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

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 2024 presented a deficit of 44 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 2,987 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 16,823 million Euros, showing an increase of 430 million Euros or 2.6% 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 2,069 million Euros or 14.2% against the target. This increase is mainly due to: a) the increased tax revenues by 612 million Euros, after deducting tax refunds and b) the increased PIB revenues by 1,029 million Euros.

State Budget total revenues amounted to 18,507 million Euros, 416 million Euros or 2.3% higher against the target.

More specifically, the major revenue categories of the State Budget are as follows:

I. Tax revenues amounted to 14,844 million Euros, 598 million Euros or 4.2% higher against the target which is included in the 2024 Budget introductory report.

Particularly for the main tax revenues categories we observe the following:

  • VAT revenues amounted to 5,876 million Euros, 16 million Euros lower against the target.
  • Excise tax revenues amounted to 1,532 million Euros, 5 million Euros higher against the target.
  • Property tax revenues amounted to 260 million Euros, 19 million Euros lower against the target.
  • Income tax revenues amounted to 5,105 million Euros, 563 million Euros higher against the target, from which the PIT revenues are increased by 66 million Euros and the CIT revenues are increased by 451 million Euros against the target.

II. Social Contributions amounted to 15 million Euros in line with the target.

III. Transfers amounted to 2.418 million Euros, 700 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 876 million Euros against the target. In particular, an amount of 2,133 million Euros, out of 2,418 million Euros, concerns PIB revenues.

IV. Sales of goods and services amounted to 208 million Euros, 7 million Euros lower against the target which is included in the 2024 Budget introductory report.

V. Other current revenues amounted to 1,007 million Euros, 508 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 283 million Euros. An amount of 203 million Euros, out of 1,007 million Euros, comes from PIB revenues. which is 153 million Euros higher against the target.

VI. Sales of fixed assets revenues amounted to 15 million Euros, against a zero target.

Tax refunds amounted to 1,684 million Euros, 14 million Euros lower than the target (1,698 million Euros).

PIB total revenues amounted to 2,336 million Euros, 1,029 million Euros higher than the target (1,307 million Euros).

Particularly, in March 2024 the State Budget net revenues amounted to 4,175 million Euros, 1,139 million Euros lower than the monthly target due to the collection of the estimated amounts, from the Recovery and Resilience Facility (RRF) in December 2023, as mentioned above. Excluding this, net revenues show an overperformance of 658 million Euros which is mainly attributed to the reduction in tax refunds by 449 million Euros due to the fact that high amounts of tax refunds were made in February, while they were initially estimated for March. State Budget total revenues amounted to 4,652 million Euros, 1,588 million Euros higher against the target.

More specifically, revenues of the State Budget per major category in February 2024, are as follows:

I. Tax revenues amounted to 3,535 million Euros, 260 million Euros or 6.8% lower against the target. It is noted that the bank holiday on March 29th and April 1st had a impact on tax collections flow for March, since the deadline for payment of assessed debts to the Tax Administration that expired on the above dates was extended until April 2nd. It is estimated that an amount of approximately 300 million Euros, that concerns tax debts for the month of March, were paid on April 2nd and will therefore be included in the tax revenues of April.

Particularly for the main tax revenues categories we observe the following:

  • VAT revenues amounted to 1,433 million Euros, 143 million Euros lower against the target.
  • Excise tax revenues amounted to 509 million Euros, 35 million Euros lower against the target.
  • Property tax revenues amounted to 44 million Euros, 16 million Euros lower against the target.
  • Income tax revenues amounted to 1,040 million Euros, 8 million Euros lower against the target.

II. Social Contributions amounted to 5 million Euros, in line with the target.

II. Transfers amounted to 767 million Euros, 1,463 million Euros lower against the target which is included in the 2024 Budget introductory report due to the collection of the amount from Recovery and Resilience Facility (RRF) in 2023. An amount of 702 million Euros, comes from PIB revenues, which is 290 million Euros higher against the target.

IV. Sales of goods and services amounted to 43 million Euros, 24 million Euros lower against the target which is included in the 2024 Budget introductory report.

V. Other current revenues amounted to 302 million Euros, 158 million Euros higher against the target which is included in the 2024 Budget introductory report. An amount of 2 million Euros, comes from PIB revenues, which is 12 million Euros lower against the target.

Tax refunds amounted to 476 million Euros, 449 million Euros lower than the target (925 million Euros).

PIB total 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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