State Budget Execution for January - May of 2017
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 2017 presented a deficit of 1,242 million Euros, against the target of MTFS 2018-2021 for the same period of 2017 of deficit of 2,033 million Euros and the deficit of 1.649 million Euros for the same period of 2016. The State Budget Primary Balance amounted to a surplus of 1,840 million Euros, against the primary surplus target of 1,050 million Euros and the primary surplus of 1,456 million Euros performed at the same period of the previous year.
State Budget net revenues amounted to 18,682 million Euros, showing an underperformance of 2 million Euros, indicating no substantial deviation against the target of MTFS 2018-2021.
Ordinary Budget net revenues amounted to 17,915 million Euros, 5 million Euros lower than the target of MTFS 2018-2021, showing no substantial deviation.
Particularly, during the period of January-May 2017, there was an increase against the target mainly in the following revenue categories:
a) Property Taxes by 44 million Euros or 7.8%,
b) Direct Tax Arrears by 45 million Euros or 4.5%,
c) VAT Fuel by 15 million Euros or 2.0%,
d) VAT Other by 251 million Euros or 4.8%,
e) Other Transaction Taxes by 14 million Euros or 8.3%,
f) Tax on Insurance Premiums by 10 million Euros or 10.3%,
g) Taxes on Vehicles by 12 million Euros or 12.4%,
h) Excise Tax on Fuel by 23 million Euros or 1.3%,
i) Indirect Tax Arrears by 35 million Euros or 6.8%,
j) Other Non-Tax Revenue by 44 million Euros or 2.2%,
During the same period there was an underperformance against the target in the following main revenue categories:
a) Personal Income Tax (PIT) by 58 million Euros or 2.2%,
b) Other Excise Taxes (Tobacco, etc) by 13 million Euros or 1.5%,
c) Privatization proceeds by 340 million Euros or 26.1%,
Note that in May 2017 there is an amount of 296.16 million Euros included in the revenue category ‘VAT Other’, concerning concession of regional airports.
Tax refunds (excluding those from the arrears clearance programme) amounted to 1,573 million Euros, increased against the target (1,466 million Euros) by 107 million Euros.
PIB revenues amounted to 767 million Euros, increased against the target by 4 million Euros.
Particularly, in May 2017 the State Budget net revenues amounted to 3,381 million Euros, 7 million Euros lower than the monthly target of MTFS 2018-2021.
Ordinary Budget net revenues amounted to 3,357 million Euros, 11 million Euros lower than the monthly target.
Tax refunds (excluding those from the arrears clearance programme) for the period of May 2017 amounted to 311 million Euros, increased against the monthly target (204 million Euros) by 107 million Euros.
PIB revenues for the period of May 2017 amounted to 25 million Euros, increased against the target by 4 million Euros.
State Budget expenditures for the period of January - May of 2017 amounted to 19,924 million Euros, 792 million Euros lower than the target (20,716 million Euros).
Specifically, ordinary Budget expenditures amounted to 19,169 million Euros and were decreased by 793 million Euros against the target. Decrease against the target were mainly grants to hospitals, YPE-PEDY by 140 million Euros, Social Solidarity Income by 39 million Euros, payments to EU by 28 million Euros, allowances to families with many children by 30 million Euros and earmarked revenues by 291 million euros.
Ordinary Budget expenditures were decreased compared to the respective period of 2016 by 584 million Euros. Expenditures increased by 129 million Euros for Social Solidarity Income and by 86 million Euros for military equipment procurement.
PIB expenditure amounted to 755 million Euros, showing no deviation against the target.
For May in particular, State Budget expenditures amounted to 3,482 million Euros, 793 million Euros less than the monthly target, while Ordinary Budget expenditures amounted to 3,262 million Euros, showing an under performance of 793 million Euros against the monthly target. Public Investment Budget (PIB) expenditure amounted to 220 million Euros showing no deviation against the monthly target.