State Budget Execution for the period of January – October 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 – October of 2023 presented a deficit of 482 million Euros, against a target of a deficit of 962 million Euros that has been incorporated for the same period of 2023 in the 2024 Budget introductory report and a deficit of 4,770 million Euros for the same period of 2022. The State Budget Primary Balance amounted to a surplus of 6,080 million Euros, against the primary surplus target of 5,607 million Euros and the primary deficit of 350 million Euros performed at the same period of the previous year, mainly due to the time differentiation of the cash payments for the military procurement of Ministry of Defense.

For the period of January – October of 2023, State Budget net revenues amounted to 53,925 million Euros, showing an increase of 49 million Euros against the target of the corresponding period, which is included in the 2024 Budget introductory report.

State Budget total revenues amounted to 59,474 million Euros, 49 million Euros or 0.1% higher against the target.
More specifically, the major revenue categories of the State Budget are as follows:
I. Tax revenues amounted to 50,718 million Euros, 33 million Euros or 0.1% 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 19,585 million Euros, 2 million Euros higher against the target.
• Excise tax revenues amounted to 5,806 million Euros, 8 million Euros higher against the target.
• Property tax revenues amounted to 2,235 million Euros, 1 million Euros higher against the target.
• Income tax revenues amounted to 16,934 million Euros, 15 million Euros higher against the target.
II. Social Contributions amounted to 48 million Euros, in line with the target.

III. Transfers amounted to 5,098 million Euros, 4 million Euros higher against the target which is included in the 2024 Budget introductory report. An amount of 2,545 million Euros, out of 5,098 million Euros, comes from PIB revenues in line with the target.

IV. Sales of goods and services amounted to 734 million Euros, 7 million Euros higher against the target which is included in the 2024 Budget introductory report.

V. Other current revenues amounted to 2,871 million Euros in line with the target which is included in the 2024 Budget introductory report. An amount of 265 million Euros, out of 2,871 million Euros, comes from PIB revenues, which is 2 million Euros higher against the target.

Tax refunds amounted to 5,550 million Euros in line with the target.

PIB total revenues amounted to 2,810 million Euros, 2 million Euros higher than the target (2,808 million Euros).

In October 2023, the revenues of the State Budget, show the same deviations as presented above on a cumulative basis and are as follows:

The State Budget net revenues amounted to 5,628 million Euros. Τhe State Budget total revenues amounted to 6,193 million Euros.

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

I. Tax revenues amounted to 5,802 million Euros.

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

• VAT revenues amounted to 2,384 million Euros
• Excise tax revenues amounted to 614 million Euros.
• Property tax revenues amounted to 149 million Euros.
• Income tax revenues amounted to 2,016 million Euros.

II. Social Contributions amounted to 5 million Euros.

III. Transfers amounted to 118 million Euros, of which an amount of 107 million Euros, comes from PIB revenues.

IV. Sales of goods and services amounted to 95 million Euros.

V. Other current revenues amounted to 169 million Euros, of which an amount of 2 million Euros, comes from PIB revenues.

 

Tax refunds amounted to 564 million Euros.

PIB total revenues amounted to 109 million Euros.

State Budget expenditures for the period of January – October of 2023 amounted to 54,406 million Euros, 430 million Euros lower than the target (54,837 million Euros), which is included in the 2024 Budget introductory report. Τhey were also increased in comparison to the respective period of 2022 by 767 million Euros, mainly due to the increased interest payments by 2,132 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 464 million Euros. This evolution is mainly attributed to the time differentiation of the cash payments for military procurements of the Ministry of Defense by 548 million Euros.

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 7,730 million Euros presenting increased payments by 34 million Euros. PIB expenditure includes amount of 116 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 – October of 2023

 

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