2024-07-26 10:42:28
It reached 2.905 billion euros primary surplus in the first half of this year, against a target of a primary surplus of 1.204 billion euros and a primary surplus of 2.116 billion euros for the same period in 2023, according to government execution data budget published by the Ministry of Finance.
It is noted by the ministry that part of the difference of the primary surplus against the target in cash terms is not counted in the primary result of 2024 in fiscal terms. Indicatively, an amount of 159 million euros related to collections of the Recovery and Resilience Fund does not affect the result in fiscal terms, while a significant part of the difference in tax revenue collections, amounting to 647 million euros, is counted in the fiscal result of 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.
For the period January – June 2024, there is a deficit in the state budget balance of 2.256 billion euros against a target for a deficit of 3.616 billion euros included for the corresponding period of 2024 in the introductory report of the 2024 Budget and a deficit of 2.462 billion euros the corresponding period of 2023.
Revenue
In particular, in the period January-June 2024, the amount of net revenues of the state budget amounted to 31.466 billion euros, showing a decrease of 287 million euros or 0.9% compared to the target included for the corresponding period in the introductory report of of the 2024 budget, since the target of the report included: a) the collection in March of an amount of 1.797 billion euros from the Recovery and Resilience Fund (TAA), which was mostly collected, i.e. 1.687 billion euros in December 2023 and an additional amount of 159 million euros was collected in January 2024 and b) 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 ( 3) of vertical road axes, which was signed on 29/3/2024 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 2.701 billion euros or 9.4% compared to the target. This increase is mainly due to:
- to the increased tax revenue by 1.377 billion euros after deducting refunds and
- to the increased PDE revenues by 776 million euros.
Total state budget revenues amounted to €34.690 billion, down €406 million or 1.2% from the target.
Specifically, the revenues of the major categories of the state budget are as follows:
I. The revenues of the “Taxes” category amounted to 29.198 billion euros, increased by 1.258 billion euros or 4.5% compared to the target included in the 2024 budget report. This overperformance comes from the better performance of taxes of income of natural and legal persons of the previous year 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.).
In particular, the following are observed for the main taxes of this category:
- VAT revenues amounted to 11.943 billion euros and are increased against the target by 348 million euros.
- The revenues of the tax authorities amounted to 3.318 billion euros and are increased against the target by 79 million euros.
- Real estate tax revenues amounted to €1.603 billion and are €77 million above the target.
- Income tax revenues amounted to 8.828 billion euros and are increased against the target by 738 million euros, of which Personal Income Tax is increased by 128 million euros, Corporate Income Tax is increased by 487 million euros and Other Income Taxes increased by 124 million euros against the target.
II. The revenues of the “Social Contributions” category amounted to 30 million euros, roughly in line with the target.
III. The revenues of the “Transfers” category amounted to 2.888 billion euros, reduced by 954 million euros compared to the target included in the 2024 budget report, mainly due to:
- of the collection in December 2023 of the amount of 1.687 billion euros from the Recovery and Resilience Fund (RESF), while an amount of 159 million euros was collected in January 2024, against a target of 1.797 billion euros that was initially predicted to be collected in the month of March 2024 and
- of increased PDE revenues, by 562 million euros, compared to the target. In particular, of the above collected amount of 2.888 billion euros, an amount of 2.492 billion euros concerns PDE revenues.
IV. The revenue of the “Sales of goods and services” category amounted to 470 million euros, reduced by 1.355 billion euros compared to the target included in the 2024 budget report. The observed decrease is due to the fact that the target of the report included the collection in June of the price from the concession contract, the Egnatia Odos highway and its three vertical road axes, amounting to 1.350 billion euros, which is expected to be collected in the following months, as mentioned above.
V. The income of the category “Other current income” amounted to 2.080 billion euros, increased by 620 million euros compared to the target included in the indicative report of the 2024 budget, mainly due to the increased income from reimbursements of expenses, by 274 million. euro. It should be noted that of the above collected amount of 2.080 billion euros, an amount of 296 million euros concerns PDE revenues, which are increased by 214 million euros compared to the target.
VI. The revenue of the category “Sales of fixed assets” amounted to 24 million euros, against a target of 1 million euros.
Revenue returns totaled €3.224 billion, down €119 million from the target (€3.343 billion).
The total 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 picture in June
In June, the total net revenues of the state budget amounted to 4.581 billion euros, reduced by 1.759 billion euros against the monthly target, mainly due to the fact that, in the target setting of the introductory report, the collection in the month of June of the price from the concession contract, of the Egnatia Odos highway and its three vertical road axes, amounting to 1.350 billion euros, which, however, is expected to be collected in the coming months, as mentioned above.
The revenues per major category of the state budget for June 2024 are as follows:
I. The revenues of the “Taxes” category amounted to 4.484 billion euros, reduced by 73 million euros or 1.6% against the target. In particular, the following are observed for the main taxes of this category:
- VAT revenues amounted to 1.756 billion euros and are increased against the target by 51 million euros.
- The revenues of the tax authorities amounted to 604 million euros and are increased against the target by 8 million euros.
- Real estate tax revenues amounted to 189 million euros and are short of the target by 69 million euros.
- Income tax revenues amounted to 1.394 billion euros and are 15 million euros short of the target.
II. The revenues of the “Social Contributions” category amounted to 5 million euros, in line with the target.
III. The revenues of the “Transfers” category amounted to 127 million euros, reduced by 403 million euros compared to the target included in the introductory report of the 2024 budget. An amount of 119 million euros concerns PDE revenues, which are reduced by 399 million .euro against the target.
IV. The revenues of the “Sales of goods and services” category amounted to 64 million euros, reduced by 1.373 billion euros compared to the target included in the report of the 2024 budget. The observed decrease is due to the fact that, in the target setting of the report, including the collection in June of the price from the concession contract, the Egnatia Odos highway and its three vertical road axes, amounting to 1.350 billion euros, which is expected to be collected in the following months, as mentioned above.
V. The income of the “Other current income” category amounted to 513 million euros, increased by 28 million euros compared to the target included in the introductory report of the 2024 budget. An amount of 89 million euros concerns PDE income, which is increased by 79 million euros compared to the target.
Revenue returns totaled €612 million, down €61 million from the target (€673 million).
The total revenues of the PDE amounted to 208 million euros, reduced by 320 million euros from the target (528 million euros).
The expenses
The state budget expenditures for the period January – June 2024 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 , in relation to the corresponding period of 2023, by 385 million euros.
In the part of the regular budget, payments are shown reduced compared to the 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 415 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 the period of 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 Supplies (EKAPY) to cover the cost of supplying medicines for the needs of the hospitals of the National Health Service and the National Health Service. Papageorgiou. Finally, interest payments increased by 369 million euros in relation to the target.
Payments in the investment expenditure arm amounted to 5.160 billion euros, showing an increase of 129 million euros in relation to the target, as the target was exceeded in the PDP.