State Budget Execution for the period of January 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 of 2024 presented a surplus of 933 million Euros, against a target of a deficit of 82 million Euros that has been incorporated for the same period of 2024 in the 2024 Budget introductory report and a surplus of 1,480 million Euros for the same period of 2023. The State Budget Primary Balance on a modified cash basis amounted to a surplus of 2,122 million Euros, against the primary surplus target of 1,118 million Euros and the primary surplus of 2,773 million Euros performed at the same period of the previous year. It is noted that the main 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), which were collected with a time differentiation, as well as, 205 million Euros relating to the time differentiation of the cash payments for military procurement, do not affect the fiscal result in accrual terms, while the difference in net tax revenues of 399 million Euros, is almost entirely accounted for, in the fiscal result of 2023, therefore, the Primary Balance in fiscal terms differs significantly 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 the whole of the General Government, which also includes the fiscal results of legal entities and the sub-sectors of LGs and SSFs.

For January 2024, State Budget net revenues amounted to 6,549 million Euros, showing an increase of 825 million Euros against the target of the corresponding period, which is included in the 2024 Budget introductory report. This increase is mainly due to: a) the increased tax revenues of 399 million Euros, after deducting tax refunds, b) the increased PIB revenues of 211 million Euros and c) the collection of 159 million Euros from Recovery and Resilience Facility, which was projected to be collected in March 2024.

Tax revenues amounted to 5,654 million Euros, 461 million Euros or 8.9% 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 collected in installments until the end of February 2024, as well as, the better performance in the collection of the current year’s taxes (VAT etc.).

A more precise allocation among the revenue categories of the State Budget will take place when the final Bulletin is issued.

Tax refunds amounted to 501 million Euros, 62 million Euros higher than the target (439 million Euros).

PIB revenues amounted to 925 million Euros, 211 million Euros higher than the target (714 million Euros).

State Budget expenditures for the period of January of 2024 amounted to 5,616 million Euros, 190 million Euros lower than the target (5,806 million Euros), which is included in the 2024 Budget introductory report. Τhey were also decreased in comparison to the respective period of 2023 by 70 million Euros, mainly due to the decreased cash payments for transfers to other legal entities.

In the Ordinary Budget the payments are shown decreased, compared to the target, by 403 million Euros. This evolution is mainly attributed to the time differentiation of the cash payments for military procurements of the Ministry of Defense by 205 million Euros.

Investment expenditure amounted to 948 million Euros presenting increased payments by 213 million Euros compared to the target. This increase is due to PIB expenditure over performance by 222 million Euros.

It is noted that at the beginning of the fiscal year, the entities give priority to committing appropriations to service the payables of the previous years, as well as, in the context of multiannual obligations.

State Budget Execution for the period of January of 2024

Scroll to Top
Skip to content