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 2024 presented a deficit of 2,256 million Euros, against a target of a deficit of 3,616 million Euros that has been incorporated for the same period of 2024 in the 2024 Budget introductory report and a deficit of 2,462 million Euros for the same period of 2023. The State Budget Primary Balance on a modified cash basis amounted to a surplus of 2,905 million Euros, against the primary surplus target of 1,204 million Euros and the primary surplus of 2,116 million Euros performed at the same period of the previous year. It is noted that 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), do not affect the outcome in fiscal terms, while a significant part of the difference in tax revenues of 647 million Euros, is accounted for, in the fiscal result of 2023. 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.
For the period of January – June 2024, State Budget net revenues amounted to 31,466 million Euros, showing an decrease of 287 million Euros or 0.9% against the target of the corresponding period, which is included in the 2024 Budget introductory report due to 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 and the subsequent steps of the process until the payment of the fee are expected to be completed within the next months.
Accordingly, with the exceptions of the above amounts, the net revenues are showing an over performance of 2,701 million Euros or 9.4% against the target. This increase is mainly due to: a) the increased tax revenues by 1,377 million Euros, after deducting tax refunds and b) the increased PIB revenues by 776 million Euros.
State Budget total revenues amounted to 34,690 million Euros, 406 million Euros or 1.2% lower against the target.
More specifically, the major revenue categories of the State Budget are as follows:
I. Tax revenues amounted to 29,198 million Euros, 1,258 million Euros or 4.5% 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’s 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’s taxes (VAT, excise taxes etc.).
Particularly for the main tax revenues categories we observe the following:
- VAT revenues amounted to 11,943 million Euros, 348 million Euros higher against the target.
- Excise tax revenues amounted to 3,318 million Euros, 79 million Euros higher against the target.
- Property tax revenues amounted to 1,603 million Euros, 77 million Euros higher against the target.
- Income tax revenues amounted to 8,828 million Euros, 738 million Euros higher against the target, from which the PIT revenues are increased by 128 million Euros, the CIT revenues are increased by 487 million Euros and the Other Income Tax revenues are increased by 124 million Euros against the target.
II. Social Contributions amounted to 30 million Euros, approximately in line with the target.
III. Transfers amounted to 2,888 million Euros, 954 million Euros lower against the target which is included in the 2024 Budget introductory report 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), which initially estimated to be collected in March 2024 and (b) the increased PIB revenues by 562 million Euros against the target. In particular, an amount of 2,492 million Euros, out of 2,888 million Euros, concerns PIB revenues.
IV. Sales of goods and services amounted to 470 million Euros, 1,355 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 2,080 million Euros, 620 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 274 million Euros. Furthermore, an amount of 296 million Euros, out of 2,080 million Euros, comes from PIB revenues, which is 214 million Euros higher against the target.
VI. Sales of fixed assets revenues amounted to 24 million Euros, against a 1 million target.
Tax refunds amounted to 3,224 million Euros, 119 million Euros lower than the target (3,343 million Euros).
PIB total revenues amounted to 2,788 million Euros, 776 million Euros higher than the target (2,012 million Euros).
Particularly, in June 2024 the State Budget net revenues amounted to 4,581 million Euros, 1,759 million Euros lower than the monthly target, mainly due to 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.
More specifically, revenues of the State Budget per major category in June 2024, are as follows:
I. Tax revenues amounted to 4,484 million Euros, 73 million Euros or 1.6% lower against the target.
Particularly for the main tax revenues categories we observe the following:
- VAT revenues amounted to 1,756 million Euros, 51 million Euros higher against the target.
- Excise tax revenues amounted to 604 million Euros, 8 million Euros higher against the target.
- Property tax revenues amounted to 189 million Euros, 69 million Euros lower against the target.
- Income tax revenues amounted to 1,394 million Euros, 15 million Euros lower against the target.
II. Social Contributions amounted to 5 million Euros, in line with the target.
III. Transfers amounted to 127 million Euros, 403 million Euros lower against the target which is included in the 2024 Budget introductory report. An amount of 119 million Euros, comes from PIB revenues, which is 399 million Euros lower against the target.
IV. Sales of goods and services amounted to 64 million Euros, 1,373 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 513 million Euros, 28 million Euros higher against the target which is included in the 2024 Budget introductory report. An amount of 89 million Euros, comes from PIB revenues, which is 79 million Euros higher against the target.
Tax refunds amounted to 612 million Euros, 61 million Euros lower than the target (673 million Euros).
PIB total revenues amounted to 208 million Euros, 320 million Euros lower than the target (528 million Euros).
State Budget expenditures for the period of January – June of 2024 amounted to 33,722 million Euros, 1,647 million Euros lower than the target (35,368 million Euros), which is included in the 2024 Budget introductory report. Τhey were also increased in comparison to the respective period of 2023 by 385 million Euros.
In the Ordinary Budget the payments are shown decreased, compared to the target, by 1,776 million Euros. This evolution is mainly attributed to the time differentiation of the transfers to SSFs by 1,126 million Euros, as well as, to the military procurement cash expenditure of 415 million Euros. On the contrary, increased payments in relation to the target were presented in transfers to other legal entities by 309 million Euros. More specifically, 110 million Euros 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, 162 million Euros were paid by the Ministry of Infrastructure and Transportation as a grant to transportation entities (OASA, OASTH and OSE) and 207 million Euros 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. Finally, increased payments in relation to the target were presented in interest payments by 369 million Euros.
Investment expenditure amounted to 5,160 million Euros presenting increased payments by 129 million Euros compared to the target, since PIB was over executed.
State Budget Execution for the period of January – June of 2024