Budget Execution Bulletins

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



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