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State Budget Execution for April of 2020 (preliminary data)

According to the preliminary data available for the execution of the State Budget on a modified cash basis, the State Budget balance for the period of January - April of 2020 presented a deficit of 4,062 million Euros, against a target of a deficit of 1,655 million Euros that has been incorporated for the same period of 2020 in the 2020 Budget introductory report and a deficit of 1,041 million Euros for the same period of 2019. The State Budget Primary Balance amounted to a deficit of 1,506 million Euros, against the primary surplus target of 783 million Euros and the primary surplus of 1,463 million Euros performed at the same period of the previous year. 
 
State Budget net revenues amounted to 14,110 million Euros, showing an underperformance of 1,343 million Euros or 8.7% against the target which is included in the Budget 2020 introductory report, which is mainly due to the impact of measures taken to eliminate the negative effects of the COVID-19 pandemic. In addition, the registration of the amount of about 60 million Euros is pending in the Budget Codes and specifically in the category of “Taxes” in March 2020. The above amount will be appeared in the appropriate Budget Codes at the issuance of the State Budget Execution Bulletin of April 2020 (final data) in cumulative basis.
 
State Budget total revenues amounted to 15,435 million Euros, 1,236 million Euros or 7.4% lower than the target.
 
A more precise allocation among the revenue categories of the State Budget will take place when the final Bulletin is issued.
 
Tax refunds amounted to 1,325 million Euros, 106 million Euros higher than the target (1,219 million Euros). 
 
PIB revenues amounted 1,267 million Euros, 153 million Euros higher than the target.
 
Particularly, in April 2020 the State Budget net revenues amounted to 3,007 million Euros, 1,178 million Euros lower than the monthly target.
 
This decrease is due in part to the fact that in March 2020 an amount of 779 million Euros (528 million Euros is depicted in the revenues category «Other Taxes on Production» and 251 million Euros is included in the revenues category «Transfers») was received regarding the dividend from the Bank of Greece and revenues from ANFΑs & SMPs, that were initially estimated to be received in April 2020 and in part from the impact of the measures for COVID-1.
 
In particular and taking into account the aforementioned, the actual decrease in the State Budget net revenues in April 2020 amounted to 399 million Euros against the monthly target and is due to the adoption of tax relief measures such as the suspension of VAT payments and the assessed debts to the companies affected by COVID-19, as well as the provision of a 25% discount as an incentive if they paid their debts on time (VAT and assessed taxes).
 
State Budget total revenues amounted to 3,274 million Euros, 1,145 million Euros lower than the monthly target. 
 
Tax revenues amounted to 2,840 million Euros, 1,016 million Euros lower than the monthly target. However, if we remove the dividend of the Bank of Greece amounting to 528 million Euros that falls into this category and which was collected in March, the actual reduction for the month of April amounts to 488 million Euros.
 
PIB revenues amounted to 361 million Euros, increased by 245 million Euros against the monthly target.
 
Tax refunds in April 2020 amounted to 267 million Euros, increased against the monthly target (234 million Euros) by 33 million Euros. 
 
State Budget expenditures for the period of January - April of 2020 amounted to 18,172 million Euros, 1,064 million Euros higher than the target (17,108 million Euros). The main reasons of the realized deviation are:
a) the expenditure of the special purpose compensation of about 720 million Euros, due to the COVID-19 pandemic, paid by the Ministry of Labour and Social Affairs (transfers category),
b) the increased PIB payments by 658 million Euros mainly due to the co-financed part (by 582 million Euros) and
c) the increased interest payments by 119 million Euros.
On the contrary, there was under-execution in other major expenditure categories, which had absorbed part of the contingency reserve.
 
State Budget expenditures for the period of January - April of 2020 were increased compared to the respective period of 2019 by 1,175 million Euros, mainly due to PIB which presented increased payments by 922 million Euros in comparison to the previous year.
 
State Budget expenditures for the period of April of 2020 amounted to 5,246 million Euros, 1,189 million Euros higher than the target (4,057 million Euros) mainly due to the aforementioned reasons (expenditure of the special purpose compensation due to the COVID-19 pandemic and the PIB over performance against the target).