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 2025 presented a surplus of 780 million Euros, against the target of a surplus of 200 million Euros that has been incorporated for the same period of 2025 in the 2025 Budget introductory report and a surplus of 1,093 million Euros for the same period of 2024. The State Budget Primary Balance on a modified cash basis amounted to a surplus of 2,002 million Euros, against the primary surplus target of 1,400 million Euros and the primary surplus of 2,282 million Euros performed at the same period of the previous year. It is noted that an amount of 418 million Euros which refers to the time differentiation of grants from ordinary budget and an amount of 202 million Euros which refers to the time differentiation of PIB payments, do not affect the outcome in fiscal terms. Excluding these amounts, the State Budget Primary Balance is close to the target.
It is noted that the Primary Balance in fiscal terms differs in comparison to the result in cash terms. Additionally, 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 January 2025, State Budget net revenues amounted to 6,013 million Euros, showing a decrease of 84 million Euros or 1.38% against the target of the corresponding period, which is included in the 2025 Budget introductory report. It is noted that this amount includes the amount of 784.8 million Euros, both in revenues (under the category of “Sales of goods and services”) and in Tax Refunds (VAT), from transactions required to be made in January 2025, for the completion of the new Concession Agreement for Attica Motorway, which concern the year 2024 and are fiscally neutral.
Tax revenues amounted to 5,974 million Euros, 409 million Euros or 7.3% higher against the target which is included in the 2025 Budget introductory report. It is noted that most of the tax revenues of January affects the year 2024 in fiscal terms.
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 1,207 million Euros and include the amount of 784.8 million Euros from the new Concession Agreement for Attica Motorway, as mentioned above. Excluding this amount, tax refunds amounted to 423 million Euros, 93 million Euros lower against the target (515 million Euros) which is included in the 2025 Budget introductory report.
PIB total revenues amounted to 95 million Euros, 585 million Euros lower than the target (680 million Euros), which is included in the 2025 Budget introductory report.
State Budget expenditures for the period of January of 2025 amounted to 5,233 million Euros, 664 million Euros lower than the target (5,897 million Euros), which is included in the 2025 Budget introductory report. Τhey were also decreased in comparison to the respective period of 2024 by 391 million Euros, mainly due to the time differentiation of PIB expenditure by 365 million Euros.
In the Ordinary Budget the payments are shown decreased, compared to the target, by 540 million Euros. Excluding the difference in non allocated expenditure of 105 million Euros, which do not correspond to payments but to reallocations of appropriations to other categories, from which payments are realized, the difference in payments against the target amounts to 435 million Euros. This difference is mainly justified by the time differentiation of grants to hospitals and YPE-PEDY by 418 million Euros, which do not affect the outcome in fiscal terms.
Investment expenditure amounted to 735 million Euros and it is 123 million Euros lower than the target, which has been included in the introductory report of the 2025 Budget. At the same time, it is decreased compared to the corresponding payments of 2024 by 213 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 2025 (preliminary data)