State Budget Execution for the period of January – February of 2024 (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 2024 presented a surplus of 1,460 million Euros, against a target of a surplus of 101 million Euros that has been incorporated for the same period of 2024 in the 2024 Budget introductory report and a surplus of 2,308 million Euros for the same period of 2023. The State Budget Primary Balance on a modified cash basis amounted to a surplus of 3,401 million Euros, against the primary surplus target of 1,981 million Euros and the primary surplus of 4,215 million Euros performed at the same period of the previous year. It is noted that the biggest 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), which were collected with a time differentiation, do not affect the fiscal result in accrual terms, while a significant part of the difference in net tax revenues of 565 million Euros, is accounted for, in the fiscal result of 2023. Besides, an under execution of 301 million Euros in expenditures, which is related to time differentiation of transfers, is anticipated to be executed in the following months. Therefore, the Primary Balance in fiscal terms differs significantly in comparison to the result in cash terms. Furthermore, 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 – February 2024, State Budget net revenues amounted to 12,671 million Euros, showing an increase of 1,593 million Euros or 14.4% against the target of the corresponding period, which is included in the 2024 Budget introductory report. This increase is mainly due to: a) the increased tax revenues by 565 million Euros, after deducting tax refunds, b) the increased PIB revenues by 732 million Euros and c) to the collection of 159 million Euros from Recovery and Resilience Fund (RRF), which was projected to be collected in March 2024.

Tax revenues amounted to 11,401 million Euros, 950 million Euros or 9.1% higher against the target which is included in the 2024 Budget introductory report. This overperformance is mainly due 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, as well as, the better performance in the collection of the current year’s taxes (VAT, excise taxes etc.).

Tax refunds amounted to 1,159 million Euros, 385 million Euros higher than the target (773 million Euros).

PIB revenues amounted to 1,613 million Euros, 732 million Euros higher than the target (881 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 2024 the State Budget net revenues amounted to 5,954 million Euros, 601 million Euros higher than the monthly target. This increase is mainly due to the increased tax revenues as well as the increased PIB revenues and is achieved despite the increase observed in tax refunds.

Tax revenues amounted to 5,840 million Euros 581 million Euros or 11.0% higher against the target which is included in the 2024 Budget introductory report mainly due the better performance of the previous year’s income taxes collected in installments until the end of February 2024 and the better performance in collecting the current year’s taxes.

Tax refunds amounted to 658 million Euros, 324 million Euros higher than the target (334 million Euros).

PIB revenues amounted to 509 million Euros, 342 million Euros higher than the target (167 million Euros).

State Budget expenditures for the period of January – February of 2024 amounted to 11,211 million Euros, 234 million Euros higher than the target (10,976 million Euros), which is included in the 2024 Budget introductory report. Τhey were also increased in comparison to the respective period of 2023 by 553 million Euros, mainly due to the increased Investment expenditure by 735 million Euros.

In the Ordinary Budget the payments are shown decreased, compared to the target, by 399 million Euros. This evolution is mainly attributed to the time differentiation of the transfers to SSFs by 301 million Euros.

Investment expenditure amounted to 2,055 million Euros presenting increased payments by 633 million Euros compared to the target, since both PIB and RRF were over executed.

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

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