State Budget Execution for the period of January – March 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 – March of 2023 presented a surplus of 220 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 3,079 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 16,842 million Euros, showing an overperformance of 2,281 million Euros or 15.7% 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 ANFAs, that was not projected in the 2023 Budget introductory report and (c) the increased revenues of the PIB.
State Budget total revenues amounted to 18,564 million Euros, 2,648 million Euros higher or 16.6% against the target.
More specifically, the major revenue categories of the State Budget are as follows:
I. Tax revenues amounted to 13,609 million Euros, 1,436 million Euros or 11.8% 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.
Particularly for the main tax revenues categories we observe the following:
• VAT revenues amounted to 5,610 million Euros, 417 million Euros higher against the target.
• Excise tax revenues amounted to 1,522 million Euros, 34 million Euros lower against the target.
• Property tax revenues amounted to 282 million Euros, 67 million Euros lower against the target.
• Income tax revenues amounted to 4,137 million Euros, 488 million Euros higher against the target.
II. Social Contributions amounted to 14 million Euros in line with the target.
III. Transfers amounted to 3,869 million Euros, 815 million Euros higher against the target which is included in the 2023 Budget introductory report, mainly due to the collection of an amount of 603 million Euros from ANFAs as mentioned above. An amount of 1,443 million Euros, out of 3,869 million Euros, comes from PIB revenues, which is 155 million Euros higher against the target.
IV. Sales of goods and services amounted to 206 million Euros, 14 million Euros higher against the target which is included in the 2023 Budget introductory report.
V. Other current revenues amounted to 865 million Euros, 385 million Euros higher against the target which is included in the 2023 Budget introductory report. An amount of 244 million Euros, comes from PIB revenues, which is 187 million Euros higher against the target.
VI. For sales of fixed assets no revenues were observed, against the target of 2 million Euros.
Tax refunds amounted to 1,721 million Euros, 368 million Euros higher than the target (1,354 million Euros).
PIB revenues amounted to 1,687 million Euros, 342 million Euros higher than the target (1,345 million Euros).
Particularly, in March 2023 the State Budget net revenues amounted to 3,877 million Euros, 318 million Euros higher than the monthly target, while State Budget total revenues amounted to 4,814 million Euros, 582 million Euros higher than the monthly target.
More specifically, revenues of the State Budget per major category in March 2023, are as follows:
I. Tax revenues amounted to 3,620 million Euros, 190 million Euros or 5.6% higher against the target.
Particularly the main tax revenues categories are concerned, we observe the following:
• VAT revenues amounted to 1,503 million Euros, 88 million Euros higher against the target.
• Excise tax revenues amounted to 543 million Euros, 5 million Euros higher against the target.
• Property tax revenues amounted to 60 million Euros, 14 million Euros lower against the target.
• Income tax revenues amounted to 989 million Euros, 120 million Euros higher against the target.
II. Social Contributions amounted to 5 million Euros in line with the target.
III. Transfers amounted to 917 million Euros, 358 million Euros higher against the target which is included in the 2023 Budget introductory report. An amount of 603 million Euros concerns revenues from ANFAs, as mentioned above, whereas an amount of 263 million Euros comes from PIB revenues, which is 279 million Euros lower against the target.
IV. Sales of goods and services amounted to 63 million Euros, 5 million Euros lower against the target which is included in the 2023 Budget introductory report.
V. Other current revenues amounted to 210 million Euros, 40 million Euros higher against the target which is included in the 2023 Budget introductory report. An amount of 8 million Euros, comes from PIB revenues, which is 10 million Euros lower 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 271 million Euros, 289 million Euros lower than the target (560 million Euros).
State Budget expenditures for the period of January – March of 2023 amounted to 16,622 million Euros, 542 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 775 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 368 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.
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