According to the provisional data on the execution of the state budget, on a modified cash basis, for the period January – September 2024, there is a surplus in the state budget balance amounting to 1,575 million euros against a target for a deficit of 1,443 million euros included for the corresponding period of 2024 in the introductory report of the 2024 Budget and a deficit of 397 million euros in the corresponding period of 2023.
The primary result on an adjusted cash basis came in at a surplus of €8,743 million, against a target of a primary surplus of €5,297 million and a primary surplus of €5,987 million for the same period in 2023.
It is noted that part of the difference in the collection of tax revenues amounting to 647 million euros is counted in the fiscal result of the year 2023, while an amount related to the deferral of transfer payments to OKA amounting to 1,683 million euros and the expenses for equipment programs amounting to 899 million euros ( i.e. a total of 2,582 million euros), does not affect the result in fiscal terms.
Excluding the above amounts, exceeding the target in the primary surplus of the state budget for the period January-September amounts to 216 million euros.
Therefore the primary result in fiscal terms differs 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.
Net income
In the period January – September 2024, the amount of net revenues of the state budget amounted to 50,906 million euros, presenting a decrease of 1,228 million euros or 2.36% compared to the target included for the corresponding period in the introductory report of the 2024 Budget , as the target setting of the introductory report for the nine months of January-September 2024 included:
a) the collection in the month of March of an amount of 1,797 million euros from the Recovery and Resilience Fund (RAF), the largest part of which, i.e. an amount of 1,687 million euros, had been collected in December 2023 and an additional amount of 159 million euros was collected in January 2024. In addition, the 4th tranche of grants from the TAA which has been approved and is expected to be disbursed in the next period, was foreseen in the September collections,
b) the collection in June of a price of 1,350 million euros from the service concession agreement for the financing, operation, maintenance and exploitation of the Egnatia Odos motorway and the three (3) vertical road axes, which was signed on 29.03.2024. The next steps in the process until the payment of the price are expected to be completed in the coming months.
Excluding the above amounts, net income shows an increase of 3,610 million euros or 7.7% compared to the target. This increase is mainly due to: a) increased tax revenues by 2,046 million euros after deduction of refunds and b) increased PDE revenues by 697 million euros.
Tax revenue
Tax revenues amounted to 48,972 million euros, up by 2,599 million euros or 5.6% compared to the target included in the 2024 Budget report. This overperformance comes from both the better performance of personal and corporate income taxes of persons of the previous year collected in installments until the end of February 2024 (it is noted that an estimated amount of 647 million euros is counted in the fiscal result of the year 2023), as well as the best performance in the collection of taxes of the current year. Therefore, the excess of tax revenues that is calculated fiscally in the year 2024 amounts to 1,952 million euros.
It is noted that the above concerns the comparison in relation to the objectives of the Budget, while during the preparation of the Draft State Budget 2025 the relevant estimates were updated, taking into account the execution of the revenues.
Revenue returns amounted to €5,471 million, up €553 million from the target (€4,919 million).
The revenues of the Public Investment Program (PIP) amounted to 3,597 million euros, increased by 697 million euros from the target (2,900 million euros).
The exact distribution between the revenue categories of the state budget will be carried out with the publication of the final bulletin.
In particular, in September 2024 the total net revenues of the state budget amounted to 5,773 million euros, reduced by 1,456 million euros compared to the monthly target mainly due to the non-collection, from the Recovery and Resilience Fund, of the intended installment, as mentioned above, which will be collected in the next period.
Tax revenues amounted to €5,970 million, up €700 million or 13.3% on the Budget target, but this should be combined with the significant increase in tax refunds of €511 million. Therefore, the increase in net income from taxes amounts to 189 million euros.
Revenue returns amounted to €973m, up €511m from the target (€462m) as mentioned above.
The revenues of the Public Investment Budget (PDE) amounted to 449 million euros, increased by 127 million euros from the target (322 million euros).
The expenses of the State Budget for the period January – September 2024 amounted to 49,330 million euros and are shown reduced by 4,246 million euros compared to the target (53,577 million euros), which is included in the introductory report of the 2024 Budget. They are also increased , compared to the corresponding period of 2023, by 637 million euros, mainly due to the increase in interest payments.
Payments
In the part of the Regular Budget, the payments are shown reduced compared to the target by 3,575 million euros. This development is mainly due to the deferral of transfer payments to OKA by 1,683 million euros, as well as the costs related to equipment programs by 899 million euros, which do not affect the result in fiscal terms. Conversely, i.e. incrementally in relation to the target, interest payments to service the public debt moved by 461 million euros.
Notable transfer payments can be mentioned: the payment of 130 million euros by the Ministry of Rural Development and Food to ELGA for the compensation of agricultural holdings affected by flooding due to the DANIEL-ELIAS disasters in September 2023 as well as for related land improvement projects, the a 247 million euro grant from the Ministry of Infrastructure and Transport to transport agencies (OASA, OASTH and OSE), a 276 million euro grant from the Ministry of Health to the National Central Health Procurement Authority (EKAPY) to cover the cost of supplying medicines for needs of the NHS and General Hospitals. Papageorgiou and the grant of 128 million euros to the Higher Education Institutions (HEIs) to cover their operational costs.
Payments in the investment expenditure arm amounted to 7,238 million euros, showing a shortfall of 672 million euros in relation to the target.
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