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

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 – February of 2024 presented a surplus of 1,437 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 3,378 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 tax revenues of 647 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 12,648 million Euros, showing an increase of 1,570 million Euros or 14.2% 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 423 million Euros, after deducting tax refunds, b) the increased PIB revenues by 751 million Euros c) the increased revenues from the return of expenditure by 245 million Euros and d) the collection of 159 million Euros from Recovery and Resilience Fund (RRF), which was projected to be collected in March 2024.

State Budget total revenues amounted to 13,856 million Euros, 2,005 million Euros or 16.9% higher against the target.

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

I. Tax revenues amounted to 11,309 million Euros, 858 million Euros or 8.2% 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.).

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

  • VAT revenues amounted to 4,443 million Euros, 127 million Euros higher against the target.
  • Excise tax revenues amounted to 1,023 million Euros, 40 million Euros higher against the target.
  • Property tax revenues amounted to 217 million Euros, 3 million Euros lower against the target.
  • Income tax revenues amounted to 4,065 million Euros, 571 million Euros higher against the target, from which the PIT revenues are increased by 136 million Euros and the CIT revenues are increased by 397 million Euros against the target.

II. Social Contributions amounted to 10 million Euros in line with the target.

III. Transfers amounted to 1,651 million Euros, 763 million Euros higher against the target which is included in the 2024 Budget introductory report. An amount of 159 million Euros collected from the Recovery and Resilience Facility (RRF), whereas an amount of 1,430 million Euros, comes from PIB revenues, which is 585 million Euros higher against the target.

IV. Sales of goods and services amounted to 165 million Euros, 18 million Euros higher against the target which is included in the 2024 Budget introductory report.

V. Other current revenues amounted to 706 million Euros, 350 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 245 million Euros, as mentioned above. An amount of 202 million Euros, out of 706 million Euros, comes from PIB revenues. which is 166 million Euros higher against the target.

VI. Sales of fixed assets revenues amounted to 15 million Euros, against a zero target.

Tax refunds amounted to 1,208 million Euros, 435 million Euros higher than the target (773 million Euros).

PIB revenues amounted to 1,632 million Euros, 751 million Euros higher than the target (881 million Euros).

Particularly, in February 2024 the State Budget net revenues amounted to 5,930 million Euros, 577 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. State Budget total revenues amounted to 6,637 million Euros, 950 million Euros higher against the target.

More specifically, revenues of the State Budget per major category in February 2024, are as follows:

I. Tax revenues amounted to 5,748 million Euros 489 million Euros or 9.3% 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.

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

  • VAT revenues amounted to 2,020 million Euros, 98 million Euros higher against the target.
  • Excise tax revenues amounted to 495 million Euros, 7 million Euros higher against the target.
  • Property tax revenues amounted to 103 million Euros, 2 million Euros higher against the target.
  • Income tax revenues amounted to 2,169 million Euros, 315 million Euros higher against the target, from which the PIT revenues are increased by 64 million Euros and the CIT revenues are increased by 220 million Euros against the target.

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

III. Transfers amounted to 558 million Euros, 379 million Euros higher against the target which is included in the 2024 Budget introductory report. An amount of 505 million Euros, comes from PIB revenues, which is 343 million Euros higher against the target.

IV. Sales of goods and services amounted to 50 million Euros, 27 million Euros lower against the target which is included in the 2024 Budget introductory report.

V. Other current revenues amounted to 276 million Euros, 108 million Euros higher against the target which is included in the 2024 Budget introductory report. An amount of 23 million Euros, comes from PIB revenues, which is 18 million Euros higher against the target.

Tax refunds amounted to 707 million Euros, 373 million Euros higher than the target (334 million Euros).

PIB revenues amounted to 528 million Euros, 361 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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