Budget Execution Bulletins

State Budget Execution for January of 2014

According to the final data available for the execution of the State Budget on a modified cash basis, the State Budget surplus for January of 2014 amounted to 619 million Euros against the target for surplus of 719 million Euros and the surplus of 177 million Euros for January of 2013. The State Budget Primary Balance amounted to a surplus of 835 million Euros, against the target for primary surplus of 955 million Euros and the primary surplus of 415 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 4,450 million Euros, showing an underperformance of 353 million euros or 7.3 % against the monthly target of State Budget 2014.

Ordinary Budget net revenues amounted to 4,418 million Euros, 249 million Euros or 5.3 % lower than the target.

State Budget Tax Revenues amounted to 4,314 million Euros, lower by 202 million euros or 4.5% against the target.

Ιn particular, revenue categories that exceeded the target of January 2014 are the following:

   1. The Personal Income Tax (PIT) by 42 million Euros or 5.6%.

   2. Other income tax by 72 million Euros or 60%.

   3. The Other Direct Taxes by 135 million Euros or 138.6% higher than the monthly target, mainly due to the receipts of the luxury tax.

   4. The VAT of other products by 92 million Euros or 7.2%.

   5. The other non-tax revenue by 125 million Euros or 78.4%.

On the contrary, revenue categories that underperformed comparing to the target are the following:     

   1. The Corporate Income Tax (CIT) by 192 million Euros or 95.3%.

   2. The Direct Tax Arrears by 158 million Euros or 29.7%.

   3. The VAT on fuel by 111 million Euros or 38.4% and the excise tax on fuel by 21 million Euros or 5.7%.

Tax refunds amounted to 295 million Euros, increased against the target (99 million Euros) by 196 million Euros.

State Budget expenditures amounted to 3,831 million euros, 253 million euros lower than the target (4,084 million euros).

Specifically, ordinary budget expenditures amounted to 3,523 million euros and were decreased by 460 million euros against target, mainly due to the reduction of primary expenditure by 405 million euros against the target (3,356 million Euros).

Ordinary Budget expenditures were reduced compared to the respective period of 2013 by 666 million euros or by 15.9%. This decrease is mainly due to the reduction of primary expenditure by 980 million euros or 24.9% comparing to the same period of 2013, despite the fact that the expenditure for guarantees called to bodies classified inside the general government are increased by 347 million euros comparing to the same period last year.

Public Investment Budget (PIB) expenditure amounted to 308 million euros and increased by 208 million euros comparing to the target (100 million euros) and by 241 million euros comparing to the same period last year.

Consequently, state budget primary balance increased comparing to the same period last year, despite the increased tax refunds and the increased PIB expenditure.

Conclusively, fiscal targets continue to be achieved in terms of Economic Policy Program and in terms of European System of Accounting (ESA 95).

Specifically, according to ESA 95 methodology the estimation for primary result of General Government for 2013 amounted to a deficit of 15,184 million euros or 8.3% of GDP.

In this figure is included the effect of Bank Support Scheme amounted to 19,102 million euros or 10.4% of GDP.

The primary result according to ESA 95 methodology is estimated to a surplus of 3,918 million euros or 2.1% of GDP.

 Based upon Economic Policy Program methodology, primary result of General Governmentamounted to 812 million euros or 0.4% of GDP, against zero target.



Monitoring of the achievement of the State Budget’s targets For the 12-months of 2013 Bulletin



Financing - Payment of Arrears monthly bulletin December 2013



State Budget Execution for January of 2014

According to the preliminary data available for the execution of the State Budget on a modified cash basis, the State Budget surplus for January of 2014 amounted to 595 million Euros against the target for surplus of 719 million Euros and the surplus of 177 million Euros for January of 2013. The State Budget Primary Balance amounted to a surplus of 811 million Euros, against the target for primary surplus of 955 million Euros and the primary surplus of 415 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 4,426 million Euros, showing an underperformance of 376 million euros or 7.8 % against the monthly target of State Budget 2014.

Ordinary Budget net revenues amounted to 4,394 million Euros, 273 million Euros or 5.9% lower than target.

State Budget Tax Revenues amounted to 4,545 million Euros, higher by 28 million euros or 0.6% against the target.

Tax refunds amounted to 294 million Euros, increased against the target (99 million Euros) by 195 million Euros.

State Budget expenditures amounted to 3,831 million euros, 253 million euros lower than the target (4,084 million euros).

Specifically, ordinary budget expenditures amounted to 3,524 million euros and were decreased by 460 million euros against target, mainly due to the reduction of primary expenditure by 405 million euros against the target (3,356 million Euros).

Ordinary Budget expenditures were reduced compared to the respective period of 2013 by 666 million euros or by 15.9%. This decrease is mainly due to the reduction of primary expenditure by 980 million euros or 24.9% comparing to the same period of 2013, despite the fact that the expenditure for guarantees called to bodies classified inside the general government are increased by 347 million euros comparing to the same period last year.

Public Investment Budget (PIB) expenditure amounted to 308 million euros and increased by 208 million euros comparing to the target (100 million euros) and by 241 million euros comparing to the same period last year.

Consequently, state budget primary balance increased comparing to the same period last year, despite the increased tax refunds and the increased PIB expenditure.



General Government Data Monthly Bulletin December 2013



State Budget Execution for the 12 months of 2013

According to the final data available for the execution of the State Budget on a modified cash basis, the State Budget deficit for the 12 months of 2013 amounted to 5,441 million Euros against the revised target for deficit of 6,085 million Euros and the deficit of 15,688 million Euros for the 12 months of 2012. The State Budget Primary Balance amounted to a surplus of 603 million Euros, against the revised target for primary surplus of 15 million Euros and the primary deficit of 3,464 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 53,018 million Euros, showing an under performance of 224 million euros or 0.4% against the revised target (53,242 million Euros).

The aforementioned decrease is attributed to the low Public Investment Budget Revenues of December, which amounted to 173 million Euros decreased by 550 million Euros or 76.1% against the target.

It is noted that this decrease is attributed to the delay of European Union revenue flows, which are estimated to be realized in the first months of 2014.

Ordinary Budget net revenues amounted to 48,423 million Euros, 317 million Euros or 0.7% higher than 2013 estimates (48,106 million Euros).

State Budget Tax Revenues amounted to 44,614 million Euros, higher by 211 million euros against the target.

Specifically, revenue categories that over performed against 12 month target are:

      1. Property taxes by 207 million Euros or 7.4%,

      2. Direct tax Arrears by 136 million Euros or 5.1%,

      3.  V.A.T other by 336 million Euros or 3.2%,

      4. Road duties by 83 million Euros or 7.5%,

      5. Other Non-Tax Revenues by 104 million Euros or 4.6%.

On the contrary, State Budget revenues showing underperformance against the target are:

     1. Personal Income Tax by 78 million Euros or 0.7%

     2. Other Direct Taxes by 83 million Euros or 2.9%.

     3. VAT  & Excise tax on Tobacco by 32 million euros (4.5%) and 148 million euros (4.9%) respectively

     4. VAT  & Excise tax on Fuel by 100 million euros (4.3%) and 49 million euros (1.1%) respectively

Conclusively, for the first time in the last five years revenues will reach the level of the targets set.

Tax refunds finally amounted to 3,105 million Euros (286 million euros higher than the preliminary data) and increased against the target by 204 million Euros or 7%. On top of this amount, 642 million Euros have been refunded which concern previous year’s Tax refunds and which is fiscally neutral, since they are financed by the special appropriation for the repayment of outstanding obligations.

Conclusively, total tax refunds amounted to € 3.7 billion, an increase by 12.8% comparing to 2012, substantially enhancing the liquidity on the real economy.

State Budget expenditures amounted to 58,459 million euros, 868 million euros lower than the revised target (59,327 million euros).

Specifically, ordinary budget expenditures amounted to 51,809 million euros and were decreased by 868 million euros against revised target, mainly due to the reduction of primary expenditure by 601 million euros against the revised target (44,831 million Euros).

Ordinary Budget expenditures were reduced compared to the respective period of 2012 by 9,690 million euros or by 15.8%. This decrease is mainly due to the reduction of primary expenditure by 3,299 million euros or 6.9% as well as to the reduction in net interest payments by 6,180 million euros or 50.6% comparing to the same period of 2012.

It should be noted that Public Investment Program expenditure amounted to 6.65 billion euros, approximately 540 million euros or 8.8 % higher comparing to previous years, at the height of the updated target.

The Public Investment Program expenditure in December 2013, amounted approximately to 2.7 billion, substantially enhancing the liquidity on the real economy.

Conclusively, the primary surplus is higher than the targets set, tax refunds amounted higher than the realization estimates and Public Investment Program expenditure were equal to the target set, but higher comparing to the year 2012.

 

 



State Budget Execution for the 12 - 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 12 months of 2013 amounted to 5,353 million Euros against the revised target for deficit of 6,085 million Euros and the deficit of 15,688 million Euros for the 12 months of 2012. The State Budget Primary Balance amounted to a surplus of 691 million Euros, against the revised target for primary surplus of 15 million Euros and the primary deficit of 3,464 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 52,914 million Euros, showing an under performance of 328 million euros or 0.6% against the revised target.

It is noted that the aforementioned decrease is attributed to the low Public Investment Budget Revenues of December, which amounted to 151 million Euros decreased by 572 million Euros or 79% against the target. The main part of this decrease derived from the delay of European Union revenue flows, which are estimated to be realized in the first months of 2014.

Ordinary Budget net revenues amounted to 48,339 million Euros, 233 million Euros or 0.5% higher than 2013 estimates.

State Budget Tax Revenues amounted to 44,339 million Euros, marginally lower by 64 million euros or -0.1% against the 2013 estimate

Tax refunds amounted to 2,819 million Euros, decreased against the target by 82 million Euros or 2.8%. On top of this amount, 642 million Euros have been refunded which concern previous year’s Tax refunds.

State Budget expenditures amounted to 58,267 million euros, 1,061 million euros lower than the revised target (59,327 million euros).

Specifically, ordinary budget expenditures amounted to 51,617 million euros and were decreased by 1,060 million euros against revised target, mainly due to the reduction of primary expenditure by 781 million euros against the revised target (44,831 million Euros).

Ordinary Budget expenditures were reduced compared to the respective period of 2012 by 9,883 million euros or by 16.1%. This decrease is mainly due to the reduction of primary expenditure by 3,479 million euros or 7.3% as well as to the reduction in net interest payments by 6,180 million euros or 50.6% comparing to the same period of 2012.