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 2024 presented a surplus of 1,044 million Euros, against a target of a deficit of 2,774 million Euros that has been incorporated for the same period of 2024 in the 2024 Budget introductory report and a deficit of 92 million Euros for the same period of 2023. The State Budget Primary Balance on a modified cash basis amounted to a surplus of 7,567 million Euros, against the primary surplus target of 3,316 million Euros and the primary surplus of 5,596 million Euros performed at the same period of the previous year.
It is noted that part of the difference in tax revenues of 647 million Euros is accounted in the fiscal result of 2023, while 2,488 million Euros concerning the time differentiation of the transfers to SSFs by 1,854 million Euros and the military procurement cash expenditure by 634 million Euros, do not affect the outcome in fiscal terms.
With the exception of the above amounts, the overperformance in the State Budget Primary Balance for the period of January – August is 1,116 million Euros.
Therefore, the Primary Balance in fiscal terms differs 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.
In addition, the above amounts concern the comparison against the State Budget 2024 introductory report targets. During the preparation of the Stability Programme in April 2024, it had already been taken into account an amount of 1,238 million Euros on a fiscal basis, that originates from an updated estimation of tax revenues of 2024, which is directed to increased expenses of the Ordinary Budget of the General Government entities, as well as, of the national part of the PIB.
For the period of January – August 2024, State Budget net revenues amounted to 45,133 million Euros, showing an increase of 228 million Euros or 0.51% 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: a) 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 and b) the collection in June of the agreement’s value amounting to 1,350 million Euros, for the service concession contract for the financing, operation, maintenance and exploitation of Egnatia Motorway and three (3) vertical road axes, which was signed on 29th of March 2024. The subsequent steps of the process until the payment of the fee are expected to be completed within the next months.
State Budget total revenues amounted to 49,631 million Euros, 269 million Euros or 0.5% higher against the target.
More specifically, the major revenue categories of the State Budget are as follows:
I. Tax revenues amounted to 43,002 million Euros, 1,899 million Euros or 4.6% higher against the target which is included in the 2024 Budget introductory report. This overperformance is due to the better performance of the previous year 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 taxes. Therefore, the tax revenues overperformance which is accounted in the 2024 fiscal result, is 1,252 million Euros.
It is noted that the above amounts concern the comparison against the State Budget targets. During the preparation of the Stability Programme in April 2024, an estimated tax revenue increase of 1,238 million Euros had already been taken into account, which is directed to increased estimated expenses of 2024 of the Ordinary Budget of the General Government entities, as well as of the national part of the PIB, as reflected in the Stability Programme.
Particularly for the main tax revenues categories we observe the following:
- VAT revenues amounted to 16,796 million Euros, 532 million Euros higher against the target.
- Excise tax revenues amounted to 4,744 million Euros, 132 million Euros higher against the target.
- Property tax revenues amounted to 1,941 million Euros, 48 million Euros higher against the target.
- Income tax revenues amounted to 14,938 million Euros, 1,197 million Euros higher against the target, from which the PIT revenues are increased by 384 million Euros, the CIT revenues are increased by 613 million Euros and the Other Income Tax revenues are increased by 200 million Euros against the target.
II. Social Contributions amounted to 41 million Euros, 2 million Euros higher against the target.
III. Transfers amounted to 3,189 million Euros, 1,233 million Euros lower against the target which is included in the 2024 Budget introductory report mainly 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), against a target of 1,797 million Euros which had been initially estimated to be collected in March 2024 and (b) the increased PIB revenues by 257 million Euros against the target. In particular, an amount of 2,746 million Euros, out of 3,189 million Euros, concerns PIB revenues.
IV. Sales of goods and services amounted to 672 million Euros, 1,323 million Euros lower against the target which is included in the 2024 Budget introductory report. The observed decrease derives from the fact that the target of the Budget introductory report in June includes the collection of the agreement’s value from the concession contract for the Egnatia Motorway and its three (3) vertical road axes, amounting to 1,350 million Euros, which is expected to be collected within the next months, as mentioned above.
V. Other current revenues amounted to 2,696 million Euros, 892 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 412 million Euros. Furthermore, an amount of 402 million Euros, out of 2,696 million Euros, comes from PIB revenues, which is 313 million Euros higher against the target.
VI. Sales of fixed assets revenues amounted to 33 million Euros, against a 1 million target.
Tax refunds amounted to 4,499 million Euros, 41 million Euros higher than the target (4,457 million Euros).
PIB total revenues amounted to 3,148 million Euros, 570 million Euros higher than the target (2,578 million Euros).
Particularly, in August 2024 the State Budget net revenues amounted to 5,946 million Euros, 635 million Euros lower than the monthly target.
More specifically, revenues of the State Budget per major category in August 2024, are as follows:
I. Tax revenues amounted to 6,136 million Euros, 291 million Euros or 4.5% lower against the State Budget target, which is mainly related to the increased income tax collections of CIT of the previous month, linked to the tax declarations deadline.
Particularly for the main tax revenues categories we observe the following:
- VAT revenues amounted to 2,215 million Euros, 13 million Euros lower against the target.
- Excise tax revenues amounted to 698 million Euros, 4 million Euros lower against the target.
- Property tax revenues amounted to 132 million Euros, 25 million Euros lower against the target.
- Income tax revenues amounted to 2,653 million Euros, 207 million Euros lower against the target, of which 199 million Euros concern CIT and 14 million Euros concern PIT, whereas the Other Income Tax revenues are increased by 6 million Euros against the target.
II. Social Contributions amounted to 5 million Euros, in line with the target.
III. Transfers amounted to 104 million Euros, 423 million Euros lower against the target which is included in the 2024 Budget introductory report. An amount of 94 million Euros, comes from PIB revenues, which is 422 million Euros lower against the target.
IV. Sales of goods and services amounted to 89 million Euros, 28 million Euros higher against the target which is included in the 2024 Budget introductory report.
V. Other current revenues amounted to 212 million Euros, 88 million Euros higher against the target which is included in the 2024 Budget introductory report. An amount of 50 million Euros, comes from PIB revenues, which is 48 million Euros higher against the target.
Tax refunds amounted to 600 million Euros, 37 million Euros higher than the target (563 million Euros).
PIB total revenues amounted to 145 million Euros, 374 million Euros lower than the target (519 million Euros).
State Budget expenditures for the period of January – August of 2024 amounted to 44,089 million Euros, 3,590 million Euros lower than the target (47,679 million Euros), which is included in the 2024 Budget introductory report. Τhey were also increased in comparison to the respective period of 2023 by 878 million Euros, mainly due to the increased interest payments.
In the Ordinary Budget the payments are shown decreased, compared to the target, by 3,291 million Euros. This evolution is mainly attributed to the time differentiation of the transfers to SSFs by 1,854 million Euros, as well as, to the military procurement cash expenditure of 634 million Euros, which do not affect the outcome in fiscal terms. On the contrary, increased payments in relation to the target were presented in interest payments to service government debt by 465 million Euros.
Noteworthy transfers are the 130 million Euros which 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 and for relevant land improvement programs, the 225 million Euros which were paid by the Ministry of Infrastructure and Transportation as a grant to transportation entities (OASA, OASTH and OSE), the 276 million Euros which were paid 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 and the 98 million Euros which were paid as a grant to Universities for covering their operational costs.
Investment expenditure amounted to 6,549 million Euros presenting decreased payments by 299 million Euros compared to the target.
State Budget Execution for the period of January – August of 2024