State Budget Execution for the period of January – March of 2024 (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 2024 presented a deficit of 77 million Euros, against a target of a deficit of 817 million Euros that has been incorporated for the same period of 2024 in the 2024 Budget introductory report and a surplus of 220 million Euros for the same period of 2023. The State Budget Primary Balance on a modified cash basis amounted to a surplus of 2,954 million Euros, against the primary surplus target of 2,133 million Euros and the primary surplus of 3,079 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), 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 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 – March 2024, State Budget net revenues amounted to 16,790 million Euros, showing an increase of 398 million Euros or 2.4% against the target of the corresponding period, which is included in the 2024 Budget introductory report. However, the target of the Budget introductory report includes 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.

Accordingly, with the exception of the above amount, the net revenues are showing an over performance of 2,036 million Euros or 14% against the target. This increase is mainly due to: a) the increased tax revenues by 654 million Euros, after deducting tax refunds and b) the increased PIB revenues by 1,029 million Euros.

Tax revenues amounted to 14,920 million Euros, 674 million Euros or 4.7% 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.).

Tax refunds amounted to 1,719 million Euros, 20 million Euros higher than the target (1,698 million Euros).

PIB revenues amounted to 2,336 million Euros, 1,029 million Euros higher than the target (1,307 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 2024 the State Budget net revenues amounted to 4,143 million Euros, 1,172 million Euros lower than the monthly target due to the pre-collection of the estimated amounts, from the Recovery and Resilience Facility (RRF), as mentioned above. Excluding this, net revenues show an overperformance of 625 million Euros which is mainly attributed to the reduction in tax refunds by 414 million Euros due to the fact that high amounts of tax refunds were made in February, while they were initially estimated for March.

Tax revenues amounted to 3,611 million Euros, 184 million Euros or 4.8% lower against the target which is included in the 2024 Budget introductory report.

Tax refunds amounted to 511 million Euros, 414 million Euros lower than the target (925 million Euros).

PIB revenues amounted to 704 million Euros, 278 million Euros higher than the target (426 million Euros).

State Budget expenditures for the period of January – March of 2024 amounted to 16,867 million Euros, 343 million Euros lower than the target (17,210 million Euros), which is included in the 2024 Budget introductory report. Τhey were also increased in comparison to the respective period of 2023 by 245 million Euros, mainly due to the increased investment expenditure by 783 million Euros.

In the Ordinary Budget the payments are shown decreased, compared to the target, by 1,007 million Euros. This evolution is mainly attributed to the time differentiation of the transfers to SSFs by 523 million Euros and the time differentiation of the cash payments for military procurement of Ministry of Defence by 320 million Euros. On the contrary, increased payments in relation to the target were presented in interest payments by 106 million Euros and in grants to other legal entities by 227 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, 78 million Euros were paid by the Ministry of Infrastructure and Transportation as a grant to transportation entities (OASA, OASTH and OSE) and 69 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.

Investment expenditure amounted to 2,812 million Euros presenting increased payments by 665 million Euros compared to the target, since both PIB and RRF were over executed.

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

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