A primary surplus of 2.122 billion euros, once morest a target for a primary surplus of 1.118 billion euros and a primary surplus of 2.773 billion euros for the same period in 2023, the state budget presents in January, according to provisional data of its execution announced by the Ministry of Finance.
At the same time, tax revenues for January increased by 461 million euros, compared to the target, mainly due to the better performance in VAT revenues, but also income tax.
In detail, according to the announcement of the ministry, on a modified cash basis, for the period of January 2024, there is a surplus in the balance of the state budget of 933 million euros once morest a target for a deficit of 82 million euros that has been included for the corresponding period of 2024 in introductory report of the 2024 Budget and a surplus of 1,480 million euros for the corresponding period of 2023.
The primary result on an adjusted cash basis was a surplus of €2,122 million, once morest a target of a primary surplus of €1,118 million and a primary surplus of €2,773 million for the same period in 2023. It is noted that most of the difference in the primary surplus once morest of the target in cash terms does not count towards the 2024 primary result in fiscal terms.
Indicatively, amounts of 159 million euros relating to revenues of the Recovery and Resilience Fund which were received in arrears, as well as 205 million euros relating to the rescheduling of payments of equipment programs, do not affect the fiscal result in fiscal terms, while the difference in net tax collections of EUR 399 million is almost entirely accounted for in the fiscal result of the year 2023, so the primary result in fiscal terms differs significantly from the result in cash terms.
It should be noted that the above refers to the primary result of the Central Administration and not to the whole of the General Government, which also includes the fiscal results of Legal Entities and the sub-sectors of OTAs and OKAs.
In January 2024, the amount of net revenues of the state budget amounted to 6,549 million euros, presenting an increase of 825 million euros once morest the target included for the corresponding period in the introductory report of the 2024 Budget.
This increase is mainly due to:
a) to the increased tax revenue by 399 million euros following deducting refunds,
b) to the increased PDE revenues by 211 million euros and
c) the collection of an amount of 159 million euros from the Recovery and Resilience Fund that was predicted to be collected during the month of March 2024.
Tax revenues amounted to 5,654 million euros, up by 461 million euros or 8.9% compared to the target included in the indicative report of Budget 2024. This overperformance is estimated to come from the better performance of income taxes in the previous year which are collected in installments until the end of February 2024 as well as the best performance in the collection of the current year’s taxes (VAT etc.). The exact distribution between the revenue categories of the state budget will be carried out with the publication of the final bulletin.
Revenue returns totaled €501 million, up €62 million from the target (€439 million).
The revenues of the Public Investment Program (PIP) amounted to 925 million euros, increased by 211 million euros from the target (714 million euros).
The expenses of the State Budget for the period of January 2024 amounted to 5,616 million euros and are shown reduced by 190 million euros compared to the target (5,806 million euros), which is included in the introductory report of the 2024 Budget. They are also reduced, in compared to the corresponding period of 2023, by 70 million euros, mainly due to reduced cash transfer payments to other legal entities.
According to newsit, in the section of the Regular Budget the payments are shown reduced compared to the target by 403 million euros. This development is mainly due to the postponement of the cash payments of the equipment programs of the Ministry of National Defense by 205 million euros.
Payments in the investment expenditure arm amounted to 948 million euros, showing an increase of 213 million euros compared to the target. This increase is due to the over-execution of the PDE by 222 million euros.
It should be noted that at the beginning of the financial year, the agencies take priority credits to service the unpaid obligations of previous years, as well as in the context of multi-year obligations.
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