Budget Execution Bulletins

State Budget Execution for the 2 - months 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 the 2 months of 2014 amounted to 487 million Euros against the target for deficit of 527 million Euros and the deficit of 788 million Euros for February of 2013. The State Budget Primary Balance amounted to a surplus of 2,063 million Euros, against the target for primary surplus of 1,047 million Euros and the primary surplus of 487 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 9,463 million Euros, showing an over performance of 427 million euros or 4.7% against the monthly target of State Budget 2014.

Ordinary Budget net revenues amounted to 7,869 million Euros, 580 million Euros or 6.9% lower than the target.

State Budget Tax Revenues amounted to 6,879 million Euros, lower by 454 million euros or 6.2% against the target.

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

        1. Other income tax by 86 million Euros or 33.7%.

        2. The Other Direct Taxes by 149 million Euros or 67.7% higher than the monthly target, mainly due to the receipts of the luxury tax.

        3. The VAT of other products by 175 million Euros or 9.1%.

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

        1. The Personal Income Tax (PIT) by 131 million Euros or 12.1% and the Corporate Income Tax (CIT) by 191 million Euros or 92.0%.

        2. The Direct Tax Arrears by 94 million Euros or 12.1%.

        3. The VAT on fuel by 218 million Euros or 39.4% and the excise tax on fuel by 79 million Euros or 10.6%.

Tax refunds amounted to 497 million Euros, increased against the target (193 million Euros) by 304 million Euros.

PIB revenues amounted to 1,594 million Euros, increased against the target by 1.007 million Euros.

State Budget expenditures amounted to 8,976 million euros, 587 million euros lower than the target (9,563 million euros).

Specifically, ordinary budget expenditures amounted to 8,369 million euros and were decreased by 844 million euros against target, mainly due to the reduction of primary expenditure by 789 million euros against the target (7,207 million Euros).

Ordinary Budget expenditures were reduced compared to the respective period of 2013 by 774 million euros or by 8.5%, despite the fact that the expenditure for a) guarantees called to bodies classified inside the general government are increased by 352 million euros and b) net interest payments are increased by 301 million euros, comparing to the same period last year. This decrease is mainly due to the reduction of primary expenditure by 1,320 million euros or 17.1% comparing to the same period of 2013.

Public Investment Budget (PIB) expenditure amounted to 606 million euros and increased by 256 million euros comparing to the target (350 million euros) and by 327 million euros comparing to the same period last year.



Financing - Payment of Arrears monthly bulletin January 2014



State Budget Execution for the 2 - months 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 the 2 months of 2014 amounted to 495 million Euros against the target for deficit of 527 million Euros and the deficit of 788 million Euros for February of 2013. The State Budget Primary Balance amounted to a surplus of 2,072 million Euros, against the target for primary surplus of 1,047 million Euros and the primary surplus of 487 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 9,469 million Euros, showing an over performance of 433 million euros or 4.8% against the monthly target of State Budget 2014.

Ordinary Budget net revenues amounted to 7,874 million Euros, 575 million Euros or 6.8% lower than the target.

State Budget Tax Revenues amounted to 6,974 million Euros, lower by 359 million euros or 4.9% against the target.

Tax refunds amounted to 497 million Euros, significantly increased against the target (193 million Euros) by 304 million Euros.

PIB revenues amounted to 1,594 million Euros, increased against the target by 1.007 million Euros.

State Budget expenditures amounted to 8,973 million euros, 590 million euros lower than the target (9,563 million euros).

Specifically, ordinary budget expenditures amounted to 8,367 million euros and were decreased by 846 million euros against target, mainly due to the reduction of primary expenditure by 791 million euros against the target (7,207 million Euros).

Ordinary Budget expenditures were reduced compared to the respective period of 2013 by 776 million euros or by 8.5%, despite the fact that the expenditure for a) guarantees called to bodies classified inside the general government are increased by 352 million euros and b) net interest payments are increased by 301 million euros, comparing to the same period last year. This decrease is mainly due to the reduction of primary expenditure by 1,322 million euros or 17.1% comparing to the same period of 2013.

Public Investment Budget (PIB) expenditure amounted to 606 million euros and increased by 256 million euros comparing to the target (350 million euros) and by 327 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 January 2014



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