2024-07-16 17:50:00
At 29.276 billion euros, increased by 1.336 billion euros or 4.8% compared to the target included in the introductory report of Budget 2024tax revenues rose in the first half of the year, based on provisional data released by Ministry of Finance.
According to the provisional data of execution of the state budget, on a modified cash basis, for the period January – June 2024a deficit occurs in balance of the state budget amounting to 2.261 billion euros against a target for a deficit of 3.616 billion euros that has been included for the corresponding period of 2024 in the introductory report of the 2024 Budget and a deficit of 2.462 billion euros in the corresponding period of 2023.
The primary outcome on a modified cash basis it was in surplus of 2.900 billion euros, against a target for a primary surplus of 1.204 billion euros and a primary surplus of 2.116 billion euros for the same period in 2023. It is noted by the Ministry of Finance that part of the difference of the primary surplus against target in cash terms does not count towards the primary result of 2024 in fiscal terms. Indicatively, an amount of 159 million euros relating to revenues from the Recovery and Resilience Fund does not affect the result in fiscal terms, while a significant part of the difference in tax revenue collections of 647 million euros is counted in the fiscal result of the year 2023. Therefore the primary result in fiscal terms differs from the result in cash terms. It should be noted 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 Legal Entities and the sub-sectors of OTAs and OKAs.
In the period January – June 2024, the amount of net revenues of the state budget amounted to 31.461 billion euros, showing a decrease of 291 million euros or 0.9% compared to the target included for the corresponding period in the report of the Budget 2024, as the target of the report included:
- the collection in the month of March of an amount of 1.797 billion euros from the Recovery and Resilience Fund (Resilience Fund), the largest part of which, i.e. the amount of 1.687 billion euros, was collected in December 2023 and an additional amount of 159 million euros was collected in January 2024 and
- the collection in June of a price of 1.350 billion euros from the service concession agreement for the financing, operation, maintenance and exploitation of the Egnatia Odos motorway and the three vertical road axes, which was signed on 29.03.2024 and the next steps of the process until the payment of the price are expected to be completed in the coming months.
Excluding the above amounts, net income shows an increase of 2.697 billion euros or 9.4% compared to the target. This increase is mainly due to:
- to the increased tax revenue by 1.455 billion euros after deducting refunds and
- to the increased PDE revenues by 776 million euros.
Tax revenue amounted to 29.276 billion euros, increased by 1.336 billion euros or 4.8% compared to the target included in the indicative report of the Budget 2024. This overperformance comes from the better performance of the income taxes of natural and legal persons in the previous year which were collected in installments until the end of February 2024 (it is noted that an estimated amount of 647 million euros is counted in the fiscal result of the year 2023), as well as the best performance in the collection of taxes of the current year (VAT, VAT, etc.).
Revenue returns amounted to 3.224 billion euros, reduced by 119 million euros from the target (3.343 billion euros).
The revenues of the Public Investment Program (PIP) amounted to 2.788 billion euros, increased by 776 million euros from the target (2.012 billion euros).
The exact distribution between the revenue categories of the state budget will be carried out with the publication of the final bulletin.
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The picture in June
In particular, in June 2024 the total of of net income of the state budget amounted to 4.577 billion euros, reduced by 1.763 billion euros compared to the monthly target, mainly due to the fact that, in the reporting report, the collection in June of the price from the concession contract of the Egnatia Odos motorway was included and of its three vertical road axes, amounting to 1.350 billion euros, which is expected to be collected in the coming months, as mentioned above.
The tax revenue amounted to 4.561 billion euros, up by 5 million euros or 0.1% against the target.
The revenue returns amounted to 612 million euros, reduced by 61 million euros from the target (673 million euros).
The revenues of the Public Investment Budget (PIB) amounted to 208 million euros, reduced by 320 million euros from the target (528 million euros).
The expenses
The expenditure of the State Budget for the period January – June 2024 they amounted to 33.722 billion euros and are presented reduced by 1.647 billion euros compared to the target (35.368 billion euros), which is included in the introductory report of the 2024 Budget. They are also increased, compared to the corresponding period of 2023, by 385 million . euro.
In the part of the Regular Budget the payments are shown short of target by 1.776 billion euros. This development is mainly due to the deferral of transfer payments to OKA by 1.126 billion euros, as well as the costs related to equipment programs amounting to 384 million euros.
Transfers to other Legal Entities increased by 309 million euros, i.e. incrementally compared to the target. More specifically, 110 million euros were paid by the Ministry of Rural Development and Food to ELGA for the compensation of agricultural holdings affected by flooding due to the DANIEL-ELIAS disasters in September 2023, 162 million euros from the Ministry of Infrastructure and Transport as a grant to transportation agencies (OASA, OASTH and OSE) and 207 million euros from the Ministry of Health as a grant to the National Central Authority for Health Procurement (EKAPY) to cover the cost of supplying medicines for the needs of the hospitals of the National Health Service and the General Hospital. Papageorgiou. Finally, interest payments increased by 369 million euros in relation to the target.
The payments on the investment expenditure side amounted to 5.160 billion euros, showing an increase of 129 million euros compared to the target, as the target was exceeded in the PDE.