Budget Execution Bulletins

State Budget Execution for the 3 – months January-March of 2014

According to the final data available for the execution of the State Budget on a modified cash basis, the State Budget deficit for the 3 months of 2014 amounted to 448 million Euros against the target for deficit of 1,089 million Euros and the deficit of 1,354 million Euros for the same period of 2013. The State Budget Primary Balance amounted to a surplus of 1,541 million Euros, against the target for primary surplus of 878 million Euros and the primary surplus of 520 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 12,720 million Euros, showing an over performance of 136 million euros or 1.1 % against the monthly target of State Budget 2014.

Ordinary Budget net revenues amounted to 10,678 million Euros, 728 million Euros or 6.4% lower than the target.

State Budget Tax Revenues amounted to 9,666 million Euros, lower by 520 million euros or 5.1 % against the target.

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

  1. Other income tax by 44 million Euros or 10.5%.
  2. The Other Direct Taxes by 173 million Euros or 48.1% higher than the monthly target, mainly due to the receipts of the luxury tax.
  3. The VAT of other products by 125 million Euros or 4.8%.
  4. The Other Indirect Taxes by 18 million Euros or 29.4%.

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

  1. The Corporate Income Tax (CIT) by 189 million Euros or 87.5 %, mainly due to the extension until 30/4, on the submission and payment of  withholding taxes, which normally are paid on January.
  2. The Direct Tax Arrears by 82 million Euros or 8.7 %.
  3. The VAT on fuel by 288 million Euros or 37.2 % and the excise tax on fuel by 137 million Euros or 12.3 %.
  4. Receipts from road duties, by 46 million Euros or 47.3%.
  5. The Indirect Tax Arrears by 97 million Euros or 34.2%.

Tax refunds amounted to 703 million Euros, increased against the target (347 million Euros) by 356 million Euros.

PIB revenues amounted to 2,043 million Euros, increased against the target by 865 million Euros.

State Budget expenditures amounted to 13,168 million euros, 505 million euros lower than the target (13,673 million euros).

Specifically, ordinary budget expenditures amounted to 12,250 million euros and were decreased by 823 million euros against target, mainly due to the reduction of primary expenditure by 696 million euros against the target (10,557 million Euros).

Ordinary Budget expenditures were reduced compared to the respective period of 2013 by 963 million euros or by 7.3%, despite the fact that the expenditure for a) guarantees called to bodies classified inside the general government are increased by 349 million euros and b) net interest payments are increased by 115 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 11.8% comparing to the same period of 2013.

Public Investment Budget (PIB) expenditure amounted to 918 million euros and increased by 318 million euros comparing to the target (600 million euros) and by 439 million euros comparing to the same period last year.



Financing - Payment of Arrears monthly bulletin February 2014



State Budget Execution for the 3 - 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 3 months of 2014 amounted to 423 million Euros against the target for deficit of 1,089 million Euros and the deficit of 1,354 million Euros for March of 2013. The State Budget Primary Balance amounted to a surplus of 1,566 million Euros, against the target for primary surplus of 878 million Euros and the primary surplus of 520 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 12,723 million Euros, showing an over performance of 139 million euros or 1.1% against the monthly target of State Budget 2014.

Ordinary Budget net revenues amounted to 10,686 million Euros, 720 million Euros or 6.3% lower than the target, mainly due to the increased tax refunds and the extension of the payment of the withheld tax by the corporations (over 250 million euros).

State Budget Tax Revenues amounted to 9,745 million Euros, lower by 441 million euros or 4.3% against the target.

Tax refunds amounted to 703 million Euros, significantly increased against the target (347 million Euros) by 356 million Euros.

PIB revenues amounted to 2,037 million Euros, increased against the target by 859 million Euros.

State Budget expenditures amounted to 13,146 million euros, 527 million euros lower than the target (13,673 million euros).

Specifically, ordinary budget expenditures amounted to 12,228 million euros and were decreased by 845 million euros against target, mainly due to the reduction of primary expenditure by 717 million euros against the target (10,557 million Euros).

Ordinary Budget expenditures were reduced compared to the respective period of 2013 by 985 million euros or by 7.5%, despite the fact that the expenditure for a) guarantees called to bodies classified inside the general government are increased by 349 million euros and b) net interest payments are increased by 115 million euros, comparing to the same period last year. This decrease is mainly due to the reduction of primary expenditure by 1,340 million euros or 12.0% comparing to the same period of 2013.

Public Investment Budget (PIB) expenditure amounted to 918 million euros and increased by 318 million euros comparing to the target (600 million euros) and by 439 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.



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