State Budget Execution for the period of January – February 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 – February of 2023 presented a surplus of 2,294 million Euros, against a target of a surplus of 36 million Euros that has been incorporated for the same period of 2023 in the 2023 Budget introductory report and a deficit of 910 million Euros for the same period of 2022. The State Budget Primary Balance amounted to a surplus of 4,201 million Euros, against the primary surplus target of 1,816 million Euros and the primary surplus of 840 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 12,950 million Euros, showing an overperformance of 1,946 million Euros or 17.7% against the target of the corresponding period, which is included in the 2023 Budget introductory report. This increase is mainly due to the increased tax revenues as well as the increased PIB revenues.

Tax revenues amounted to 10,047 million Euros, 1,303 million Euros or 15% 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 the previous year taxes collected in installments until the end of February 2023 (income tax of natural and legal persons, ENFIA) as well as the better performance of the collection of taxes of the current year (VAT, Excise taxes, etc.).

Tax refunds amounted to 784 million Euros, 104 million Euros higher than the target (680 million Euros).

PIB revenues amounted to 1,415 million Euros, 630 million Euros higher than the target (785 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 February 2023 the State Budget net revenues amounted to 5,784 million Euros, 1,372 million Euros higher than the monthly target.

State Budget total revenues amounted to 6,123 million Euros, 1,292 million Euros higher than the monthly target.

Tax revenues amounted to 5,119 million Euros, 778 million Euros or 17,9% higher against the target, due to: (a) the extension of the deadline of payment of road duties until the end of February, (b) the better performance of the previous year’s taxes collected in installments until the end of February 2023 and c) the better performance in collecting the current year’s taxes.

Tax refunds amounted to 339 million Euros, 80 million Euros lower than the target (419 million Euros).

PIB revenues amounted to 814 million Euros, 544 million Euros higher than the target (270 million Euros).

State Budget expenditures for the period of January – February of 2023 amounted to 10,656 million Euros, 311 million Euros lower than the target (10,967 million Euros), which is included in the 2023 Budget introductory report, while they were increased in comparison to the respective period of 2022 by 893 million Euros, mainly due to the increased ordinary budget transfers by 687 million Euros.

In the Ordinary Budget the payments are shown decreased, compared to the target, by 141 million Euros. This evolution is mainly attributed to the time differentiation of military procurement cash expenditure of 395 million Euros and the underperformance of guarantees called by 135 million Euros.

Noteworthy events are the front-loaded transfer to hospitals of 180 million Euros and the grant to the Information Society S.A. of 325 million Euros, with the use of reserve appropriations, dedicated for tackling energy crisis measures, in order to serve the needs of Market Pass, for the first months of its implementation,.

Investment expenditure amounted to 1,319 million Euros presenting decreased payments by 170 million Euros. PIB expenditure includes amount of 32 million Euros for COVID-19 measures, of which the most important, in number terms, is the grant to existing SMEs in the retail sector that have a physical store, for the development, upgrade and management of an online store and the reinforcement of health institutions with auxiliary staff to respond to the needs arising from the COVID-19 pandemic in the Regions.

 

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

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