Budget Execution Bulletins

December 2012 (General Government)



State Budget Execution January – December 2012

According to the final data available for the execution of the State Budget for the 12-months January – December 2012, on a modified cash basis, the State Budget deficit amounted to 15,688 million Euros while, for the same period, the State Budget primary deficit amounted to 3,645 million Euros, substantially lower relative to the target of 16,312 million Euros for the State Budget deficit and the 4,577 million Euros for the State Budget primary deficit. Both State budget deficit and primary deficit perform a significant improvement compared to the first 12-months period of previous year, by 7,085 and 2,960 million Euros, respectively. Thus, state budget balance is reduced by 31.1% compared to the same period last year.

 State Budget net revenues amounted to 51.925 million Euros, showing a 3.7% decrease against the January-December 2011 and 0.9% or 468 million euros against the updated target (52.393 million euros). This underperformance was due to the lower than expected inflows from the EU in the Public Investment Budget (P.I.B.) revenues.

Specifically, Ordinary Budget net revenues amounted to 48.325 million Euros for the period of January – November 2012, presenting an increase of 1.3% or 619 million Euros comparing to the 2012 target (47.706 million Euros).

The increase against the updated annual target is mainly attributed to the higher than expected receipts from:

a)      the income tax (by 230 million €),

b)      the property taxes (by 107 million €),

c)       the other direct taxes (by 207 million €), mainly due to the special solidarity contribution

d)      the vehicles road duties ( by 55 million €),

e)      the non - tax revenues (55 million €).

as well as from the lower tax refunds by 517 million euros against the target.

On the contrary, the Public Investment Budget revenues amounted to 3.601 million €, lower by 172 million € against 2011 and by 1.086 million euros against the updated target. Nevertheless, the acceleration of P.I.B. expenditures during December 2012 is expected to increase the EU inflows in the first two months of 2013.

 

State Budget expenditures for the first 12-months of 2012, equalled to 67,614 million Euros, 1,091 million Euros lower than the year-to-date target (68,705 million Euros) estimation.

Specifically, ordinary budget expenditures decreased by 356 million Euros against target, mainly due to the reduction of primary expenditure by 449 million Euros, military procurement (290 million Euros below target), grants to hospitals for past debt settlement (8 million Euros below target) and spending for guarantees called inside and outside General Government (73 million Euros below target).

Net interest payments amounted to 12,223 million Euros performing higher than the target (11,735 million Euros) by 488 million Euros, mainly due to the public debt buyback of amount 31.9 billion Euros nominal value, made on 18-12-2012.

Furthermore, loan disbursement fees to EFSF amounted to 541 million Euros, against the target of 565 million Euros.

State Budget expenditures up to December 2012 were reduced compared to the 12-months period of the previous year by 9,091million Euros or by 11.9%. It is noted that most individual spending categories were reduced with the greatest saving achieved in Primary Expenditure which performed a 8.6% decrease (or 4,423 million Euro), a figure constituting a major success indicator of State Budget expenditure restriction. Net interest payments also showed a significant decrease of 25.2% (or 4,125 million Euros). 



State Budget Execution January – December 2012

 According to the data available for the execution of the State Budget for the 12-months January – December 2012, on a modified cash basis, the State Budget deficit amounted to 15,908 million Euros while, for the same period, the State Budget primary deficit amounted to 3,684 million Euros, substantially lower relative to the target of 16,312 million Euros for the State Budget deficit and the 4,577 million Euros for the State Budget primary deficit. Both State budget deficit and primary deficit perform a significant improvement compared to the first 12-months period of previous year, by 6,866 and 2,742 million Euros, respectively. Thus, state budget balance is reduced by 30.1% compared to the same period last year.

State Budget net revenues amounted to 51,706 million Euros, showing a 4.1% decrease against the January-December 2011 and 1.3% or 687 million Euros against the updated target (52,393 million Euros). This undershooting was due to the lower than expected inflows from the EU in the Public Investment Budget (P.I.B.) revenues.

Specifically, Ordinary Budget net revenues amounted to 48,116 million Euros for the period of January – December 2012, presenting an increase of 0.9% or 410 million Euros comparing to the 2012 target (47,706 million Euros).

The increase against the updated annual target is mainly attributed to the higher than expected receipts from:

a)      the income tax (by 355 million €),

b)      the property taxes (by 170 million €),

c)       the other direct taxes (by 59 million €),

d)      the vehicles road duties ( by 55 million €),

e)      the non - tax revenues (32 million €).

as well as from the lower tax refunds by 366 million Euros against the target.

On the contrary, the P.I.B. revenues amounted to 3.590 million €, lower by 183 million € against 2011 and by 1.097 million Euros against the updated target. Nevertheless, the acceleration of P.I.B. expenditures during December 2012 is expected to increase the EU inflows in the first two months of 2013.

State Budget expenditures for the first 12-months of 2012, equalled to 67,614 million Euros, 1,091 million Euros lower than the year-to-date target (68,705 million Euros) estimation.

Specifically, ordinary budget expenditures decreased by 355 million Euros against target, mainly due to the reduction of primary expenditure by 449 million Euros, military procurement (290 million Euros below target), grants to hospitals for past debt settlement (8 million Euros below target) and spending for guarantees called inside and outside General Government (73 million Euros below target).

Net interest payments amounted to 12,223 million Euros performing higher than the target (11,735 million Euros) by 488 million Euros, mainly due to the public debt buyback of amount 31.9 billion Euros nominal value, made on 18-12-2012.

Furthermore, loan disbursement fees to EFSF amounted to 541 million Euros, against the target of 565 million Euros.

State Budget expenditures up to December 2012 were reduced compared to the 12-months period of the previous year by 9,091million Euros or by 11.9%. It is noted that most individual spending categories were reduced with the greatest saving achieved in Primary Expenditure which performed a 8.6% decrease (or 4,423 million Euro), a figure constituting a major success indicator of State Budget expenditure restriction. Net interest payments also showed a significant decrease of 25.2% (or 4,125 million Euros).



November 2012 (General Government)



State Budget Execution January – November 2012

According to the data available for the execution of the State Budget for the 11-months January – November 2012, on a modified cash basis, the State Budget deficit amounted to 12,852 million Euros while, for the same period, the State Budget primary deficit amounted to 1,419 million Euros, substantially lower relative to the target of 15,045 million Euros for the State Budget deficit and the 3,594 million Euros for the State Budget primary deficit. Both State budget deficit and primary deficit perform a significant improvement compared to the first 11-months period of previous year, by 8,646 and 4,583 million Euros, respectively. Thus, state budget balance is reduced by 40.2% compared to the same period last year.

 State Budget net revenues amounted to 45.860 million Euros, showing a 1.4% decrease against the January-November 2011. On the contrary the net revenues were exceeded the updated target, by 38 million Euros.

Specifically, Ordinary Budget net revenues amounted to 42.903 million Euros for the period of January – November 2012, presenting an excess of 520 million Euros comparing to the 2012 target (42.383 million Euros).

The increase against the updated target is mainly attributed to the higher than expected receipts from:

a)      the income tax (by 280 million €),

b)      the other direct taxes, in particular the special solidarity levy (by 115 million €),

c)       the property taxes (by 93 million €),

d)      the taxes on insurance premium ( by 63 million €),

e)      the non - tax revenues (76 million €).

as well as from the lower tax refunds by 158 million euros against the target.

State Budget expenditures for the first 11-months of 2012, equalled to 58,713 million Euros, 2,154 million Euros lower than the year-to-date target (60,867 million Euros) estimation.

Specifically, ordinary budget expenditures decreased by 932 million Euros against target, mainly due to the reduction of primary expenditure by 461 million Euros, military procurement (171 million Euros below target), grants to hospitals for past debt settlement (8 million Euros below target) and spending for guarantees called inside and outside General Government (114 million Euros below target).

Net interest payments amounted to 11,433 million Euros performing lower than the target (11,451 million Euros) by 18 million Euros.

Furthermore, loan disbursement fees to EFSF amounted to 370 million euros.

State Budget expenditures up to November 2012 were reduced compared to the 11-months period of the previous year by 9,288 million Euros or by 13.7%. It is noted that most individual spending categories were reduced with the greatest saving achieved in Primary Expenditure which performed a 9.5% decrease (or 4,430 million Euro), a figure constituting a major indicator of State Budget expenditure restriction.



State Budget Execution January – November 2012

According to the preliminary data available for the execution of the State Budget for the 11-months January – November 2012, on a modified cash basis, the State Budget deficit amounted to 12,919 million Euros while, for the same period, the State Budget primary deficit amounted to 1,486 million Euros, substantially lower relative to the target of 15,047 million Euros for the State Budget deficit and the 3,596 million Euros for the State Budget primary deficit. Both State budget deficit and primary deficit perform a significant improvement compared to the first 11-months period of previous year, by 8,579 and 4,471 million Euros, respectively. Thus, state budget balance is reduced by 39.9% compared to the same period last year.

State Budget net revenues amounted to 45,793 million Euros, showing a 1.5% decrease against the January-November 2011 as well as against the updated target, by 27 million Euros.

Specifically, Ordinary Budget net revenues amounted to 42,837 million Euros for the period of January – November 2012, presenting an excess of 456 million Euros comparing to the 2012 target (42,382 million Euros).

The increase against the updated target is mainly  attributed to the higher than expected receipts from:

a)      the income tax (by 388 million €)

b)      the property taxes (by 93 million €)

c)       the taxes on insurance premium ( by 62 million €)

d)      non - tax revenues (by 75 million €)

State Budget expenditures for the first 11-months of 2012, equalled to 58,713 million Euros, 2,154 million Euros lower than the year-to-date target (60,867 million Euros) estimation.

Specifically, ordinary budget expenditures decreased by 932 million Euros against target, mainly due to the reduction of primary expenditure by 461 million Euros, military procurement (171 million Euros below target), grants to hospitals for past debt settlement (8 million Euros below target) and spending for guarantees called inside and outside General Government (114 million Euros below target).

Net interest payments amounted to 11,433 million Euros performing lower than the target (11,451 million Euros) by 18 million Euros.

Furthermore, loan disbursement fees to EFSF amounted to 370 million euros.

 State Budget expenditures up to November 2012 were reduced compared to the same period of previous year by 9,288 million Euros or by 13.7%. It is noted that most individual spending categories were reduced with the greatest saving achieved in Primary Expenditure which performed a 9.5% decrease (or 4,430 million Euro), a figure constituting a major  indicator of State Budget expenditure restriction.



October 2012 (General Government)