Budget Execution Bulletins

Monitoring of the achievement of the state budget’s targets

First Semester of 2013 Bulletin

First Semester of 2013 Bulletin

 



State Budget Execution for the 7 -  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 7 months of 2013 amounted to 1,917 million Euros against the target for deficit of 7,528 million Euros and the deficit of 13,216 million Euros for the 7 months of 2012. The State Budget Primary Balance amounted to a surplus of 2,567 million Euros, against the target for primary deficit of 3,141 million Euros and the primary deficit of 3,083 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 30,799 million Euros, showing an overperformance of 2,303 million Euros or 8.1% against the 7month target 2013 (28,496 million Euros).

Ordinary Budget net revenues amounted to 26,862 million Euros, 746 million Euros or 2.9% higher than the target (26,116 million Euros).

The excess against the target is due to the July’s increased receipts in the following categories:

a)    the Corporate Income Tax (CIT) by 82 million Euros or 48.3%, covering significant part from the deviation of the two previous months due to the   extension which has been given to the submission of the tax declarations,.

b)   the Indirect Taxes by 247 million Euros or 11.1%. In particular, substantial increase was recorded in VAT and excise tax on tobacco by 17 million Euros or 29.9% and 68 million Euros or 27.2% respectively,

c)    the non-tax revenues by 65 million Euros or 26.3%,

d)   the non-recurring revenues by 1,710 million Euros due to:

  1. the increased receipts from the off-budget accounts and from the liquidity support plan proceeds by 178 million Euros, and

  2. the transfer of future incomes stemming from NCB's GGB holdings in ANFA portfolios (29.5 million Euros) and SMPs (1,500 million Euros). It is noted that the SMPs revenues had not been taken into account in the 2013 State Budget, because they are stemming from the European Council decision of 26 and 27 November 2012, which came after State Budget was voted in the Hellenic Parliament.

e)   the Program Investment Budget (PIB) revenues which were amounted to 2,207 million Euros, three-times higher that the target of 700 million Euros.

On the contrary, the underperformance against the target was continued in:

  • The Personal Income Tax (PIT) by 273 million Euros or 32.2% due to the extension which has been given to the submission of the tax declarations,

  • The direct tax arrears by 56 million Euros or 30% due to the delay in the collection of the Property Tax (FAP 2011).

The underperformance which has been recorded in the 1st semester 2013, excluding SMPs, was fully covered in July and has led to an overperformance of 804 million Euros against the seven month target.

State Budget expenditures amounted to 32,716 million Euros, 3,308 million Euros lower than the target (36,024 million Euros).

Specifically, ordinary budget expenditures amounted to 30,596 million Euros and were decreased by 1,978 million Euros against target, mainly due to the reduction of primary expenditure by 1,879 million Euros.

State Budget expenditures were reduced compared to the respective period of 2012 by 7,975 million Euros or by 20.7%. This decrease is mainly due to the reduction of primary expenditure by 2,852 million Euros or 10.2% as well as to the reduction in net interest payments by 5,649 million Euros or 56% comparing to the same period of 2012.



According to the data available for the execution of the State Budget on a modified cash basis, the State Budget deficit for the 6 months of 2013 amounted to 4,991 million Euros against the target for deficit of 7,194 million Euros and the deficit of 12,477 million Euros for the 6 months of 2012. The State Budget primary deficit, amounted to 1,511 million Euros, is significantly reduced against the target for primary deficit of 3,877 million Euros and the primary deficit of 3,316 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 22,572 million Euros, showing an underperformance of 851 million Euros or 3.6% against the 6month target 2013 (23,423 million Euros).

Ordinary Budget net revenues amounted to 20,842 million Euros, 901 million Euros or 4.1% lower than the target (21,743 million Euros).

The bulk of the above-mentioned deviation from the target occurred in June in the following categories:

a)    the Personal Income Tax (PIT) by 204 million euros or 39.1% due to the extension which has been given to the submission of the tax declarations.

b)   the Direct Tax Arrears by 82 million euros or 39.2% due to the delay in the collection of Property Tax 2011.

c)    the consumption taxes by 145 million euros or 18.9%.

Part of this deviation, approximately 200 million euros, is due to the strike of the tax employees in the last two working days of June (27 & 28/6) which led to the rollover of this amount in the revenues of the first two days of July 2013.

d)   The non-recurring revenues by 703 million euros or 64.7% mainly due to:

  1. The delay in the collection from the banks of the 10% return on the preferred shares in the context of the liquidity support plan, and

  1. The lower ANFAs receipts. This decrease against the target does not affect the General Government deficit on accrual basis.

e)   The VAT, in all its categories, by 29 million Euros or 3%.

On the contrary, receipts from Property taxes in June continued to be better than the target by 38 million euros or 17.5%

We emphasise that the total underperformance of the 1st semester against the target, which is mainly attributed to temporary factors (i.e. extensions, strike) will be covered in the following months.

State Budget expenditures equalled to 27,564 million Euros, 3,053 million Euros lower than the target (30,617 million Euros).

Specifically, ordinary budget expenditures amounted to 25,792 million Euros and were decreased by 1,975 million Euros against target, mainly due to the reduction of primary expenditure by 1,915 million Euros.

State Budget expenditures were reduced compared to the respective period of 2012 by 7,844 million Euros or by 23.3%. This decrease is mainly due to the reduction of primary expenditure by 2,795 million Euros or 11.5% as well as to the reduction in net interest payments by 5,680 million Euros or 62% comparing to the same period of 2012. 



State Budget Execution For the 6 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 6 months of 2013 amounted to 4,997 million Euros against the target for deficit of 7,194 million Euros and the deficit of 12,477 million Euros for the 6 months of 2012. The State Budget primary deficit, amounted to 1,516 million Euros, is significantly reduced against the target for primary deficit of 3,877 million Euros and the primary deficit of 3,316 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 22,567 million Euros, showing an underperformance of 856 million Euros or 3.7% against the 6month target 2013 (23,423 million Euros).

Ordinary Budget net revenues amounted to 20,837 million Euros, 906 million Euros or 4.2% lower than the target (21,743 million Euros).

The bulk of the above-mentioned deviation from the target occurred in June in the following categories:

a)      the Personal Income Tax (PIT) by 178 million euros or 34% due to the extension which have been given to the submission of the tax declarations.

b)      the Direct Tax Arrears by 109 million euros or 52.1% due to the delay in the collection of Property Tax 2011.

c)       the VAT, in all of its categories, by 114 million Euros or 11.7 %,

d)      the consumption taxes by 145 million euros or 18.9%.

Part of this deviation, of approximately 200 million euros, is due to the strike of the tax employees in the last two working days of June (27 & 28/6) which led to the rollover of this amount in the revenues of the first two days of July 2013.

e)      The non-recurring revenues by 707 million euros or 65.1% mainly due to:

  1. The delay in the collection from the banks of the 10% return on the preferred shares in the context of the liquidity support plan, and

  1. The lower ANFAs receipts. This decrease against the target does not affect the General Government deficit in accrual basis.

On the contrary, continued also in June the better than the targets receipts from:

  1. Property taxes by 34 million euros or 15.6%

  1. Other consumption taxes by 42 million euros or 168.5% and other indirect taxes by 67 million euros or 266.1%. It is noted that in the final June date it is possible that there will be reclassification between these two categories and the indirect tax arrears.

We emphasise that the total underperformance of the 1st semester against the target, which is mainly attributed to temporary factors (i.e. extensions, strike) will be covered in the following months.

State Budget expenditures equalled to 27,564 million Euros, 3,053 million Euros lower than the target (30,617 million Euros).

Specifically, ordinary budget expenditures amounted to 25,792 million Euros and were decreased by 1,975 million Euros against target, mainly due to the reduction of primary expenditure by 1,915 million Euros.

State Budget expenditures were reduced compared to the respective period of 2012 by 7,844 million Euros or by 23.3%. This decrease is mainly due to the reduction of primary expenditure by 2,795 million Euros or 11.5% as well as to the reduction in net interest payments by 5,680 million Euros or 62% comparing to the same period of 2012.



Financing - Payment of Arrears monthly bulletin May 2013



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