Budget Execution Bulletins

April 2013 (General Government)



According to the data available for the execution of the State Budget on a modified cash basis, the State Budget deficit for the 4 months of 2013 amounted to 2,425 million Euros against the target for deficit of 5,740 million Euros and the deficit of 9,148 million Euros for the 4 months of 2012. The State Budget primary deficit amounted to 306 million Euros is significantly reduced against the target for primary deficit of 3,613 million Euros and the primary deficit of 1,729 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 15,743 million Euros, showing an increase of 786 million Euros or 5.3% against the 4 month target 2013 (14,957 million Euros).

Ordinary Budget net revenues amounted to 14,027 million Euros, presenting an increase of 130 million Euros or 0.9% comparing to the target (13,897 million Euros).

It is noted that in April 2013 both Direct and Indirect Taxes hit the targets, an outcome that was observed for the first time this year for Indirect taxes in particular.

Especially for April, tax categories showing a decrease against the target are the following:

a)      the VAT, in all of its categories, by 66 million Euros or 5.1%, out of which 43 million Euros derive from VAT on fuel.

b)      excise tax on  fuel by 8 million Euros or 2.2%.

c)       other non tax revenues by 99 million Euros or 27.0%

On the contrary, revenues that exceeded the target are:

a)      the personal income tax by 54 million Euros or by 9.4%, out of which 52 million euros derive from PIT,

b)      the property taxes, by 69 million Euros or 50.5%,

c)       the other indirect consumption taxes and specifically excise tax on tobacco  by 36 million Euros or 19.1%.

d)      The Indirect Tax Arrears by 14 million Euros or by 51.1 % mainly due to overdue payments of V.A.T.

The Programme Investment Budget (PIB) revenues in the first four months of 2013 amounted to 1,715 million Euros, 655 million Euros higher than the target of 1,060 million Euros.

State Budget expenditures equalled to 18,168 million Euros, 2,529 million Euros lower than the target (20,697 million Euros).

Specifically, ordinary budget expenditures decreased by 1,615 million Euros against target, mainly due to the reduction of primary expenditure by 1,451 million Euros.

State Budget expenditures were reduced compared to the respective period of 2012 by 7,123 million Euros or by 28.2%. This amount is analyzed to the reduction of primary expenditure by 2,058 million Euros (12.3%) as well as to the reduction in net interest payments by 5,299 million Euros (71.4%) in relation to the same period of 2012.

It is noted that the decrease in interest payments mainly stems from the fact that most of the bond interest payments involved in the PSI took place in the first three months of 2012. 



State Budget Execution For the 4months 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 4 months of 2013 amounted to 2,449 million Euros against the target for deficit of 5,740 million Euros and the deficit of 9,148 million Euros for the 4 months of 2012. The State Budget primary deficit amounted to 330 million Euros is significantly reduced against the target for primary deficit of 3,613 million Euros and the primary deficit of 1,729 million Euros performed the same period of previous year.

 State Budget net revenues amounted to 15,719 million Euros, showing an increase of 762 million Euros or 5.1% against the 4 month target 2013 (14,957 million Euros).

 Ordinary Budget net revenues amounted to 14,003 million Euros, presenting an increase of 106 million Euros or 0.8% comparing to the target (13,897 million Euros).

 It is noted that in April 2013 both Direct and Indirect Taxes hit the targets, an outcome that was observed for the first time this year for Indirect taxes in particular.

 Especially for April, tax categories showing a decrease against the target are the following:

a)      the VAT, in all of its categories, by 66 million Euros or 5.1 %, out of which 43 million Euros derives from VAT on fuel.

b)      excise tax on  fuel by 8 million Euros or 2.2%.

c)       other non tax revenues by 101 million Euros or 27.6%

 On the contrary, revenues that exceeded the  target are:

 a)      the personal income tax by 40 million Euros or by 7.1%,

b)      the property taxes, by 69 million Euros or 51%,

c)       the other indirect consumption taxes and specifically excise tax on tobacco  by 36 million Euros or 19.1%.

d)      The Indirect Tax Arrears by 14 million Euros or by 51.1 % mainly due to overdue payments of V.A.T.

 The Programme Investment Budget (PIB) revenues in the first four months of 2013 amounted to 1,715 million Euros, 655 million Euros higher than the target of 1.060 million Euros.

State Budget expenditures equalled to 18,168 million Euros, 2,529 million Euros lower than the target (20,697 million Euros).

Specifically, ordinary budget expenditures decreased by 1,615 million Euros against target, mainly due to the reduction of primary expenditure by 1,451 million Euros.

State Budget expenditures were reduced compared to the respective period of 2012 by 7,123 million Euros or by 28.2%. This amount is analyzed to the reduction of primary expenditure by 2,058 million Euros (12.3%) as well as to the reduction in net interest payments by 5,299 million Euros (71.4%) in relation to the same period of 2012.

 It is noted that the decrease in interest payments mainly stems from the fact that most of the bond interest payments involved in the PSI took place in the first three months of 2012.

 



Financing - Payment of Arrears to beneficiaries outside the General Government March 2013



March 2013 (General Government)



According to the data available for the execution of the State Budget on a modified cash basis, the State Budget deficit for the 3 months of 2013 amounted to 1,354 million Euros against the target for deficit of 4,185 million Euros and the deficit of 7,279 million Euros for the 3 months of 2012. The State Budget primary surplus amounted to 520 million Euros, against the target for primary deficit of 2,338 million Euros and the deficit of 334 million Euros performed the same period of previous year.

State Budget net revenues amounted to 12,338 million Euros, showing an increase of 985 million Euros or 8.7% against the 3 month target 2013 (11,353 million Euros).

Ordinary Budget net revenues amounted to 10,724 million Euros, presenting an increase of 161 million Euros or 1.5% comparing to the target (10,563 million Euros).

Tax categories showing a decrease against the target are the following:

a)      the VAT, in all of its categories, by 217 million Euros or 6,1 %, out of which 126 million Euros derives from VAT on fuel.

b)      the consumption taxes and specifically excise tax on tobacco by 144 million Euros. It is noted that the receipts from excise tax on tobacco although still low it seems that gradually are recovering and the deviation from the target is limited to 19,8% against 33,2% in the first two months.

c)       excise tax on fuel by 55 million Euros or 5,1%.

 On the contrary, revenues that exceeded the  target are:

a)      the property taxes, by 101 million Euros or by 16,6%

b)      the Indirect Tax Arrears by 98 million Euros or by 74,5% mainly due to overdue payments of V.A.Τ.

c)       the Direct Tax Arrears by 40 million Euros or 3,9%, the bulk of which concerns Personal Income Tax.

The Tax refunds amounted to 213 million Euros. This amount does not include 570 million Euros for the clearance of tax refunds in arrears during the first three months of 2013.

The Programme Investment Budget (PIB) revenues amounted to 1,614 million Euros, 824 million Euros higher than the target of 790 million Euros. This is attributed to the increased EU inflows deriving from the payments applications that have been submitted at the end of 2012.

State Budget expenditures equalled to 13,692 million Euros, 1,846 million Euros lower than the target (15,538 million Euros).

Specifically, ordinary budget expenditures decreased by 1,175 million Euros against target, mainly due to the reduction of primary expenditure by 1,090 million Euros.

State Budget expenditures were reduced compared to the respective period of 2012 by 6,417 million Euros or by 32.7%. This amount is analyzed to the reduction of primary expenditure by 1,397 million Euros (11,1%) as well as to the reduction in net interest payments by 5,071 million Euros (73%) in relation to the same period of 2012.

It is noted that the decrease in interest payments mainly stems from the fact that most of the bond interest payments involved in the PSI took place in the first three months of 2012.

 



State Budget Execution For the 3months 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 3 months of 2013 amounted to 1,366 million Euros against the target for deficit of 4,185 million Euros and the deficit of 7,279 million Euros for the 3 months of 2012. The State Budget primary surplus amounted to 508 million Euros, against the target for deficit of 2,338 million Euros and the deficit of 334 million Euros performed the same period of previous year.

State Budget net revenues amounted to 12.348 million Euros, showing an increase of 995 million euros or 8.8% against the 3 month target 2013 (11.353 million Euros).

Ordinary Budget net revenues amounted to 10.721 million Euros, presenting an increase of 158 million Euros or 1.5% comparing to the target (10.563 million Euros).

Tax categories showing a decrease against the target are the following:

a)      the VAT, in all of its categories, by 260 million Euros or 7,3 %, out of which 126 million Euros derives from  VAT on fuel.

b)      the other indirect consumption taxes and specifically excise tax on tobacco  by 144 million Euros. It is noted that the receipts from excise tax on tobacco although still low it seems that gradually are recovering and the deviation from the target is limited to 19,8% against 33,2% in the first two months.

c)       excise tax on  fuel by 55 million Euros or 5,1%.

On the contrary, revenues that exceeded the  target are:

a)      the personal income tax by 31 million Euros or by 1,5%

b)      the property taxes, by 101 million Euros or 16.6%

c)       The Indirect Tax arrears by 99 million euros or by 75,8% mainly due to overdue payments of V.A.T.

The Tax refunds amounted to 213 million Euros. This amount does not include 570 million Euros for the clearance of tax refunds in arrears during the first three months of 2013.

The Programme Investment Budget (PIB) revenues amounted to 1.627 million Euros, 837 million Euros higher than the target of 790 million Euros. This is attributed to the increased EU inflows deriving from the payments applications that have been submitted at the end of 2012.

State Budget expenditures equalled to 13,714 million Euros, 1,824 million Euros lower than the target (15,538 million Euros).

Specifically, ordinary budget expenditures decreased by 1,153 million Euros against target, mainly due to the reduction of primary expenditure by 1,073 million Euros.

State Budget expenditures were reduced compared to the respective period of 2012 by 6,404 million Euros or by 31.8%. This amount is analyzed to the reduction of primary expenditure by 1,380 million Euros (11%) as well as to the reduction in net interest payments by 5.071 million Euros (73%) in relation to the same period of 2012.

It is noted that the decrease in interest payments mainly stems from the fact that most of the bond interest payments involved in the PSI took place in the first three months of 2012.