State Budget Execution for the period of January – September 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 – September of 2023 presented a deficit of 397 million Euros, against a target of a deficit of 2,704 million Euros that has been incorporated for the same period of 2023 in the 2023 Budget introductory report and a deficit of 4,221 million Euros for the same period of 2022. The State Budget Primary Balance amounted to a surplus of 5,987 million Euros, against the primary surplus target of 2,436 million Euros and the primary surplus of 52 million Euros performed at the same period of the previous year.

For the period of January – September of 2023, State Budget net revenues amounted to 48,296 million Euros, showing a slight increase of 23 million Euros against the target of the corresponding period, which is included in the 2023 Budget introductory report despite the decreased PIB revenues, as well as, the non-collection of: a) the agreement’s value for the award of the services concession contract for the operation and exploitation of Egnatia Odos motorway and three vertical road axes concession, for the period of 35 years, amounting of 1,496 million Euros, which was projected to be collected in June, since the procedure for the approval of the contract is in progress and b) the third installment from Recovery and Resilience Fund (RRF), amounting of 1,718 million Euros, which was projected to be collected in September. On the contrary, the rest of revenues showed overperformance, mainly due to the increased 9-months tax revenues, as well as, the collection of an amount of 603 million Euros from ANFAs, that was not projected in the 2023 Budget introductory report.

State Budget total revenues amounted to 53,281 million Euros, 583 million Euros or 1.1% higher against the target.

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

1. Tax revenues amounted to 44,916 million Euros, 3,089 million Euros or 7.4% higher against the target which is included in the 2023 Budget introductory report. Part of this increase, amounting to approximately 470 million Euros, concerns the extension of the deadline of the payment of road duties until the end of February 2023, while it was estimated that this amount would be collected in December 2022. The remaining amount of over execution is due to the better performance of income taxes of natural and legal persons of the previous year, collected in installments until the end of February 2023, as well as, the best performance of the collection of taxes of the current year.

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

  • VAT revenues amounted to 17,201 million Euros, 779 million Euros higher against the target.
  • Excise tax revenues amounted to 5,192 million Euros, 100 million Euros lower against the target.
  • Property tax revenues amounted to 2,086 million Euros, 6 million Euros lower against the target.
  • Income tax revenues amounted to 14,918 million Euros, 1,614 million Euros higher against the target, from which the PIT revenues are increased by 830 million Euros and the CIT revenues are increased by 569 million Euros against the target.

2. Social Contributions amounted to 43 million Euros, 1 million Euros higher against the target.

3. Transfers amounted to 4,979 million Euros, 2,133 million Euros lower against the target which is included in the 2023 Budget introductory report, mainly due to the non-collection of the third installment from Recovery and Resilience Fund (RRF), amounting of 1,718 million Euros, as well as the reduced PIB revenues and despite the collection of an amount of 603 million Euros from ANFAs as mentioned above. An amount of 2,438 million Euros, out of 4,979 million Euros, comes from PIB revenues, which is 1,049 million Euros lower against the target.

4. Sales of goods and services amounted to 639 million Euros, 1,603 million Euros lower against the target which is included in the 2023 Budget introductory report mainly due to the non-collection in June of the agreement’s value for the concession of Egnatia Odos motorway, amounting of 1,496 million Euros, as mentioned above.

5. Other current revenues amounted to 2,702 million Euros, 1,233 million Euros higher against the target which is included in the 2023 Budget introductory report, mainly due to the increased revenues from the return of expenditure by 628 million Euros and from interest on deposits in the Bank of Greece, by 260 million Euros in June. An amount of 263 million Euros, out of 2,702 million Euros, comes from PIB revenues, which is 150 million Euros higher against the target.

Tax refunds amounted to 4,985 million Euros, 561 million Euros higher than the target (4,424 million Euros) part of which is due to the VAT refund, in March, to the Renewable Energy Sources Operator & Guarantees of Origin (DAPEEP SA), amounting to approximately 220 million Euros arising from revenues collected by DAPEEP and attributed to the State from the Recovery Mechanism in Day-Ahead Market.

PIB total revenues amounted to 2,701 million Euros, 899 million Euros lower than the target (3,600 million Euros).

Particularly, in September 2023 the State Budget net revenues amounted to 5,178 million Euros, 39 million Euros lower than the monthly target. State Budget total revenues amounted to 5,646 million Euros, 250 million Euros lower than the monthly target.

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

1. Tax revenues amounted to 5,078 million Euros, 255 million Euros or 4.8% lower against the target mainly due to the provision, that the amount related to the clearance of the personal income tax, will be collected in 3 bimonthly installments, during the months of July, September and November, in accordance with the legislation that was in force at the time of the submission of the 2023 Budget introductory report. Instead, the new legislation stipulated that the tax will be paid in 8 monthly installments, starting in July 2023.

Particularly for the main tax revenues categories concerned, the following is observed:

  • VAT revenues amounted to 1,713 million Euros, 26 million Euros lower against the target.
  • Excise tax revenues amounted to 598 million Euros, 40 million Euros lower against the target.
  • Property tax revenues amounted to 148 million Euros, 17 million Euros lower against the target.
  • Income tax revenues amounted to 2,065 million Euros, 96 million Euros lower against the target.

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

3. Transfers amounted to 364 million Euros, 95 million Euros higher against the target which is included in the 2023 Budget introductory report. An amount of 348 million Euros comes from PIB revenues, which is 95 million Euros higher against the target.

4. Sales of goods and services amounted to 49 million Euros, 72 million Euros lower against the target which is included in the 2023 Budget introductory report.

5. Other current revenues amounted to 150 million Euros, 18 million Euros lower against the target which is included in the 2023 Budget introductory report. An amount of 1 million Euros, comes from PIB revenues, which is 6 million Euros lower against the target.

Tax refunds amounted to 468 million Euros, 212 million Euros lower than the target (679 million Euros).

PIB total revenues amounted to 349 million Euros, 89 million Euros higher than the target (260 million Euros).

State Budget expenditures for the period of January – September of 2023 amounted to 48,693 million Euros, 2,284 million Euros lower than the target (50,977 million Euros), which is included in the 2023 Budget introductory report. Τhey were also increased in comparison to the respective period of 2022 by 449 million Euros, mainly due to the increased interest payments by 2,096 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 1,165 million Euros. This evolution is mainly attributed to the underspending in transfers to SSFs by 1,342 million Euros.

Noteworthy payments are the grant to the Information Society S.A. of 755 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 6,568 million Euros presenting decreased payments by 1,119 million Euros, due to the underspending of Recovery & Resilience Facility by 1,626 million Euros. PIB expenditure includes amount of 98 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 – September of 2023 

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