State Budget Execution for the period of January – November 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 – November of 2023 presented a deficit of 1,004 million Euros, against a target of a deficit of 3,001 million Euros that has been incorporated for the same period of 2023 in the 2024 Budget introductory report and a deficit of 5,648 million Euros for the same period of 2022. The State Budget Primary Balance amounted to a surplus of 5,854 million Euros, against the primary surplus target of 3,771 million Euros and the primary deficit of 1,091 million Euros performed at the same period of the previous year. The main part of the difference is due to the time differentiation of the payments, which appear reduced by 1,775 million Euros against the target.

For the period of January – November of 2023, State Budget net revenues amounted to 59,190 million Euros, showing an increase of 223 million Euros against the target of the corresponding period, which is included in the 2024 Budget introductory report.

Tax revenues amounted to 56,197 million Euros, 605 million Euros or 1.1% higher against the target which is included in the 2024 Budget introductory report.

Tax refunds amounted to 6,267 million Euros, 133 million Euros higher than the target (6,134 million Euros).

PIB revenues amounted to 2,933 million Euros, 361 million Euros lower than the target (3,294 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 November 2023 the State Budget net revenues amounted to 5,266 million Euros, 173 million Euros higher than the monthly target.

Tax revenues amounted to 5,480 million Euros, 571 million Euros or 11.6% higher against the target which is included in the 2024 Budget introductory report.

Tax refunds amounted to 718 million Euros, 133 million Euros higher than the target (584 million Euros).

PIB revenues amounted to 123 million Euros, 363 million Euros lower than the target (486 million Euros).

State Budget expenditures for the period of January – November of 2023 amounted to 60,194 million Euros, 1,775 million Euros lower than the target (61,969 million Euros), which is included in the 2024 Budget introductory report. Τhey were also increased in comparison to the respective period of 2022 by 1,116 million Euros, mainly due to the increased interest payments by 2,291 million Euros, taking into account opposite changes in other expenditure categories.

In the Ordinary Budget the payments are shown decreased, compared to the target, by 1,270 million Euros. This evolution is mainly attributed to the time differentiation of the cash payments for military procurements of the Ministry of Defense by 568 million Euros, as well as, the time differentiation of non allocated appropriations use.

Noteworthy payments are the grant to the Information Society S.A. of 786 million Euros, in order to serve the needs of Market Pass and its extension, 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 payments were made with the use of reserve appropriations dedicated for tackling energy crisis measures (non allocated expenditure).

Investment expenditure amounted to 8,586 million Euros presenting decreased payments by 504 million Euros compared to the target. PIB expenditure includes amount of 124 million Euros for COVID-19 measures, of which the most important are the reinforcement of health institutions with auxiliary staff to respond to the needs arising from the COVID-19 pandemic in the Regions, the support of startups within the framework of Elevate Greece, the creation of a network of nurses for the collection of samples of biological material and nursing assistance for suspected cases of COVID-19 at home and the grant to existing SMEs in the retail sector that have a physical store, for the development, upgrade and management of an online store.

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

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