State Budget Execution for the period of January – May 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 – May of 2023 presented a deficit of 1,126 million Euros, against a target of a deficit of 4,446 million Euros that has been incorporated for the same period of 2023 in the 2023 Budget introductory report and a deficit of 4,066 million Euros for the same period of 2022. The State Budget Primary Balance amounted to a surplus of 2,289 million Euros, against the primary deficit target of 1,396 million Euros and the primary deficit of 1,487 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 26,241 million Euros, showing an overperformance of 2,937 million Euros or 12.6% 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 5-months 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.

Tax revenues amounted to 22,954 million Euros, 2,005 million Euros or 9.6% 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 2,707 million Euros, 459 million Euros higher than the target (2,247 million Euros) mainly due to the VAT refund in March, 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 1,950 million Euros, 240 million Euros higher than the target (1,710 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 May 2023 the State Budget net revenues amounted to 5,185 million Euros, 426 million Euros higher than the monthly target.

Tax revenues amounted to 5,151 million Euros, 438 million Euros or 9.3% higher against the target.

Tax refunds amounted to 579 million Euros, 70 million Euros higher than the target (509 million Euros).

PIB revenues amounted to 195 million Euros, 100 million Euros lower than the target (295 million Euros).

State Budget expenditures for the period of January – May of 2023 amounted to 27,368 million Euros, 383 million Euros lower than the target (27,751 million Euros), which is included in the 2023 Budget introductory report, while they were increased in comparison to the respective period of 2022 by 1,015 million Euros, mainly due to the increased interest payments by 825 million Euros.

In the Ordinary Budget the payments are shown decreased, compared to the target, by 470 million Euros. This evolution is mainly attributed to the time differentiation of military procurement cash expenditure of 590 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, 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, as well as, this year’s heating oil subsidy payments of 100 million Euros. All aforementioned grants were made with the use of reserve appropriations dedicated for tackling energy crisis measures (non allocated expenditure).

Investment expenditure amounted to 3,877 million Euros presenting increased payments by 87 million Euros. PIB expenditure includes amount of 62 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, the grant to existing SMEs in the retail sector that have a physical store, for the development, upgrade and management of an online store and support of startups within the framework of Elevate Greece.

State Budget Execution for the period of January – May of 2023

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