An increase of 337 million against the target was presented by net budget revenues, net tax revenues and amounted to 61.671 billion euros, as shown by the provisional data of the implementation of the state budget, in modified.
At the same time, the primary budget surplus on a modified cash basis stood at 3.692 billion euros (incl. thanks to increased revenues), against a target for a primary deficit of 851 million euros and a primary deficit of 6.652 billion euros for the same period in 2022.
In detail, according to the announcement of the Ministry of National Economy and Finance, the following results:
According to the provisional data on the execution of the state budget, on a modified cash basis, for the period January – December 2023, there is a deficit in the balance of the state budget of 3,989 million euros against a target for a deficit of 8,338 million euros included for the corresponding period of 2023 in the introductory report of the 2024 Budget and a deficit of 11,656 million euros in the corresponding period of 2022.
The primary result on an adjusted cash basis came in at a surplus of €3,692 million, against a target of a primary deficit of €851 million and a primary deficit of €6,652 million for the same period in 2022.
With regard to the observed difference against the targets in the primary result in cash terms, it is noted that they mainly concern amounts that do not affect the General Government fiscal result according to ESA, which is formed after integrating the elements of the General Government entities and the national accounting adjustments.
More specifically, an amount of 1,687 million euros related to the collection during the month of December from the Recovery and Resilience Fund, which was foreseen for collection in the first quarter of 2024, as well as the largest part of the observed under-execution of cash payments of expenses amounting to 2,767 million .euro (such as the deferral of cash payments for equipment costs, transfers to General Government bodies, etc.) do not affect the primary result on an accrual basis.
It is noted that net tax revenue (taking into account tax refunds) showed a 12-month increase of 337 million against the targets, which was mainly due to the November revenue, as in December it was close to the targets. This increase was offset by an increase in Public Investment Program payments of €362 million against targets.
In the period January – December 2023, the amount of net revenues of the state budget amounted to 66,776 million euros, showing an increase of 1,581 million euros against the target included for the corresponding period in the introductory report of the 2024 Budget.
This over-execution is mainly due to the collection in December of the amount of 1,687 million euros from the Recovery and Resilience Fund (RDF), which was predicted to be collected in March 2024. Excluding the above amount from the RDF, net income shows a decrease by 106 million euros or 0.2% against the target, due to reduced PDE revenues.
Tax revenues amounted to €61,671 million, up by €653 million or 1.1% compared to the target included in the 2024 Budget report. Revenue refunds amounted to €6,993 million, up by €316 million. euros from the target (6,677 million euros).
The revenues of the Public Investment Budget (PDE) amounted to 3,323 million euros, reduced by 441 million euros from the target (3,763 million euros). The exact distribution between the revenue categories of the state budget will be carried out with the publication of the final bulletin.
In particular, in December 2023 the total net revenues of the state budget amounted to 7,612 million euros, increased by 1,384 million euros against the monthly target, mainly due to the collection of 1,687 million euros from the Recovery and Resilience Fund, as mentioned above.
Not including the above amount, net income shows a decrease of 303 million euros compared to the target included in the introductory report of the 2024 Budget mainly due to:
(a) the advance collection during the month of November 2023 of the amount of 189 million euros from the Administrator of Renewable Energy Sources and Guarantees (DAPEEP S.A.), which was estimated to be collected during the month of December 2023, in order to be used for the grant of the 2023 winter season heating allowance and
(b) reduced PDE revenues.
Tax revenues amounted to 5,631 million euros, increased by 205 million euros or 3.8% compared to the target included in the introductory report of the 2024 Budget.
Revenue returns totaled €726 million, up €182 million from the target (€543 million). The revenues of the Public Investment Budget (PDE) amounted to 369 million euros, reduced by 100 million euros from the target (469 million euros).
The expenses of the State Budget for the period January – December 2023 amounted to 70,765 million euros and are presented reduced by 2,767 million euros compared to the target (73,533 million euros), which is included in the introductory report of the 2024 Budget.
They are also reduced, in relation to the corresponding period of 2022, by 513 million euros, mainly due to the reduced cash payments of the equipment programs of the Ministry of National Defense, taking into account countervailing changes in other categories of expenses.
In the section of the Regular Budget, the payments are shown reduced compared to the target by 3,147 million euros. This development is mainly due to the under-execution of the cash payments of the equipment programs of the Ministry of National Defense by 557 million euros, as well as the under-execution of transfers to General Government bodies amounting to 471 million euros.
At the same time, there was no full consumption of the credits under allocation. This was also contributed by the fact that part of the needs of the General Government bodies were served using own resources, without the need for an additional state grant.
Notable payments include: the grant to the Information Society M.A.E. in the amount of 821 million euros, to serve the needs of the Market Pass and its extension, the return to the Energy Transition Fund of 367 million euros of surplus energy producers, for the period from October 1, 2021 to June 30, 2022, as well as this year’s Diesel heating subsidy payments of €100 million.
All the aforementioned payments were covered by redistributing appropriations from the reserve to promote actions to tackle the energy crisis (appropriations under allocation).
Payments in the investment expenditure arm amounted to 11,201 million euros, showing an increase of 379 million euros compared to the target.
The expenditure of the PDE includes an amount of 133 million euros for the provision of COVID-19 measures, the most important of which are the strengthening of health institutions with auxiliary staff to respond to the needs due to the COVID-19 pandemic in the Regions, the support of start-ups in the framework of Elevate Greece, the creation of a network of nurses for the collection of samples of biological material and nursing assistance in suspected cases of coronavirus at home and the grant of existing small and medium-sized enterprises in the retail sector, which maintain a physical store, for the development, upgrading and management online store.
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