiscal result of 2023. Therefore, the Primary Balance in fiscal terms differs significantly in comparison to the result in cash terms. It is pointed out that the aforementioned concerns the Primary Balance of the Central Administration and not of the whole of the General Government, which also includes the fiscal results of legal entities and the sub-sectors of LGs and SSFs.

For the period of January – April 2024, State Budget net revenues amounted to 22,538 million Euros, showing an increase of 2,340 million Euros or 11.6% against the target of the corresponding period, which is included in the 2024 Budget introductory report, despite the fact that the target of the Budget introductory report includes the amount of 1,797 million Euros from Recovery and Resilience Facility (RRF), the biggest part of it, namely 1,687 million Euros, has been collected in December of 2023 and an additional amount of 159 million Euros has been collected in January 2024.

Accordingly, with the exception of the above amount, the net revenues are showing an over performance of 3,978 million Euros or 21.6% against the target. This increase is mainly due to: a) the increased tax revenues by 2,031 million Euros, after deducting tax refunds and b) the increased PIB revenues by 1,151 million Euros.

State Budget total revenues amounted to 24,686 million Euros, 2,388 million Euros or 10.7% higher against the target.

More specifically, the major revenue categories of the State Budget are as follows:

I. Tax revenues amounted to 20,244 million Euros, 2,079 million Euros or 11.4% higher against the target which is included in the 2024 Budget introductory report. This overperformance is mainly due: a) to the collection in April of the first installment of ENFIA amounted of 903 million Euros, which was estimated to be received in May (estimated amount of 940 million Euros) and b) to the better performance of the previous year’s income taxes of natural and legal persons collected in installments until the end of February 2024 (it is noted that an estimated amount of 647 million Euros is counted in the fiscal result of 2023), as well as, the better performance in the collection of the current year’s taxes (VAT, excise taxes etc.).

Particularly for the main tax revenues categories we observe the following:

  • VAT revenues amounted to 8,170 million Euros, 215 million Euros higher against the target.
  • Excise tax revenues amounted to 2,115 million Euros, 75 million Euros higher against the target.
  • Property tax revenues amounted to 1,165 million Euros, 841 million Euros higher against the target, due to the collection of the first installment of ENFIA, as mentioned above.
  • Income tax revenues amounted to 6,246 million Euros, 803 million Euros higher against the target, from which the PIT revenues are increased by 233 million Euros and the CIT revenues are increased by 478 million Euros against the target.

II. Social Contributions amounted to 20 million Euros in line with the target.

III. Transfers amounted to 2,663 million Euros, 517 million Euros lower against the target which is included in the 2024 Budget introductory report due to: (a) the collection in December 2023 of the amount of 1,687 million Euros plus an additional amount of 159 million Euros in January 2024 from the Recovery and Resilience Fund (RRF), which initially estimated to be collected in March 2024 and (b) the increased PIB revenues by 1,005 million Euros against the target. In particular, an amount of 2,300 million Euros, out of 2,663 million Euros, concerns PIB revenues.

IV. Sales of goods and services amounted to 342 million Euros, 42 million Euros higher against the target which is included in the 2024 Budget introductory report.

V.  Other current revenues amounted to 1,400 million Euros, 767 million Euros higher against the target which is included in the 2024 Budget introductory report mainly due to the increased revenues from the return of expenditure by 290 million Euros, as well as from the collection of the amount of 196 million Euros, from the interest deposits, of the first quarter, from the Bank of Greece, which were expected to be collected at the end of the semester.  An amount of 205 million Euros, out of 1,400 million Euros, comes from PIB revenues. which is 146 million Euros higher against the target.

VI. Sales of fixed assets revenues amounted to 16 million Euros, against a zero target.

Tax refunds amounted to 2,148 million Euros, 48 million Euros higher than the target (2,100 million Euros).

PIB total revenues amounted to 2,505 million Euros, 1,150 million Euros higher than the target (1,354 million Euros).

Particularly, in April 2024 the State Budget net revenues amounted to 5,715 million Euros, 1,909 million Euros higher than the monthly target.

More specifically, revenues of the State Budget per major category in April 2024, are as follows:

I. Tax revenues amounted to 5,400 million Euros, 1,480 million Euros or 37.8% higher against the target. This increase is mainly due to: a) the collection of the first boosted installment of ENFIA amounted of 903 million Euros, which was estimated to be received in May (estimated amount 940 million Euros), b) the fact that due to the bank holiday on March 29 and April 1, the deadline for payment of assessed debts to the Tax Administration that expired on the above dates was extended until April 2nd and therefore it is estimated that an amount of approximately 300 million euros, concerning tax debts for the month of March, was paid on April 2nd and is included in the tax revenues of April.

Particularly for the main tax revenues categories we observe the following:

  • VAT revenues amounted to 2,294 million Euros, 231 million Euros higher against the target.
  • Excise tax revenues amounted to 583 million Euros, 71 million Euros higher against the target.
  • Property tax revenues amounted to 904 million Euros, 860 million Euros higher against the target, due to the collection of the first installment of ΕΝΦΙΑ, as mentioned above.
  • Income tax revenues amounted to 1,141 million Euros, 240 million Euros higher against the target,

II. Social Contributions amounted to 5 million Euros, in line with the target.

III. Transfers amounted to 246 million Euros, 183 million Euros higher against the target which is included in the 2024 Budget introductory report. An amount of 167 million Euros, comes from PIB revenues, which is 130 million Euros higher against the target.

IV. Sales of goods and services amounted to 134 million Euros, 49 million Euros higher against the target which is included in the 2024 Budget introductory report.

V. Other current revenues amounted to 393 million Euros, 258 million Euros higher against the target which is included in the 2024 Budget introductory report, due to the collection of interest deposit from the Bank of Greece in a three-month period instead of the expected six months. An amount of 2 million Euros, comes from PIB revenues, which is 8 million Euros lower against the target.

Tax refunds amounted to 464 million Euros, 62 million Euros higher than the target (401 million Euros).

PIB total revenues amounted to 169 million Euros, 122 million Euros higher than the target (47 million Euros).

State Budget expenditures for the period of January – April of 2024 amounted to 22,788 million Euros, 109 million Euros lower than the target (22,897 million Euros), which is included in the 2024 Budget introductory report. Τhey were also increased in comparison to the respective period of 2023 by 942 million Euros, mainly due to the increased investment expenditure by 940 million Euros.

In the Ordinary Budget the payments are shown decreased, compared to the target, by 882 million Euros. This evolution is mainly attributed to the time differentiation of the transfers to SSFs by 675 million Euros. On the contrary, increased payments in relation to the target were presented in interest payments by 228 million Euros and in grants to other legal entities by 280 million Euros. More specifically, 110 million Euros were paid by the Ministry of Rural Development and Food to ELGA, for the compensation of agricultural holdings affected by flooding due to the DANIEL-ELIAS storms in September 2023, 82 million Euros were paid by the Ministry of Infrastructure and Transportation as a grant to transportation entities (OASA, OASTH and OSE) and 138 million Euros by the Ministry of Health as a grant to the National Centralized Health Procurement Authority (EKAPY) to cover the cost of supplying medicines for the needs of ESY hospitals and Papageorgiou hospital.

Investment expenditure amounted to 3,751 million Euros presenting increased payments by 773 million Euros compared to the target, since PIB was over executed.

State Budget Execution for the period of January – April of 2024

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