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State Budget Execution for May of 2018

State Budget Execution for May of 2018

According to the data available for the execution of the State Budget on a modified cash basis, the State Budget balance for the period of January - May of 2018 presented a deficit of 813 million Euros, against the target that has been incorporated in the 2018 Budget introductory report, for the same period of 2018 of deficit of 2,163 million Euros and the deficit of 1,242 million Euros for the same period of 2017. The State Budget Primary Balance amounted to a surplus of 1,525 million Euros, against the primary surplus target of 180 million Euros and the primary surplus of 1,840 million Euros performed at the same period of the previous year. 

State Budget net revenues amounted to 18,422 million Euros, showing an overperformance of 834 million Euros or 4.7% against the target. 

Ordinary Budget net revenues amounted to 17,300 million Euros, 372 million Euros or 2.2%, higher than the target.

Particularly, during the period of January-May 2018 there was an increase against the target in the following main revenue categories:
a) Property Taxes by 99 million Euros or 19.3%, 
b) Direct Tax Arrears by 62 million Euros or 6.2%,
c) VAT on Fuel by 10 million Euros or 1.3%, 
d) Other Transaction Taxes by 29 million Euros or 15.9%,
e) Indirect Tax Arrears by 191 million Euros or 37.3%,
f) Other Indirect Taxes by 43 million Euros or 27.7%,
g) Drawings from E.U. by 110 million Euros or 124.5%,
h) Other Non-Tax Revenue by 408 million Euros or 23.3%,
i) NATO income by 34 million Euros,
j) Privatization proceeds by 176 million Euros or 390.5%.

During the same period there was an underperformance against the target in the following main revenue categories:
a) Income Tax Other by 65 million Euros or 12.9%,
b) VAT on Tobacco by 12 million Euros or 4.9%,
c) VAT Other by 29 million Euros or 0.6%,
d) Excise Tax on Fuel by 90 million Euros or 5.1%,
e) Other Excise Taxes (Tobacco, etc) by 26 million Euros or 2.4%,
f) Other Consumption Taxes by 17 million Euros or 9.7%.

Tax refunds (excluding those from the arrears clearance programme) amounted to 1,909 million Euros, increased against the target (1,348 million Euros) by 561 million Euros. 

PIB revenues amounted to 1,122 million Euros, increased against the target by 462 million Euros.

Particularly, in May 2018 the State Budget net revenues amounted to 2,954 million Euros, 323 million Euros lower than the monthly target.

Ordinary Budget net revenues amounted to 2,924 million Euros, 269 million Euros lower than the monthly target. 

The main revenue categories that were increased against the monthly target in May 2018 are the following: 

a) Income Tax Other by 13 million Euros,
b) Property Taxes by 12 million Euros,
c) Other Transaction Taxes by 11 million Euros,
d) Indirect Tax Arrears by 27 million Euros,
e) Other Indirect Taxes by 12 million Euros, 
f) Privatization proceeds by 183 million Euros.

The main revenue categories that were decreased against the monthly target in May 2018 are the following: 

a) Personal Income Tax (PIT) by 78 million Euros,
b) Other Direct Taxes by 11 million Euros,
c) VAT Other by 25 million Euros,
d) Excise Tax on Fuel by 34 million Euros.

PIB revenues amounted to 30 million Euros decreased by 54 million Euros against the target.

Tax refunds in May 2018 (excluding those from the arrears clearance programme) amounted to 606 million Euros, increased against the monthly target (255 million Euros) by 351 million Euros.

State Budget expenditures for the period of January - May of 2018 amounted to 19,235 million Euros, 516 million Euros lower than the target (19,751 million Euros). Specifically, ordinary Budget expenditures amounted to 18,442 million Euros, 1 million Euros increased than the target. Decreased against the target were mainly grants to Hospitals, YPE-PEDY by 72 million Euros.

State Budget expenditures were decreased compared to the respective period of 2017 by 689 million Euros. Expenditures increased by 190 million Euros for Social Solidarity Income and by 65 million Euros for allowances to families with many children.

PIB expenditure amounted to 794 million Euros, showing an underperformance against the target by 516 million Euros.

For May in particular, State Budget expenditures amounted to 3,913 million Euros, 235 million Euros more than the monthly target, while Ordinary Budget expenditures amounted to 3,623 million Euros, showing an over performance of 195 million Euros against the monthly target. Public Investment Budget (PIB) expenditure amounted to 290 million Euros showing an over performance against the monthly target by 40 million Euros.

State Budget Execution for May of 2018

Time series May 2018