State Budget Execution for the period of January – June 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 – June of 2023 presented a deficit of 2,462 million Euros, against a target of a deficit of 4,265 million Euros that has been incorporated for the same period of 2023 in the 2023 Budget introductory report and a deficit of 6,548 million Euros for the same period of 2022. The State Budget Primary Balance amounted to a surplus of 2,116 million Euros, against the primary deficit target of 415 million Euros and the primary deficit of 3,425 million Euros performed at the same period of the previous year.
State Budget net revenues amounted to 30,875 million Euros, showing an overperformance of 1,206 million Euros or 4.1% against the target of the corresponding period, which is included in the 2023. Budget introductory report. This over performance, is mainly due to: (a) the increased 6-months tax revenues and (b) the collection of an amount of 603 million Euros from ANFAs, that was not projected in the 2023 Budget introductory report.
On the contrary, the agreement’s value of the services concession contract for the operation and exploitation of Egnatia Odos motorway and three vertical road axes, for the period of 35 years, amounting of 1,496 million Euros, which was projected to be collected in June, was not collected since the procedure for the approval of the contract is in progress.
State Budget total revenues amounted to 34,263 million Euros, 1,793 million Euros higher or 5.5% against the target.
More specifically, the major revenue categories of the State Budget are as follows:
I. Tax revenues amounted to 27,214 million Euros, 2,154 million Euros or 8.6% 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 11,042 million Euros, 571 million Euros higher against the target.
  • Excise tax revenues amounted to 3,227 million Euros, 62 million Euros lower against the target.
  • Property tax revenues amounted to 1,567 million Euros, 53 million Euros higher against the target.
  • Income tax revenues amounted to 7,479 million Euros, 787 million Euros higher against the target.
II. Social Contributions amounted to 29 million Euros, 1 million Euros higher against the target.
III. Transfers amounted to 4,407 million Euros, 40 million Euros lower against the target which is included in the 2023 Budget introductory report, due to the reduced PIB revenues and despite the collection of an amount of 603 million Euros from ANFAs as mentioned above. Specifically, an amount of 1,926 million Euros, out of 4,407 million Euros, comes from PIB revenues, which is 664 million Euros lower against the target.
IV. Sales of goods and services amounted to 441 million Euros, 1,508 million Euros lower against the target which is included in the 2023 Budget introductory report mainly due to the non-collection 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 2,171 million Euros, 1,189 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 642 million Euros and from interest on deposits in the Bank of Greece by 260 million Euros. An amount of 257 million Euros, out of 2,171 million Euros, comes from PIB revenues, which is 162 million Euros higher against the target.
Tax refunds amounted to 3,388 million Euros, 586 million Euros higher than the target (2,802 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 2,183 million Euros, 502 million Euros lower than the target (2,685 million Euros).
Particularly, in June 2023 the State Budget net revenues amounted to 4,623 million Euros, 1,741 million Euros lower than the monthly target, mainly due to the non-collection of the agreement’s value for the concession of Egnatia Odos motorway as mentioned above, as well as the decreased PIB revenues. State Budget total revenues amounted to 5,305 million Euros, 1,614 million Euros lower than the monthly target.
More specifically, revenues of the State Budget per major category in June 2023, are as follows:
I. Tax revenues amounted to 4,349 million Euros, 237 million Euros or 5.8% higher against the target. Particularly for the main tax revenues categories concerned, the following is observed:
  • VAT revenues amounted to 1,625 million Euros, 55 million Euros higher against the target.
  • Excise tax revenues amounted to 594 million Euros, 11 million Euros higher against the target.
  • Property tax revenues amounted to 261 million Euros, 6 million Euros lower against the target.
  • Income tax revenues amounted to 1,321 million Euros, 154 million Euros higher against the target.
II. Social Contributions amounted to 5 million Euros in line with the target.
III. Transfers amounted to 240 million Euros, 761 million Euros lower against the target which is included in the 2023 Budget introductory report. An amount of 228 million Euros comes from PIB revenues, which is 734 million Euros lower against the target.
IV. Sales of goods and services amounted to 68 million Euros, 1,520 million Euros lower against the target which is included in the 2023 Budget introductory report due to the non-collection of the agreement’s value for the concession of Egnatia Odos motorway as mentioned above.
V. Other current revenues amounted to 642 million Euros, 431 million Euros higher against the target which is included in the 2023 Budget introductory report mainly due to the collection of 260 million Euros concerning interest on deposits in the Bank of Greece. An amount of 3 million Euros, comes from PIB revenues, which is 10 million Euros lower against the target.
Tax refunds amounted to 682 million Euros, 127 million Euros higher than the target (555 million Euros).
PIB revenues amounted to 231 million Euros, 744 million Euros lower than the target (975 million Euros).
State Budget expenditures for the period of January – June of 2023 amounted to 33,337 million Euros, 596 million Euros lower than the target (33,933 million Euros), which is included in the 2023 Budget introductory report, while they were increased in comparison to the respective period of 2022 by 530 million Euros, mainly due to the increased interest payments by 1,438 million Euros.
In the Ordinary Budget the payments are shown decreased, compared to the target, by 654 million Euros. This evolution is mainly attributed to the time differentiation of military procurement cash expenditure of 668 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 June 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 4,708 million Euros presenting increased payments by 58 million Euros. PIB expenditure includes amount of 72 million Euros for COVID-19 measures, of which the most important, is the reinforcement of health institutions with auxiliary staff to respond to the needs arising from the COVID-19 pandemic in the Regions, support of startups within the framework of Elevate Greece 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 Bulletin for the period of January – June of 2023

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