State Budget Execution for the period of January – May 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 – May of 2024 presented a deficit of 535 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 3,197 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 26,884 million Euros, showing an increase of 1,472 million Euros or 5.8% 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 3,110 million Euros or 13.2% against the target. This increase is mainly due to: a) the increased tax revenues by 1,389 million Euros, after deducting tax refunds and b) the increased PIB revenues by 1,096 million Euros.

State Budget total revenues amounted to 29,497 million Euros, 1,414 million Euros or 5.0% higher against the target.

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

I. Tax revenues amounted to 24,715 million Euros, 1,331 million Euros or 5.7% higher against the target which is included in the 2024 Budget introductory report. This overperformance is mainly due a) to the collection of two installments of ENFIA 2024 (April and May) of a total amount of 1,150 million Euros, against of an estimation of 982 million euros for the two months, as it had been projected that the first installment would be collected in May, and b) 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.).

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

• VAT revenues amounted to 10,187 million Euros, 296 million Euros higher against the target.
• Excise tax revenues amounted to 2,714 million Euros, 72 million Euros higher against the target.
• Property tax revenues amounted to 1,414 million Euros, 147 million Euros higher against the target, due to the collection of two installments of ENFIA instead of one, as it had been projected.

• Income tax revenues amounted to 7,434 million Euros, 754 million Euros higher against the target, from which the PIT revenues are increased by 153 million Euros, the CIT revenues are increased by 499 million Euros and the Other Income Tax revenues are increased by 102 million Euros against the target.

II. Social Contributions amounted to 25 million Euros in line with the target.

III. Transfers amounted to 2,761 million Euros, 550 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 961 million Euros against the target. In particular, an amount of 2,761 million Euros, out of 2,374 million Euros, concerns PIB revenues.

IV. Sales of goods and services amounted to 406 million Euros, 17 million Euros higher against the target which is included in the 2024 Budget introductory report.

V. Other current revenues amounted to 1,567 million Euros, 592 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 168 million Euros, as well as, from the collection of the amount of 196 million Euros, from the interest deposits, of the first quarter, from the Bank of Greece, which were expected to be collected at the end of the semester. An amount of 206 million Euros, out of 1,567 million Euros, comes from PIB revenues, which is 134 million Euros higher against the target.

VI. Sales of fixed assets revenues amounted to 23 million Euros, against a zero target.

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

PIB total revenues amounted to 2,580 million Euros, 1,096 million Euros higher than the target (1,484 million Euros).

Particularly, in May 2024 the State Budget net revenues amounted to 4,347 million Euros, 868 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 the first enhanced installment of ENFIA amounting 940 million Euros, which was received in April 2024 (collection amount 903 million Euros).

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

I. Tax revenues amounted to 4,471 million Euros, 748 million Euros or 14.3% 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.

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

• VAT revenues amounted to 2,016 million Euros, 81 million Euros higher against the target.
• Excise tax revenues amounted to 599 million Euros, 4 million Euros lower against the target.
• Property tax revenues amounted to 249 million Euros, 695 million Euros lower against the target, due to the collection of the first enhanced installment of ENFIA in April instead of May, as had been projected.
• Income tax revenues amounted to 1,188 million Euros, 49 million Euros lower against the target.

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

III. Transfers amounted to 98 million Euros, 34 million Euros lower against the target which is included in the 2024 Budget introductory report. An amount of 73 million Euros, comes from PIB revenues, which is 45 million Euros lower against the target.

IV. Sales of goods and services amounted to 64 million Euros, 25 million Euros lower against the target which is included in the 2024 Budget introductory report.

V. Other current revenues amounted to 167 million Euros, 175 million Euros lower against the target which is included in the 2024 Budget introductory report, mainly due to the reduction of the revenues from the return of expenditure by 122 million euros. An amount of 2 million Euros, comes from PIB revenues, which is 11 million Euros lower against the target.

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

PIB total revenues amounted to 74 million Euros, 56 million Euros lower than the target (130 million Euros).

State Budget expenditures for the period of January – May of 2024 amounted to 27,419 million Euros, 721 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 52 million Euros.

In the Ordinary Budget the payments are shown decreased, compared to the target, by 1,125 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

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