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

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 – November of 2023 presented a deficit of 1,032 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 5,826 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 1,774 million Euros against the target.

For the period of January – November of 2023, State Budget net revenues amounted to 59,162 million Euros, showing an increase of 195 million Euros against the target of the corresponding period, which is included in the 2024 Budget introductory report.

State Budget total revenues amounted to 65,430 million Euros, 328 million Euros or 0.5% higher against the target.

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

I. Tax revenues amounted to 56,040 million Euros, 448 million Euros or 0.8% 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 21,663 million Euros, 131 million Euros higher against the target.
  • Excise tax revenues amounted to 6,390 million Euros, 6 million Euros lower against the target.
  • Property tax revenues amounted to 2,364 million Euros, 22 million Euros lower against the target.
  • Income tax revenues amounted to 18,900 million Euros, 183 million Euros higher against the target.

II. Social Contributions amounted to 53 million Euros, 1 million Euros higher against the target which is included in the 2024 Budget introductory report.

III. Transfers amounted to 5,423 million Euros, 154 million Euros lower against the target which is included in the 2024 Budget introductory report. An amount of 2,669 million Euros, out of 5,423 million Euros, comes from PIB revenues, which is 348 million Euros lower against the target.

IV. Sales of goods and services amounted to 794 million Euros, 5 million Euros lower against the target which is included in the 2024 Budget introductory report.

V. Other current revenues amounted to 3,114 million Euros, 34 million Euros higher against the target which is included in the 2024 Budget introductory report.  An amount of 285 million Euros, out of 3,114 million Euros, comes from PIB revenues, which is 8 million Euros higher against the target.

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

PIB total revenues amounted to 2,954 million Euros, 340 million Euros lower than the target (3,294 million Euros).

Particularly, in November 2023 the State Budget net revenues amounted to 5,285 million Euros, 193 million Euros higher than the monthly target. State Budget total revenues amounted to 6,003 million Euros, 326 million Euros higher than the monthly target.

More specifically, revenues of the State Budget per major category in November 2023, are as follows:

I. Tax revenues amounted to 5,361 million Euros 452 million Euros or 9.2% 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 2,086 million Euros, 137 million Euros higher against the target.
  • Excise tax revenues amounted to 585 million Euros, 13 million Euros lower against the target.
  • Property tax revenues amounted to 134 million Euros, 18 million Euros lower against the target.
  • Income tax revenues amounted to 1,988 million Euros, 190 million Euros higher against the target.

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

III. Transfers amounted to 325 million Euros, 158 million Euros lower against the target which is included in the 2024 Budget introductory report. An amount of 124 million Euros comes from PIB revenues, which is 349 million Euros lower against the target.

IV. Sales of goods and services amounted to 60 million Euros, 12 million Euros lower against the target which is included in the 2024 Budget introductory report.

V. Other current revenues amounted to 252 million Euros, 43 million Euros higher against the target which is included in the 2024 Budget introductory report. An amount of 20 million Euros, comes from PIB revenues, which is 7 million Euros higher against the target.

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

PIB total revenues amounted to 144 million Euros, 342 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, 1,774 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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