State Budget Execution for January - April of 2017
State Budget Execution for January - April of 2017
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 2017 presented a deficit of 1,142 million Euros, against the target of 2017 Budget (that has been incorporated in the Budget introductory report) of deficit of 2,042 million Euros and the deficit of 973 million Euros for the same period of 2016. The State Budget Primary Balance amounted to a surplus of 1,726 million Euros, against the primary surplus target of 798 million Euros and the primary surplus of 1,906 million Euros performed at the same period of the previous year.
State Budget net revenues amounted to 15,300 million Euros, showing an underperformance of 827 million Euros or 5.1% against the target of Budget 2017.
Ordinary Budget net revenues amounted to 14,558 million Euros, 161 million Euros or 1.1% lower than the target.
Particularly, during the period of January-April 2017, there was an increase against the target mainly in the following revenue categories:
a) Corporate Income Tax (CIT) by 21 million Euros or 68.9%,
b) Property Taxes by 182 million Euros or 50.2%,
c) Direct Tax Arrears by 275 million Euros or 44.2%,
d) Other direct taxes by 35 million Euros or 8.1%,
e) Other transaction taxes by 23 million Euros or 19.9%,
f) Taxes on Vehicles by 32 million Euros or 68.7%,
g) Road duties by 27 million Euros or 39.8%,
h) Indirect Tax Arrears by 192 million Euros or 66.2%,
i) Other Non-Tax Revenue by 534 million Euros or 41.8%,
j) Revenue of incorporated off-budget accounts by 14 million Euros or 19%,
k) NATO income by 35 million Euros.
During the same period there was an underperformance against the target in the following main revenue categories:
a) Personal Income Tax (PIT) by 190 million Euros or 8.7%,
b) VAT on Fuel by 26 million Euros or 4.1%,
c) VAT on Tobacco by 60 million Euros or 30.4%,
d) VAT Other by 143 million Euros or 3.4%,
e) Excise Tax on Fuel by 102 million Euros or 6.8%,
f) Other Excise Taxes (Tobacco, etc) by 180 million Euros or 21.7%,
g) Other Consumption Taxes by 12 million Euros or 10.6%,
h) Drawings From E.U. by 127 million Euros or 37.0%,
i) Privatization proceeds by 411 million Euros or 30.1%.
Tax refunds (excluding those from the arrears clearance programme) amounted to 1,262 million Euros, increased against the target (978 million Euros) by 284 million Euros.
PIB revenues amounted to 742 million Euros, decreased against the target by 666 million Euros.
Particularly, in April 2017 the State Budget net revenues amounted to 3,883 million Euros, 171 million Euros higher than the monthly target.
Ordinary Budget net revenues amounted to 3,792 million Euros, 702 million Euros higher than the monthly target.
In April 2017, the main revenue categories that increased against the monthly target are the following:
a) Property Taxes by 44 million Euros,
b) Direct Tax Arrears by 41 million Euros,
c) Taxes on Vehicles by 10 million Euros
d) Indirect Tax Arrears by 23 million Euros,
e) Other Non-Tax Revenue by 65 million Euros,
f) Privatization proceeds by 881 million Euros. Note that the overperformance is due to the fact that an amount of 893 million Euros was received in April, concerning the concession of regional airports, which is part of the amount of 1.234 million Euros, which was estimated in the Budget 2017 to be collected in March.
Τhe main revenue categories that decreased against the monthly target are the following:
a) Personal Income Tax (PIT) by 40 million Euros,
b) Income Tax Other by 17 million Euros,
c) VAT on Fuel by 43 million Euros,
d) VAT on Tobacco by 19 million Euros,
e) Excise Tax on Fuel by 96 million Euros,
f) Other Excise Taxes (Tobacco, etc) by 36 million Euros,
g) Drawings From E.U. by 63 million Euros.
Tax refunds (excluding those from the arrears clearance programme) for the period of April 2017 amounted to 249 million Euros, increased against the monthly target (216 million Euros) by 33 million Euros.
PIB revenues for the period of April 2017 amounted to 91 million Euros, decreased against the target by 531 million Euros.
State Budget expenditures for the period of January - April of 2017 amounted to 16,442 million Euros, 1,728 million Euros lower than the target (18,170 million Euros).
Specifically, ordinary Budget expenditures amounted to 15,907 million Euros and were decreased by 1,159 million Euros against the target. Decrease against the target were mainly grants to hospitals, YPE-PEDY by 85 million Euros, Social Solidarity Income by 169 million Euros, agricultural subsidies by 150 million Euros (mainly for deficit coverage of Special Account of Guarantees of Agricultural Products), salaries and pensions by 134 million Euros, payments to EU by 332 million Euros and allowances to families with many children by 55 million Euros.
Ordinary Budget expenditures were decreased compared to the respective period of 2016 by 164 million Euros. Expenditures increased by 85 million Euros for Social Solidarity Income and by 77 million Euros for military equipment procurement.
PIB expenditure amounted to 535 million Euros, lower by 569 million Euros than the target.
For April in particular, State Budget expenditures amounted to 3,660 million Euros, 686 million Euros less than the monthly target, while Ordinary Budget expenditures amounted to 3,491 million Euros, showing an under performance of 403 million Euros against the monthly target. Public Investment Budget (PIB) expenditure amounted to 169 million Euros showing an under performance of 284 million Euros against the monthly target.