Budget Execution Bulletins

Financing - Payment of Arrears monthly bulletin August 2013



General Government Data Monthly Bulletin August 2013



State Budget Execution for the 8 -  months of 2013

According to the data available for the execution of the State Budget on a modified cash basis, the State Budget deficit for the 8 months of 2013 amounted to 2,502 million Euros against the target for deficit of 7,833 million Euros and the deficit of 12,484 million Euros for the 8 months of 2012. The State Budget Primary Balance amounted to a surplus of 2,861 million Euros, against the target for primary deficit of 2,496 million Euros and the primary deficit of 1,414 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 34,893 million Euros, showing an over performance of 1,906 million Euros or 5.8% against the 8month target 2013 (32,987 million Euros).

Ordinary Budget net revenues amounted to 30,913 million Euros, 1,106 million Euros or 3.7% higher than the target (29,807 million Euros).

Particularly in August, after the preliminary data reclassification, both the direct taxes and indirect taxes were exceeded the target by 259 million euros or 14.1%, and by 63 million euros or 3.4% respectively. More Specifically, over performance recorded in:

a)    The Direct Tax Arrears by 154 million euros or 91.4%, due to the collection of the previous year’s property taxes (FAP 2011 & 2012),

b)   The property taxes by 75 million euros or 115.9%,

c)    The Corporate Income Taxes by 78 million euros or 51.1%,

d)   The personal Income Tax by 25 million euros or 2.9%,

e)   The VAT other, which is the biggest revenue category of VAT receipts, by 94 million euros or 12%.

The deviation against the targets, were limited and were concentrated in revenues categories like VAT and excise tax on fuel.

We underline that the transfer of future incomes stemming from NCB's GGB holdings in ANFA portfolios has also continued in August (ANFA payments from Portugal and Belgium).

In this context, it appears that the underperformance of the tax revenues was limited to 726 million euros, against 1,060 million euros of 7month period.  Thanks to the good performance of the indirect taxes, for second consecutive month, and the encouraging picture of income taxes and direct tax arrears, it is estimated that the temporary deviation from the tax revenues target will be covered in the coming months.

State Budget expenditures amounted to 37,395 million Euros, 3,425 million Euros lower than the target (40,820 million Euros).

Specifically, ordinary budget expenditures amounted to 34,850 million Euros and were decreased by 2,119 million Euros against target, mainly due to the reduction of primary expenditure by 1,929 million Euros against target (30,376 million Euros).

State Budget expenditures were reduced compared to the respective period of 2012 by 8,120 million Euros or by 18.9%. This decrease is mainly due to the reduction of primary expenditure by 2,829 million Euros or 9% as well as to the reduction in net interest payments by 5,707 million Euros or 51.6% comparing to the same period of 2012. 



Monitoring of the achievement of the General Government legal entries' targets with budjet over 20 milion euros - 1' semester of 2013



State Budget Execution for the 8 -  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 8 months of 2013 amounted to 2,441 million Euros against the target for deficit of 7,833 million Euros and the deficit of 12,484 million Euros for the 8 months of 2012. The State Budget Primary Balance amounted to a surplus of 2,922 million Euros, against the target for primary deficit of 2,496 million Euros and the primary deficit of 1,414 million Euros performed at the same period of the previous year.

 State Budget net revenues amounted to 34,943 million Euros, showing an overperformance of 1,956 million Euros or 5.9% against the 8month target 2013 (32,987 million Euros).

 Ordinary Budget net revenues amounted to 30,964 million Euros, 1,157 million Euros or 3.9% higher than the target (29,807 million Euros).

 The excess against the target continued in August when the indirect taxes exceeded the monthly target by 494 million euros or 26.5%.

 The indirect taxes overperformance offset the underperformance of the direct taxes amounted to 1,677 million euros, which were lower by 158 million euros against the monthly target of 1,835 million euros.

 We underline that the transfer of future incomes stemming from NCB's GGB holdings in ANFA portfolios has also continued in August (ANFA payments from Portugal and Belgium).

 In this context, it appears that the underperformance of the tax revenues is attributed only to the income taxes and the direct tax arrears due to the extensions that have been given to the submission of the tax declarations and to the delay in the receipts from the property taxes (FAP 2011-2012).

 State Budget expenditures amounted to 37,384 million Euros, 3,435 million Euros lower than the target (40,820 million Euros).

 Specifically, ordinary budget expenditures amounted to 34,840 million Euros and were decreased by 2,130 million Euros against target, mainly due to the reduction of primary expenditure by 1,940 million Euros against target (30,376 million Euros).

State Budget expenditures were reduced compared to the respective period of 2012 by 8,131 million Euros or by 18.9%. This decrease is mainly due to the reduction of primary expenditure by 2,840 million Euros or 9.1% as well as to the reduction in net interest payments by 5,707 million Euros or 51.6% comparing to the same period of 2012.



Financing - Payment of Arrears monthly bulletin July 2013