State Budget Execution for the period of January – August 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 – August of 2023 presented a deficit of 103 million Euros, against a target of a deficit of 2,426 million Euros that has been incorporated for the same period of 2023 in the 2023 Budget introductory report and a deficit of 4,105 million Euros for the same period of 2022. The State Budget Primary Balance amounted to a surplus of 5,585 million Euros, against the primary surplus target of 2,314 million Euros and the primary surplus of 19 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 43,105 million Euros, showing overperformance of 47 million Euros or 0.1% against the target of the corresponding period, which is included in the 2023 Budget introductory report despite the decreased PIB revenues as well as the non-collection of:  a) the agreement’s value for the award of the services concession contract for the operation and exploitation of Egnatia Odos motorway and three vertical road axes concession, for the period of 35 years, amounting of 1,496 million Euros, which was projected to be collected in June, since the procedure for the approval of the contract is in progress and b) the third installment from Recovery and Resilience Fund (RRF), amounting of 1,718 million Euros, which was projected to be collected in August. On the contrary, the rest of revenues showed overperformance, mainly due to the increased 8-months tax revenues as well as the collection of an amount of 603 million Euros from ANFAs, that was not projected in the 2023 Budget introductory report.

Tax revenues amounted to 39,911 million Euros, 3,416 million Euros or 9.4% 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 taxes of the current year.

Tax refunds amounted to 4,517 million Euros, 772 million Euros higher than the target (3,745 million Euros) part of which is 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 2,350 million Euros, 990 million Euros lower than the target (3,340 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 August 2023 the State Budget net revenues amounted to 5,956 million Euros, 585 million Euros higher than the monthly target.

Tax revenues amounted to 6,243 million Euros, 1,170 million Euros or 23.1% higher against the target mainly due to the extension granted for the submission of tax returns to natural and legal persons and the consequent extension to the payment of the first and second installments of income tax until September 4th.

Tax refunds amounted to 571 million Euros, 136 million Euros higher than the target (434 million Euros).

PIB revenues amounted to 79 million Euros, 456 million Euros lower than the target (535 million Euros).

State Budget expenditures for the period of January – August of 2023 amounted to 43,207 million Euros, 2,276 million Euros lower than the target (45,483 million Euros), which is included in the 2023 Budget introductory report. Τhey were also decreased in comparison to the respective period of 2022 by 130 million Euros, mainly due to the time differentiation of transfers to SSFs by 1,084 million Euros, taking into account opposite changes in other expenditure categories.

In the Ordinary Budget the payments are shown decreased, compared to the target, by 1,487 million Euros. This evolution is mainly attributed to the underspending in transfers to SSFs by 1,284 million Euros.

Noteworthy events are the grant to the Information Society S.A. of 503 million Euros, in order to serve the needs of Market Pass, 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 August 30, 2022, as well as, this year’s heating oil subsidy payments of 100 million Euros. All aforementioned payments were made with the use of reserve appropriations dedicated for tackling energy crisis measures (non allocated expenditure).

Investment expenditure amounted to 5,842 million Euros presenting decreased payments by 789 million Euros, due to the underspending of Recovery & Resilience Facility by 1,381 million Euros. PIB expenditure includes amount of 91 million Euros for COVID-19 measures, of which the most important are the reinforcement of health institutions with auxiliary staff to respond to the needs arising from the COVID-19 pandemic in the Regions, the support of startups within the framework of Elevate Greece, the creation of a network of nurses for the collection of samples of biological material and nursing assistance for suspected cases of COVID-19 at home 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.

State Budget Execution for the period of January – August of 2023 (preliminary data)

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