State Budget Execution for the period of January – August 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 – August of 2023 presented a deficit of 92 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 5,596 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.

For the period of January – August of 2023, State Budget net revenues amounted to 43,118 million Euros, showing overperformance of 61 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.

State Budget total revenues amounted to 47,636 million Euros, 833 million Euros or 1.8% higher against the target.

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

I. Tax revenues amounted to 39,838 million Euros, 3,344 million Euros or 9.2% 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.

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

  • VAT revenues amounted to 15,488 million Euros, 805 million Euros higher against the target.
  • Excise tax revenues amounted to 4,594 million Euros, 60 million Euros lower against the target.
  • Property tax revenues amounted to 1,938 million Euros, 10 million Euros higher against the target.
  • Income tax revenues amounted to 12,853 million Euros, 1,710 million Euros higher against the target.

II. Social Contributions amounted to 39 million Euros, 1 million Euros higher against the target.

III. Transfers amounted to 4,615 million Euros, 2,228 million Euros lower against the target which is included in the 2023 Budget introductory report, mainly due to the non-collection of the third installment from Recovery and Resilience Fund (RRF), amounting of 1,718 million Euros, but also of the reduced PIB revenues and despite the collection of an amount of 603 million Euros from ANFAs as mentioned above. An amount of 2,090 million Euros, out of 4,615 million Euros, comes from PIB revenues, which is 1,145 million Euros lower against the target.

IV. Sales of goods and services amounted to 590 million Euros, 1,531 million Euros lower against the target which is included in the 2023 Budget introductory report mainly due to the non-collection in June of the agreement’s value for the concession of Egnatia Odos motorway, amounting of 1,496 million Euros, as mentioned above.

V. Other current revenues amounted to 2,553 million Euros, 1,251 million Euros higher against the target which is included in the 2023 Budget introductory report, mainly due to the increased revenues from the return of expenditure by 649 million Euros and from interest on deposits in the Bank of Greece, by 260 million Euros in June. An amount of 262 million Euros, out of 2,553 million Euros, comes from PIB revenues, which is 157 million Euros higher against the target.

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 total revenues amounted to 2,352 million Euros, 988 million Euros lower than the target (3,340 million Euros).

Particularly, in August 2023 the State Budget net revenues amounted to 5,970 million Euros, 599 million Euros higher than the monthly target. State Budget total revenues amounted to 6,541 million Euros, 735 million Euros higher than the monthly target.

More specifically, revenues of the State Budget per major category in August 2023, are as follows:

I. Tax revenues amounted to 6,171 million Euros, 1,098 million Euros or 21.6% 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.

Particularly for the main tax revenues categories concerned, the following is observed:

  • VAT revenues amounted to 2,122 million Euros, 173 million Euros higher against the target.
  • Excise tax revenues amounted to 699 million Euros, 16 million Euros higher against the target.
  • Property tax revenues amounted to 159 million Euros, 15 million Euros lower against the target.
  • Income tax revenues amounted to 2,741 million Euros, 885 million Euros higher against the target, of which an amount of 592 million Euros comes from the CIT.

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

III. Transfers amounted to 89 million Euros, 460 million Euros lower against the target which is included in the 2023 Budget introductory report. An amount of 78 million Euros comes from PIB revenues, which is 454 million Euros lower against the target.

IV. Sales of goods and services amounted to 53 million Euros, 6 million Euros lower against the target which is included in the 2023 Budget introductory report.

V. Other current revenues amounted to 222 million Euros, 103 million Euros higher against the target which is included in the 2023 Budget introductory report. An amount of 2 million Euros, comes from PIB revenues, which is 1 million Euros lower against the target.

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

PIB total revenues amounted to 80 million Euros, 455 million Euros lower than the target (535 million Euros).

State Budget expenditures for the period of January – August of 2023 amounted to 43,210 million Euros, 2,273 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 127 million Euros, mainly due to the time differentiation of the payment 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 1,484 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

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