Provisional figures for the implementation of the state budget for the period January – February 2024 show a surplus of 1,460 million euros.
This is significantly higher than the €101 million surplus target set for 2024, and also higher than the €2,308 million surplus recorded in the corresponding period of 2023.
The primary result on an adjusted cash basis came in at a surplus of €3,401 million, against a target of a primary surplus of €1,981 million and a primary surplus of €4,215 million for the same period in 2023.
It is noted that most of the difference in the primary surplus against the target in cash terms is not counted in the 2024 primary result in fiscal terms. Indicatively, an amount of 159 million euros related to revenues of the Recovery and Resilience Fund, which were received in retrospect, does not affect the result in fiscal terms, while a significant part of the difference in the net collection of tax revenues of 565 million euros is counted in the fiscal result of the year 2023.
An additional amount of 301 million euros concerns the deferral of transfer payments that are expected to be made in the coming months. Therefore the primary result in fiscal terms differs significantly from the result in cash terms. In addition, it is pointed out that the above refers to the primary result of the Central Administration and not to the whole of the General Government, which also includes the fiscal results of the Legal Entities and the sub-sectors of OTAs and OKAs.
In the period January – February 2024, the amount of net revenues of the state budget amounted to 12,671 million euros, showing an increase of 1,593 million euros or 14.4% compared to the target included for the corresponding period in the introductory report of the 2024 Budget This increase is mainly due to: a) increased tax revenues by 565 million euros after deduction of refunds, b) increased PDE revenues by 732 million euros and c) the collection of 159 million euros from the Recovery Fund and Durability that was predicted to be collected during the month of March 2024.
Tax revenues amounted to 11,401 million euros, up by 950 million euros or 9.1% compared to the target included in the indicative report of Budget 2024. This overperformance is estimated to come mainly from the better performance of personal income taxes and legal entities of the previous year that are collected in installments until the end of February 2024, as well as the best performance in the collection of the current year’s taxes (VAT, VAT, etc.).
Revenue returns totaled €1,159 million, up €385 million from the target (€773 million).
The revenues of the Public Investment Program (PIP) amounted to 1,613 million euros, increased by 732 million euros from the target (881 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 February 2024 the total net revenues of the state budget amounted to 5,954 million euros, increased by 601 million euros compared to the monthly target. This increase is mainly due to increased tax revenues as well as increased PDE revenues and is achieved despite the increase observed in tax revenue refunds.
Tax revenues amounted to €5,840 million, up €581 million or 11.0% on target, an increase estimated to be mainly due to the better performance of the previous year’s income taxes collected in installments up to end of February 2024 and the best performance in tax collection of this year.
Revenue returns totaled €658 million, up €324 million from the target (€334 million).
The revenue of the Public Investment Budget (PDE) amounted to 509 million euros, increased by 342 million euros from the target (167 million euros).
According to the protothema, State Budget expenditures for the period January – February 2024 amounted to 11,211 million euros and are shown to be increased by 234 million euros compared to the target (10,976 million euros), which is included in the introductory report of the Budget 2024. They are also increased, compared to the corresponding period of 2023, by 553 million euros, due to increased investment costs by 735 million euros.
In the section of the Regular Budget, the payments are shown reduced compared to the target by 399 million euros. This development is mainly due to the deferral of transfer payments to OKA by 301 million euros.
Payments under the investment expenditure arm amounted to EUR 2,055 million, showing an increase of EUR 633 million compared to the target, as the target was exceeded in both the PDE and the Recovery and Resilience Fund.
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