Budget Execution Bulletins

Financing - Payment of Arrears monthly bulletin May 2013



Monitoring of the accomplishment of the targets of the general governmet - Jan, Feb, Mar - 2013



According to the data available for the execution of the State Budget on a modified cash basis, the State Budget deficit for the 5 months of 2013 amounted to 3,843 million Euros against the target for deficit of 7,062 million Euros and the deficit of 10,876 million Euros for the 5 months of 2012. The State Budget primary deficit, amounted to 970 million Euros, is significantly reduced against the target for primary deficit of 4,165 million Euros and the primary deficit of 2,350 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 19,165 million Euros, showing an increase of 435 million Euros or 2.3% against the 5 month target 2013 (18,730 million Euros).

Ordinary Budget net revenues amounted to 17,444 million Euros, presenting an increase of 74 million Euros or 0.4% comparing to the target (17,370 million Euros).

In the 5-month period of 2013, tax categories showing a decrease against the target are the following:

a)     the Corporate Income Tax (CIT), by 272 million euros or 71.5%, due to the delay in submission of the tax declarations by the legal entities and the extension which has been given,

b)     the Direct Tax arrears by 151 million euros or 9.8%, due to the delay in the collection of Property Tax 2011,

c)     the VAT, in all of its categories, by 202 million Euros or 3.5 %, out of which 187 million Euros derive from VAT on fuel,

d)     excise tax on fuel by 86 million Euros or 4.8%.

e)     other non tax revenues by 126 million Euros or 12.6%,

f)      other indirect consumption taxes and especially the excise tax on tobacco by 30 million euros.

On the contrary, revenues that exceeded the target are:

a)     other income taxes by 85 million Euros or by 13.4%, due to the taxes on interest in deposits, repos etc.

b)     property taxes, by 194 million Euros or 20.1%,

c)     transaction taxes on capital transfers by 119 million euros or 83.7% due to the increase of banks share capital in the context of the banks recapitalization,

d)     indirect Tax Arrears by 115 million Euros or by 60.2 % mainly due to overdue payments of V.A.T.

It is noted that in Μay 2013 the Indirect Taxes continue the satisfactory performance of the previous month, exceeding the targets by 262 million Euros or 15.9% and in particular by:

a)     VAT and Excise tax on tobacco by 19 million euros and 77 million euros respectively.

b)     Transaction taxes on capital transfers by 134 million euros or 446.7 % due to the increase of banks share capital in the context of the banks recapitalization.

On the contrary Corporate Income Tax (CIT) was 249 million euros or 82.5% below the target due to the delay in submission of the tax declarations by the legal entities and the extension which has been given.

State Budget expenditures equalled to 23,009 million Euros, 2,784 million Euros lower than the target (25,793 million Euros).

Specifically, ordinary budget expenditures amounted to 21,867 million Euros and were decreased by 1,675 million Euros against target, mainly due to the reduction of primary expenditure by 1,537 million Euros.

State Budget expenditures were reduced compared to the respective period of 2012 by 7,375 million Euros or by 25.2%. This decrease is mainly due to the reduction of primary expenditure by 2,313 million Euros or 11.3% as well as to the reduction in net interest payments by 5,653 million Euros or 66.3% comparing to the same period of 2012.

It is noted that the decrease in interest payments mainly stems from the fact that most of the bond interest payments involved in the PSI took place in the first 3 months of 2012.



State Budget Execution For the 5months 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 5 months of 2013 amounted to 3,857 million Euros against the target for deficit of 7,062 million Euros and the deficit of 10,876 million Euros for the 5 months of 2012. The State Budget primary deficit, amounted to 984 million Euros, is significantly reduced against the target for primary deficit of 4,165 million Euros and the primary deficit of 2,350 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 19,150 million Euros, showing an increase of 420 million Euros or 2.2% against the 5 month target 2013 (18,730 million Euros).

Ordinary Budget net revenues amounted to 17,432 million Euros, presenting an increase of 61 million Euros or 0.4% comparing to the target (17,370 million Euros).

In the 5-month period of 2013, tax categories showing a decrease against the target are the following:

a)      the Corporate Income Tax (CIT), by 272 million euros or 71.5%, due to the delay in submission of the tax declarations by the legal entities and the extension which has been given,

b)      the Direct Tax arrears by 164 million euros or 10.6%, due to the delay in the collection of Property Tax 2011,

c)       the VAT, in all of its categories, by 245 million Euros or 4.2%, out of which 187 million Euros derive from VAT on fuel,

d)      excise tax on fuel by 86 million Euros or 4.8%.

e)      other non tax revenues by 139 million Euros or 14.0%,

f)       other indirect consumption taxes and especially the excise tax on tobacco by 30 million euros.

On the contrary, revenues that exceeded the target are:

a)      other income taxes by 85 million Euros or by 13.4%, due to the taxes on interest in deposits, repos etc.

b)      property taxes, by 193 million Euros or 20.0%,

c)       transaction taxes on capital transfers by 119 million euros or 83.7% due to the increase of banks share capital in the context of the banks recapitalization,

d)      indirect Tax Arrears by 118 million Euros or by 61.9 % mainly due to overdue payments of V.A.T.

The Programme Investment Budget (PIB) revenues in the first five months of 2013 amounted to 1,718 million Euros, 358 million Euros higher than the target of 1.360 million Euros.

It is noted that in Μay 2013 the Indirect Taxes continue the satisfactory performance of the previous month, exceeding the targets by 244 million Euros or 14.8% and in particular by:

a)      VAT and excise tax on tobacco by 19 million euros or 43.7% and 77 million euros or 42.5% respectively,

b)      transaction taxes on capital transfers by 134 million euros or 445.7% due to the increase of banks share capital in the context of the banks recapitalization.

On the contrary Corporate Income Tax (CIT) was 248 million euros or 82.2% below the target due to the delay in submission of the tax declarations by the legal entities and the extension which has been given.

State Budget expenditures equalled to 23,006 million Euros, 2,786 million Euros lower than the target (25,793 million Euros).

Specifically, ordinary budget expenditures amounted to 21,865 million Euros and were decreased by 1,677 million Euros against target, mainly due to the reduction of primary expenditure by 1,539 million Euros.

State Budget expenditures were reduced compared to the respective period of 2012 by 7,377 million Euros or by 25.2%. This decrease is mainly due to the reduction of primary expenditure by 2,315 million Euros or 11.3% as well as to the reduction in net interest payments by 5,653 million Euros or 66.3% comparing to the same period of 2012.

It is noted that the decrease in interest payments mainly stems from the fact that most of the bond interest payments involved in the PSI took place in the first three months of 2012. 



Financing - Payment of Arrears monthly bulletin April 2013



April 2013 (General Government)



According to the data available for the execution of the State Budget on a modified cash basis, the State Budget deficit for the 4 months of 2013 amounted to 2,425 million Euros against the target for deficit of 5,740 million Euros and the deficit of 9,148 million Euros for the 4 months of 2012. The State Budget primary deficit amounted to 306 million Euros is significantly reduced against the target for primary deficit of 3,613 million Euros and the primary deficit of 1,729 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 15,743 million Euros, showing an increase of 786 million Euros or 5.3% against the 4 month target 2013 (14,957 million Euros).

Ordinary Budget net revenues amounted to 14,027 million Euros, presenting an increase of 130 million Euros or 0.9% comparing to the target (13,897 million Euros).

It is noted that in April 2013 both Direct and Indirect Taxes hit the targets, an outcome that was observed for the first time this year for Indirect taxes in particular.

Especially for April, tax categories showing a decrease against the target are the following:

a)      the VAT, in all of its categories, by 66 million Euros or 5.1%, out of which 43 million Euros derive from VAT on fuel.

b)      excise tax on  fuel by 8 million Euros or 2.2%.

c)       other non tax revenues by 99 million Euros or 27.0%

On the contrary, revenues that exceeded the target are:

a)      the personal income tax by 54 million Euros or by 9.4%, out of which 52 million euros derive from PIT,

b)      the property taxes, by 69 million Euros or 50.5%,

c)       the other indirect consumption taxes and specifically excise tax on tobacco  by 36 million Euros or 19.1%.

d)      The Indirect Tax Arrears by 14 million Euros or by 51.1 % mainly due to overdue payments of V.A.T.

The Programme Investment Budget (PIB) revenues in the first four months of 2013 amounted to 1,715 million Euros, 655 million Euros higher than the target of 1,060 million Euros.

State Budget expenditures equalled to 18,168 million Euros, 2,529 million Euros lower than the target (20,697 million Euros).

Specifically, ordinary budget expenditures decreased by 1,615 million Euros against target, mainly due to the reduction of primary expenditure by 1,451 million Euros.

State Budget expenditures were reduced compared to the respective period of 2012 by 7,123 million Euros or by 28.2%. This amount is analyzed to the reduction of primary expenditure by 2,058 million Euros (12.3%) as well as to the reduction in net interest payments by 5,299 million Euros (71.4%) in relation to the same period of 2012.

It is noted that the decrease in interest payments mainly stems from the fact that most of the bond interest payments involved in the PSI took place in the first three months of 2012.