Υπουργείο Εθνικής Οικονομίας και Οικονομικών

State Budget Execution for the period of January – May 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 – May of 2024 presented a deficit of 580 million Euros, against a target of a deficit of 2,728 million Euros that has been incorporated for the same period of 2024 in the 2024 Budget introductory report and a deficit of 1,116 million Euros for the same period of 2023. The State Budget Primary Balance on a modified cash basis amounted to a surplus of 3,152 million Euros, against the primary surplus target of 802 million Euros and the primary surplus of 2,300 million Euros performed at the same period of the previous year. It is noted that 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 in comparison to the result in cash terms. 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 – May 2024, State Budget net revenues amounted to 26,838 million Euros, showing an increase of 1,426 million Euros or 5.6% against the target of the corresponding period, which is included in the 2024 Budget introductory report, despite the fact that 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 3,064 million Euros or 13% against the target. This increase is mainly due to: a) the increased tax revenues by 1,501 million Euros, after deducting tax refunds and b) the increased PIB revenues by 1,049 million Euros.

Tax revenues amounted to 24,827 million Euros, 1,443 million Euros or 6.2% higher against the target which is included in the 2024 Budget introductory report. This overperformance is 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 (it is noted that an estimated amount of 647 million Euros is counted in the fiscal result of 2023), as well as, the better performance in the collection of the current year’s taxes (VAT, excise taxes etc.).

Tax refunds amounted to 2,612 million Euros, 58 million Euros lower than the target (2,671 million Euros).

PIB revenues amounted to 2,533 million Euros, 1,049 million Euros higher than the target (1,484 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 2024 the State Budget net revenues amounted to 4,300 million Euros, 914 million Euros lower than the monthly target due to the fact that the target of the Budget introductory report in May includes the collection of first enhanced installment of ENFIA amounting to 940 million Euros, which was received in April 2024 (collection amount 903 million Euros).

Tax revenues amounted to 4,583 million Euros, 636 million Euros or 12.2% lower against the target due to the non-collection of the first installment of ENFIA in May, as had been projected, but instead collected in April, as mentioned above.

Tax refunds amounted to 464 million Euros, 106 million Euros lower than the target (571 million Euros).

PIB revenues amounted to 28 million Euros, 102 million Euros lower than the target (130 million Euros).

State Budget expenditures for the period of January – May of 2024 amounted to 27,418 million Euros, 723 million Euros lower than the target (28,141 million Euros), which is included in the 2024 Budget introductory report. Τhey were also increased in comparison to the respective period of 2023 by 50 million Euros.

In the Ordinary Budget the payments are shown decreased, compared to the target, by 1,127 million Euros. This evolution is mainly attributed to the time differentiation of the transfers to SSFs by 845 million Euros. On the contrary, increased payments in relation to the target were presented in interest payments by 230 million Euros and in transfers to other legal entities by 307 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, 134 million Euros were paid by the Ministry of Infrastructure and Transportation as a grant to transportation entities (OASA, OASTH and OSE) and 138 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 4,413 million Euros presenting increased payments by 404 million Euros compared to the target, since PIB was over executed.

State Budget Execution for the period of January – May of 2024 (preliminary data)

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