Budget Execution Bulletins

Monitoring of the achievement of the General Government legal entries' targets with budjet over 20 milion euros - 1' semester of 2013



State Budget Execution for the 8 -  months of 2013

 According to the preliminary data available for the execution of the State Budget on a modified cash basis, the State Budget deficit for the 8 months of 2013 amounted to 2,441 million Euros against the target for deficit of 7,833 million Euros and the deficit of 12,484 million Euros for the 8 months of 2012. The State Budget Primary Balance amounted to a surplus of 2,922 million Euros, against the target for primary deficit of 2,496 million Euros and the primary deficit of 1,414 million Euros performed at the same period of the previous year.

 State Budget net revenues amounted to 34,943 million Euros, showing an overperformance of 1,956 million Euros or 5.9% against the 8month target 2013 (32,987 million Euros).

 Ordinary Budget net revenues amounted to 30,964 million Euros, 1,157 million Euros or 3.9% higher than the target (29,807 million Euros).

 The excess against the target continued in August when the indirect taxes exceeded the monthly target by 494 million euros or 26.5%.

 The indirect taxes overperformance offset the underperformance of the direct taxes amounted to 1,677 million euros, which were lower by 158 million euros against the monthly target of 1,835 million euros.

 We underline that the transfer of future incomes stemming from NCB's GGB holdings in ANFA portfolios has also continued in August (ANFA payments from Portugal and Belgium).

 In this context, it appears that the underperformance of the tax revenues is attributed only to the income taxes and the direct tax arrears due to the extensions that have been given to the submission of the tax declarations and to the delay in the receipts from the property taxes (FAP 2011-2012).

 State Budget expenditures amounted to 37,384 million Euros, 3,435 million Euros lower than the target (40,820 million Euros).

 Specifically, ordinary budget expenditures amounted to 34,840 million Euros and were decreased by 2,130 million Euros against target, mainly due to the reduction of primary expenditure by 1,940 million Euros against target (30,376 million Euros).

State Budget expenditures were reduced compared to the respective period of 2012 by 8,131 million Euros or by 18.9%. This decrease is mainly due to the reduction of primary expenditure by 2,840 million Euros or 9.1% as well as to the reduction in net interest payments by 5,707 million Euros or 51.6% comparing to the same period of 2012.



Financing - Payment of Arrears monthly bulletin July 2013



Financing - Payment of Arrears monthly bulletin June 2013



State Budget Execution for the 7 - months of 2013

 

According to the data available for the execution of the State Budget on a modified cash basis, the State Budget deficit for the 7 months of 2013 amounted to 1,929 million Euros against the target for deficit of 7,528 million Euros and the deficit of 13,216 million Euros for the 7 months of 2012. The State Budget Primary Balance amounted to a surplus of 2,555 million Euros, against the target for primary deficit of 3,141 million Euros and the primary deficit of 3,083 million Euros performed at the same period of the previous year.

 State Budget net revenues amounted to 30,788 million Euros, showing an overperformance of 2,292 million Euros or 8% against the 7month target 2013 (28,496 million Euros).

Ordinary Budget net revenues amounted to 26,851 million Euros, 735 million Euros or 2.8% higher than the target (26,116 million Euros).

 The excess against the target is due to the July’s increased receipts in the following categories:

a)    the Corporate Income Tax (CIT) by 160 million Euros or 93.8%, covering the bulk of the deviation of the two previous months due to the extension which has been given to the submission of the tax declarations,

b)   the Indirect Taxes by 253 million Euros or 11.3%. In particular, substantial increase was recorded in VAT and excise tax on tobacco by 17 million Euros or 29.9% and 68 million Euros or 27.2% respectively,

c)    the non-tax revenues by 72 million Euros or 28.9%,

d)   the non-recurring revenues by 1,711 million Euros due to:

 

  1. the increased receipts from the off-budget accounts and from the liquidity support plan proceeds by 179 million Euros, and
  1. the transfer of future incomes stemming from NCB's GGB holdings in ANFA portfolios (29.5 million Euros) and SMPs (1,500 million Euros). It is noted that the SMPs revenues had not been taken into account in the 2013 State Budget, because they are stemming from the European Council decision of 26 and 27 November 2012, which came after State Budget was voted in the Hellenic Parliament.
  • The Personal Income Tax (PIT) by 299 million Euros or 35.4% due to the extension which has been given to the submission of the tax declarations,
  • The direct tax arrears by 20 million Euros or 11% due to the delay in the collection of the Property Tax (FAP 2011).

 

e)   the Program Investment Budget (PIB) revenues which were amounted to 2,207 million Euros, three-times higher that the target of 700 million Euros.

 On the contrary, the underperformance against the target was continued in:

The underperformance which has been recorded in the 1st semester 2013, excluding SMPs, was fully covered in July and has led to an over performance of 793 million Euros against the seven month target.

State Budget expenditures amounted to 32,717 million Euros, 3,307 million Euros lower than the target (36,024 million Euros).

Specifically, ordinary budget expenditures amounted to 30,597 million Euros and were decreased by 1,977 million Euros against target, mainly due to the reduction of primary expenditure by 1,877 million Euros.

State Budget expenditures were reduced compared to the respective period of 2012 by 7,973 million Euros or by 20.7%. This decrease is mainly due to the reduction of primary expenditure by 2,851 million Euros or 10.2% as well as to the reduction in net interest payments by 5,649 million Euros or 55.8 % comparing to the same period of 2012.

 



Monitoring of the achievement of the state budget’s targets

First Semester of 2013 Bulletin

First Semester of 2013 Bulletin