Budget Execution Bulletins

According to the final data available for the execution of the State Budget on a modified cash basis, the State Budget deficit for the 2 months of 2013 amounted to 789 million Euros against the target for deficit of 2,630 million Euros and the deficit of 495 million Euros for the 2 months of 2012. The State Budget primary surplus amounted to 487 million Euros, against the target for deficit of 1,353 million Euros and the surplus of 368 million Euros performed the same period of previous year.

 State Budget net revenues amounted to 8,634 million Euros, showing an increase of 689 million euros against the 2 month target January – February 2013 (7,945 million Euros).

 Ordinary Budget net revenues amounted to 7,750 million Euros, presenting an increase of 3.1% or 235 million Euros comparing to the target (7,515 million Euros).

 Tax categories showing a decrease against the target are the following:

 a)      the VAT, in all of its categories, by 189 million Euros or 7.2 %,

b)      the other indirect consumption taxes and specifically excise tax on tobacco  by 192 million Euros or 33.2%,

c)       the vehicles road duties, by 134 million Euros or 57.9%, due to a shorter prolongation period in January 2013 compared to the respective month of 2012,

d)      excise tax on  fuel by 28 million Euros or 3.9%.

On the contrary, revenues that exceeded the  target are:

a)      the personal income tax. According to accounting principles 170 million Εuros are recorded in Direct Tax Arrears, since they concern 2012 revenues that have been collected in January 2013, whereas 10 million euros are recorded in other direct taxes since they refer to the special solidarity contribution.

b)      the property taxes, by 122 million Euros or 33.1%

c)       The special revenues from licensing public rights amounted to 62 million euros from the acquisition of the right of exclusive use, management, and exploitation of the International Broadcasting Center (IBC).

The Tax refunds amounted to 96 million Euros. This amount does not include 160 million Euros for the clearance of Tax refunds in arrears.

 The Programme Investment Budget (PIB) revenues amounted to 884 million Euros, 454 million Euros higher than the target of 430 million Euros. This is attributed to the increased EU inflows deriving from the payments applications that have been submitted at the end of 2012.

 State Budget expenditures equalled to 9,422 million Euros, 1,153 million Euros lower than the target (10,575 million Euros).

Specifically, ordinary budget expenditures decreased by 832 million Euros against target, mainly due to the reduction of primary expenditure by 766 million Euros.

 State Budget expenditures were reduced compared to the respective period of 2012 by 330 million Euros or by 3.4%. It is noted that despite the increase in interest payments by 413 million Euros (due to the fact that the bond interest after PSI is paid every February, commencing February 2013) and the PIB expenditures by 88 million Euros compared to the respective period of 2012, a decrease in the total expenditures was achieved, due to the major in the Primary Expenditure performing a 10.4% decrease (or 896 million Euros), a figure constituting a major success indicator of State Budget expenditure restriction.

 Beginning from the Final State Budget Execution Bulletin for January – February 2013, an additional informative table is added below table 1 including memorandum data, on a cash basis, that take place into the reporting period but do not concern the actual period of reporting.

 Specifically, this data includes:

  1. Cash  Tax Refunds of previous years and
  1. Cash payments for the settlement of General Government bodies’ arrears financed from the special appropriation.


These amounts were also included in the previous State Execution Bulletins and will continue to be presented in table 2 of the Bulletin, which shows State Budget financing needs in detail.

Therefore, according to the above, the modified State Budget Primary Balance and the State Budget Balance is presented in the Execution Bulletin, taking into account the aforementioned cash flows that do not concern the current financial period of reporting.

 It is noted that both estimates and targets in the memorandum items include amounts of 8 billion Euros and 3.5 billion Euros, allocated for the clearance of General Government bodies’ arrears to beneficiaries according to the MTFS and the Executive Budget Summary for 2013, respectively.

 Finally, it is highlighted that the tax refund taxes in arrears of previous fiscal years and the cash payments for the settlement of previous fiscal years unpaid obligations of the bodies of the General Government financed from the special appropriation are neutral for the General Government deficit because they are neutralised by the equal amount of the reduction of the unpaid tax refunds and the unpaid expenditure obligations of the General Government Bodies. The change of the unpaid expenditure obligations and the unpaid tax refunds comparing to 31/12 of the previous year are calculated in the deficit formulation according to the ESA-95 Methodology.



State Budget Execution for the 2months 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 2 months of 2013 amounted to 813 million Euros against the target for deficit of 2,630 million Euros and the deficit of 495 million Euros for the 2 months of 2012. The State Budget primary surplus amounted to 463 million Euros, against the target for deficit of 1,353 million Euros and the surplus of 368 million Euros performed the same period of previous year.

State Budget net revenues amounted to 8,610 million Euros, showing an increase of 665 million euros against the 2 month target January – February 2013 (7,945 million Euros).

Ordinary Budget net revenues amounted to 7,726 million Euros, presenting an increase of 2.8% or 211 million Euros comparing to the target (7,515 million Euros).

Tax categories showing a decrease against the target are the following:

a)     the VAT, in all of its categories, by 213 million Euros or 8.1%,

b)     the other indirect consumption taxes and specifically excise tax on tobacco  by 192 million Euros or 33.2%,

c)     the vehicles road duties, by 134 million Euros or 57.9%, due to a shorter prolongation period in January 2013 compared to the respective month of 2012,

d)     excise tax on  fuel, except from heating, by 28 million Euros or 3.9%.

On the contrary, revenues that exceeded the  target are:

a)     the personal income tax by 206 million Euros or 18.7%

b)     the property taxes, by 122 million Euros or 33.1%

The Tax refunds amounted to 96 million Euros. This amount does not include 160 million Euros for the clearance of Tax refunds in arrears.

The Programme Investment Budget (PIB) revenues amounted to 884 million Euros, 454 million Euros higher than the target of 430 million Euros. This is attributed to the increased EU inflows deriving from the payments applications that have been submitted at the end of 2012.

State Budget expenditures equalled to 9,422 million Euros, 1,153 million Euros lower than the target (10,575 million Euros).

Specifically, ordinary budget expenditures decreased by 832 million Euros against target, mainly due to the reduction of primary expenditure by 766 million Euros.

State Budget expenditures were reduced compared to the respective period of 2012 by 330 million Euros or by 3.4%. It is noted that despite the increase in interest payments by 413 million Euros (due to the fact that the bond interest after PSI is paid every February, beginning from February 2013) and the PIB expenditures by 88 million Euros compared to the respective period of 2012, a decrease in the total expenditures was achieved, due to the major in the Primary Expenditure performing a 10.4% decrease (or 896 million Euros), a figure constituting a major success indicator of State Budget expenditure restriction.



Financing - Payment of Arrears to beneficiaries outside the General Government January 2013



January 2013 (General Government)



According to the final data available for the execution of the State Budget on a modified cash basis, the State Budget surplus for the month of January amounted to 177 million Euros against the target for deficit of 873 million Euros and the deficit of 491 million Euros performed in January 2012. The State Budget primary surplus amounted to 415 million Euros, against the target for deficit of 413 million Euros and the deficit of 34 million Euros performed the same period of previous year. Thus, both State budget surplus and primary surplus perform a significant improvement compared to January of previous year, by 668 and 449 million Euros, respectively, improving state budget balance by 136.0%.

 

State Budget net revenues amounted to 4,433 million Euros, showing a slight decrease of 4 million euros against the monthly target (4,437 million Εuros).

Specifically, Ordinary Budget net revenues amounted to 4,376 million Euros, presenting an increase of 20 million Euros comparing to the monthly target (4,357 million Euros).

Tax categories showing a decrease against the target are the following:

a)      the V.A.T., in all of its categories, by 161 million Εuros,

b)      the other indirect consumption taxes (on tobacco etc.), by 153 million Εuros,

c)       the vehicles road duties, by 134 million Εuros.

On the contrary, revenues that exceeded the monthly target are:

a)      the personal income tax including the installments of 2012 income tax which due to the extension is  paid during the first two months of 2013.

b)      the property taxes, by 109 million Εuros.

 

State Budget expenditures equalled to 4,256 million Euros, 1,054 million Euros lower than the target (5,310 million Euros).

Specifically, ordinary budget expenditures decreased by 921 million Euros against target, mainly due to the reduction of primary expenditure by 679 million Euros and the interest expenditure reduction by 222 million Euros against target.

State Budget expenditures were reduced compared to January 2012 by 1,106 million Euros or by 20.6%. It is noted that the greatest saving is achieved in Primary Expenditure performing a 18.8% decrease (or 912 million Euros), a figure constituting a major success indicator of State Budget expenditure restriction. Net interest payments also showed a significant decrease of 47.9% (or 219 million Euros). 



State Budget Execution January 2013

 According to the final data available for the execution of the State Budget on a modified cash basis, the State Budget surplus amounted to 159 million Euros while, for the same period, the State Budget primary surplus amounted to 398 million Euros, against the targets for deficit of 873 million Euros and 413 million Euros respectively. Thus, state budget balance is reduced by 132.5% compared to the same period last year.

State Budget net revenues amounted to 4,418 million Euros, showing a 9.3% decrease against January 2012 and 0.4% or 19 million euros against the monthly target (4,437 million Εuros).

Specifically, Ordinary Budget net revenues amounted to 4.374 million Euros, presenting a decrease of 17 million Euros comparing to the monthly target (4.357 million Euros).

The decrease against the target is mainly attributed to the lower receipts from:

a)      the V.A.T., in all of its categories, by 161 million Εuros,

b)      the other indirect consumption taxes (on tobacco etc.), by 153 million Εuros,

c)       the vehicles road duties, by 134 million Εuros.

On the contrary, revenues that exceeded the monthly target are:

a)      the personal income tax, by 222 million Εuros,

b)      the property taxes, by 108 million Εuros.

State Budget expenditures equalled to 4,259 million Euros, 1,051 million Euros lower than the target (5,310 million Euros).

Specifically, ordinary budget expenditures decreased by 918 million Euros against target, mainly due to the reduction of primary expenditure by 679 million Euros and the interest expenditure by 221 million Euros below target.

State Budget expenditures were reduced compared to January 2012 by 1,103 million Euros or by 20.6%. It is noted that the greatest saving achieved in Primary Expenditure which performed a 18.8% decrease (or 912 million Euros), a figure constituting a major success indicator of State Budget expenditure restriction. Net interest payments also showed a significant decrease of 47.7% (or 218 million Euros). 



Financing - Payment of arrears monthly bulletin December 2012