The state budget balance for the period of January-February of 2024 presented a surplus of 1.437 million euros, compared with a target of a surplus of 101 million euros that has been incorporated for the same period of 2024 in the 2024 budget introductory report and a surplus of 2.308 million euros for the same period of 2023.
More specifically, the state budget primary balance on a modified cash basis amounted to a surplus of 3.378 million euros, against the primary surplus target of 1.981 million euros and the primary surplus of 4.215 million euros performed at the same period of the previous year. It is noted that the biggest 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, do not affect the fiscal result in accrual terms, while a significant part of the difference in tax revenues of 647 million euros, is accounted for, in the fiscal result of 2023. Besides, an under execution of 301 million euros in expenditures, which is related to time differentiation of transfers, is anticipated to be executed in the following months.
Therefore, the primary balance in fiscal terms differs significantly in comparison to the result in cash terms. Furthermore, it is pointed out that 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 the period of January – February 2024, state budget net revenues amounted to 12.648 million euros, showing an increase of 1.570 million euros or 14.2% 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 423 million euros, after deducting tax refunds, b) the increased PIB revenues by 751 million euros c) the increased revenues from the return of expenditure by 245 million euros and d) 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 13.856 million euros, 2.005 million euros or 16.9% higher against the target.
Particularly for the main tax revenues categories, the following is observed:
- VAT revenues amounted to 4.443 million euros, 127 million euros higher against the target.
- Excise tax revenues amounted to 1.023 million euros, 40 million euros higher against the target.
- Property tax revenues amounted to 217 million euros, 3 million euros lower against the target.
- Income tax revenues amounted to 4.065 million euros, 571 million euros higher against the target, from which the PIT revenues are increased by 136 million euros and the CIT revenues are increased by 397 million euros against the target.
