The state budget balance presented a surplus of 1,093 million euros in January, compared to 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 finance ministry said.
The state budget primary balance on a modified cash basis amounted to a surplus of 2,282 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. 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 307 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.
State budget net revenues amounted to 6,717 million euros in January, showing an increase of 993 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 by 307 million euros, after deducting tax refunds, b) the increased PIB revenues by 390 million euros and c) to the collection of 159 million euros from Recovery and Resilience Fund (RRF), which was projected to be collected in March 2024.
State budget total revenues amounted to 7,218 million euros, 1,055 million euros or 17.1% higher against the target.
More specifically, the major revenue categories of the state budget are as follows:
– VAT revenues amounted to 2,423 million euros, 29 million euros higher compared to the target.
– Excise tax revenues amounted to 528 million euros, 33 million euros higher compared to the target.
– Property tax revenues amounted to 113 million euros, 5 million euros lower versus the target.
– Income tax revenues amounted to 1,896 million euros, 256 million euros higher versus the target.
