State Budget Execution for the period of January – March 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 – March of 2023 presented a surplus of 211 million Euros, against a target of a deficit of 2,602 million Euros that has been incorporated for the same period of 2023 in the 2023 Budget introductory report and a deficit of 3,884 million Euros for the same period of 2022. The State Budget Primary Balance amounted to a surplus of 3,070 million Euros, against the primary surplus target of 28 million Euros and the primary deficit of 1,650 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 16,830 million Euros, showing an overperformance of 2,268 million Euros or 15.6% against the target of the corresponding period, which is included in the 2023 Budget introductory report. This increase is mainly due to: (a) the increased quarterly tax revenues, (b) the collection of an amount of 603 million Euros from ANFA’s, that was not projected in the 2023 Budget introductory report and (c) the increased revenues of the PIB.

Tax revenues amounted to 13,682 million Euros, 1,508 million Euros or 12.4% 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 VAT of the current year.

Tax refunds amounted to 1,721 million Euros, 368 million Euros higher than the target (1,354 million Euros).

PIB revenues amounted to 1,679 million Euros, 334 million Euros higher than the target (1.345 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 March 2023 the State Budget net revenues amounted to 3.864 million Euros, 306 million Euros higher than the monthly target.

Tax revenues amounted to 3,692 million Euros, 263 million Euros or 7.7% higher against the target.

Tax refunds amounted to 938 million Euros, 264 million Euros higher than the target (674 million Euros) mainly due to the VAT refund 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 revenues amounted to 263 million Euros, 297 million Euros lower than the target (560 million Euros).

State Budget expenditures for the period of January – March of 2023 amounted to 16,619 million Euros, 545 million Euros lower than the target (17,164 million Euros), which is included in the 2023 Budget introductory report, while they were increased in comparison to the respective period of 2022 by 772 million Euros, mainly due to the increased ordinary budget transfers by 1,006 million Euros.

In the Ordinary Budget the payments are shown decreased, compared to the target, by 371 million Euros. This evolution is mainly attributed to the time differentiation of military procurement cash expenditure of 763 million Euros.

Noteworthy events are the grant to the Information Society S.A. of 502 million Euros, in order to serve the needs of Market Pass, as well as, 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. Both aforementioned grants were made with the use of reserve appropriations dedicated for tackling energy crisis measures (non allocated expenditure).

Investment expenditure amounted to 2,029 million Euros presenting decreased payments by 174 million Euros. PIB expenditure includes amount of 44 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 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 – March of 2023 (preliminary data)

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