State Budget Execution for January - March 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 - March of 2017 presented a deficit of 1,364 million Euros, against the target of 2017 Budget (that has been incorporated in the Budget introductory report) of deficit of 1,408 million Euros and the deficit of 595 million Euros for the same period of 2016. The State Budget Primary Balance amounted to a surplus of 1,070 million Euros, against the primary surplus target of 992 million Euros and the primary surplus of 1,863 million Euros performed at the same period of the previous year.
State Budget net revenues amounted to 11,417 million Euros, showing an underperformance of 998 million Euros or 8.0% against the target of Budget 2017.
Note that the underperformance is due to the fact that an amount of 1,234 million Euros concerning concession of regional airports, was not received, as estimated in the Budget 2017.
Ordinary Budget net revenues amounted to 10,766 million Euros, 863 million Euros or 7.4%, lower than the target.
Particularly, during the period of January-March 2017, there was an increase against the target mainly in the following revenue categories:
a) Corporate Income Tax (CIT) by 27 million Euros or 165.5%,
b) Property Taxes by 138 million Euros or 39.4%,
c) Direct Tax Arrears by 235 million Euros or 46.2%,
d) Other direct taxes by 34 million Euros or 10.5%,
e) Other transaction taxes by 25 million Euros or 29.6%,
f) Road duties by 28 million Euros or 48.6%,
g) Indirect Tax Arrears by 170 million Euros or 69.3%,
h) Other Non-Tax Revenue by 470 million Euros or 43.7%,
i) 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 150 million Euros or 8.9%,
b) VAT on Tobacco by 41 million Euros or 28.5%,
c) VAT Other by 135 million Euros or 4.4%,
d) Other Excise Taxes (Tobacco, etc) by 144 million Euros or 23.6%,
e) Other Consumption Taxes by 17 million Euros or 20.1%,
f) Drawings From E.U. by 64 million Euros or 23.6%,
g) Privatization proceeds by 1,291 million Euros or 95.4%.
Tax refunds (excluding those from the arrears clearance programme) amounted to 1,014 million Euros, increased against the target (762 million Euros) by 251 million Euros.
PIB revenues amounted to 651 million Euros, decreased against the target by 135 million Euros.
Particularly, in March 2017 the State Budget net revenues amounted to 3,074 million Euros, 1,207 million Euros lower than the monthly target. The underperformance is due to the fact that an amount of 1,234 million Euros, concerning concession of regional airports, was not received, as estimated in the Budget 2017.
Ordinary Budget net revenues amounted to 2,781 million Euros, 1,276 million Euros lower than the monthly target.
In March 2017, the main revenue categories that increased against the monthly target are the following:
a) Property Taxes by 62 million Euros,
b) Direct Tax Arrears by 81 million Euros,
c) Indirect Tax Arrears by 33 million Euros,
d) Other Non-Tax Revenue by 49 million Euros.
Τhe main revenue categories that decreased against the monthly target are the following:
a) VAT on Tobacco by 28 million Euros,
b) Other Excise Taxes (Tobacco, etc) by 26 million Euros,
c) Drawings From E.U. by 49 million Euros,
d) Privatization proceeds by 1,284 million Euros.
Tax refunds (excluding those from the arrears clearance programme) for the period of March 2017 amounted to 369 million Euros, increased against the monthly target (218 million Euros) by 151 million Euros.
PIB revenues for the period of March 2017 amounted to 293 million Euros, increased against the target by 70 million Euros.
State Budget expenditures for the period of January - March of 2017 amounted to 12,782 million Euros, 1,041 million Euros lower than the target (13,823 million Euros).
Specifically, ordinary Budget expenditures amounted to 12,416 million Euros and were decreased by 756 million Euros against the target. Decrease against the target were mainly grants to hospitals, YPE-PEDY by 75 million Euros, Social Solidarity Income by 147 million Euros, agricultural subsidies by 171 million Euros (mainly for deficit coverage of Special Account of Guarantees of Agricultural Products), salaries and pensions by 99 million Euros and payments to EU by 315 million Euros.
Ordinary Budget expenditures were decreased compared to the respective period of 2016 by 97 million Euros. Expenditures increased by 43 million Euros for Social Solidarity Income and by 70 million Euros for military equipment procurement.
PIB expenditure amounted to 366 million Euros, lower by 285 million Euros than the target.
For March in particular, State Budget expenditures amounted to 4,873 million Euros, 10 million Euros less than the monthly target, while Ordinary Budget expenditures amounted to 4,681 million Euros, showing an over performance of 80 million Euros against the monthly target. Public Investment Budget (PIB) expenditure amounted to 191 million Euros showing an under performance of 90 million Euros against the monthly target.