Budget Execution Bulletins

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.



Financing - Payment of Arrears monthly bulletin November 2013



General Government Data Monthly Bulletin November 2013



Monitoring of the achievement of the General Government legal entries' targets with budjet over 20 milion euros for the 9-months of 2013



State Budget Execution for the 11 - 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 11 months of 2013 amounted to 3,155 million Euros against the revised target for deficit of 4,290 million Euros and the deficit of 12,853 million Euros for the 11 months of 2012. The State Budget Primary Balance amounted to a surplus of 2,778 million Euros, against the revised target for primary surplus of 1,659 million Euros and the primary deficit of 1,420 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 47,231 million Euros, showing an over performance of 136 million euros or 0.3% against the revised target (47,095 million Euros).

Ordinary Budget net revenues amounted to 42,807 million Euros, 125 million Euros or 0.3% higher than 2013 estimates (42,682 million Euros)

State Budget Tax Revenues amounted to 39,549 million Euros, marginally higher by 8 million euros against the target.

Specifically, revenue categories that over performed against 11 month target are:

    1. Property taxes by 109 million Euros or 4.2%,

    2. Direct tax Arrears by 53 million Euros or 2%,

    3. V.A.T other by 213 Million Euros or 2.1%,

    4. Other Non-Tax Revenues by 81 million Euros or 3.8%.

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

   1. Personal Income Tax by 107 million Euros or 1.5%

   2. Other Direct Taxes by 130 million Euros or 5.4%.

    Tax refunds amounted to 2,471 million Euros, decreased against the target by 24 million Euros or 0.9%. On top of this amount, 639 million Euros have been refunded which concern previous year’s Tax refunds.

    Public Investment Budget Revenues amounted to 4,424 million Euros increased by 11 million Euros or 0.2% against the target but, 49.6% higher than 11month 2012 period.

    State Budget expenditures amounted to 50,385 million euros, 999 million euros lower than the revised target (51,384 million euros).

    Specifically, ordinary budget expenditures amounted to 46,435 million euros and were decreased by 744 million euros against revised target, mainly due to the reduction of primary expenditure by 523 million euros against the revised target (39,795 million Euros).

    Ordinary Budget expenditures were reduced compared to the respective period of 2012 by 8,651 million euros or by 15.7%. This decrease is mainly due to the reduction of primary expenditure by 3,110 million euros or 7.3% as well as to the reduction in net interest payments by 5,501 million euros or 48.1% comparing to the same period of 2012. 



    State Budget Execution for the 11 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 11 months of 2013 amounted to 3,223 million Euros against the revised target for deficit of 4,290 million Euros and the deficit of 12,852 million Euros for the 11 months of 2012. The State Budget Primary Balance amounted to a surplus of 2,710 million Euros, against the revised target for primary surplus of 1,659 million Euros and the primary deficit of 1,419 million Euros performed at the same period of the previous year.

    State Budget net revenues amounted to 47,162 million Euros, showing an over performance of 67 million euros or 0.1% against the revised target.

    Ordinary Budget net revenues amounted to 42,738 million Euros, 57 million Euros or 0.1% higher than 2013 estimates.

    State Budget Tax Revenues amounted to 39,498 million Euros, marginally lower by 43 million euros or -0.1% against the 2013 estimates.

    State Budget expenditures amounted to 50,385 million euros, 1,000 million euros lower than the revised target (51,384 million euros).

    Specifically, ordinary budget expenditures amounted to 46,435 million euros and were decreased by 745 million euros against revised target, mainly due to the reduction of primary expenditure by 523 million euros against the revised target (39,795 million Euros).

    Ordinary Budget expenditures were reduced compared to the respective period of 2012 by 8,651 million euros or by 15.7%. This decrease is mainly due to the reduction of primary expenditure by 3,111 million euros or 7.3% as well as to the reduction in net interest payments by 5,501 million euros or 48.1% comparing to the same period of 2012.