The revenues of the state budget moved significantly above the target in the first quarter of the year, based on the data published by the Ministry of Finance.
Primary Surplus
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 – April of 2024 presented a deficit of 250 million euros, against a target of a deficit of 2,699 million euros that has been incorporated for the same period of 2024 in the 2024 Budget introductory report and a deficit of 789 million euros for the same period of 2023.
It is noted that the first installment of ENFIA was collected in April, amounting to 903 million euros while it was estimated to be collected in May (estimated amount 940 million euros).
Additionally, an important 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), do not affect the outcome in fiscal terms, while a significant part of the difference in tax revenues of 647 million euros, is 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. 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.
January – April 2024
For the period of January – April 2024, State Budget net revenues amounted to 22,538 million euros, showing an increase of 2,340 million euros or 11.6% against the target of the corresponding period, which is included in the 2024 Budget introductory report, despite the fact that the target of the Budget introductory report includes the amount of 1,797 million euros from Recovery and Resilience Facility (RRF), the biggest part of it, namely 1,687 million euros, has been collected in December of 2023 and an additional amount of 159 million euros has been collected in January 2024.
Accordingly, with the exception of the above amount, the net revenues are showing an over performance of 3,978 million euros or 21.6% against the target. This increase is mainly due to a) the increased tax revenues by 2,031 million euros, after deducting tax refunds and b) the increased PIB revenues by 1,151 million euros.
State Budget total revenues amounted to 24,686 million euros, 2,388 million euros or 10.7% higher against the target.
Particularly for the main tax revenues categories, the following is observed:
- VAT revenues amounted to 8,170 million euros, 215 million euros higher against the target.
- Excise tax revenues amounted to 2,115 million euros, 75 million euros higher against the target.
- Property tax revenues amounted to 1,165 million euros, 841 million euros higher against the target, due to the collection of the first installment of ENFIA, as mentioned above.
- Income tax revenues amounted to 6,246 million euros, 803 million Euros higher against the target, from which the PIT revenues are increased by 233 million euros and the CIT revenues are increased by 478 million euros against the target.
Social Contributions amounted to 20 million euros in line with the target.
Transfers amounted to 2,663 million euros, 517 million euros lower against the target which is included in the 2024 Budget introductory report due to: (a) the collection in December 2023 of the amount of 1,687 million euros plus an additional amount of 159 million euros in January 2024 from the Recovery and Resilience Fund (RRF), which initially estimated to be collected in March 2024 and (b) the increased PIB revenues by 1,005 million euros against the target. In particular, an amount of 2,300 million euros, out of 2,663 million euros, concerns PIB revenues.
Sales of goods and services amounted to 342 million euros, 42 million euros higher against the target which is included in the 2024 Budget introductory report.
Other current revenues amounted to 1,400 million euros, 767 million euros higher against the target which is included in the 2024 Budget introductory report mainly due to the increased revenues from the return of expenditure by 290 million euros, as well as from the collection of the amount of 196 million euros, from the interest deposits, of the first quarter, from the Bank of Greece, which were expected to be collected at the end of the semester. An amount of 205 million euros, out of 1,400 million euros, comes from PIB revenues. which is 146 million euros higher against the target.
Sales of fixed assets revenues amounted to 16 million euros, against a zero target.
Tax refunds amounted to 2,148 million euros, 48 million euros higher than the target (2,100 million Euros).
PIB total revenues amounted to 2,505 million euros, 1,150 million euros higher than the target (1,354 million Euros).
Particularly,in April 2024 the State Budget net revenues amounted to 5,715 million euros, 1,909 million euros higher than the monthly target.
