Budget execution: Tax revenues 605 mln euros over target for Jan-Nov

ΣΧΕΤΙΚΑ ΑΡΘΡΑ

State Budget: 3.9-bln-euro primary surplus vs 851-mln euro primary deficit target

Debate on 2024 state budget continues for third day in parliament plenary

Five-day debate on 2024 state budget begins on Wednesday

Tax revenues in the 11 months of 2023 are significantly above target, according to the provisional data on the execution of the state budget, on a modified cash basis, for the period January-November 2023, the National Economy & Finance Ministry said on Monday.

Specifically, tax revenues amounted to 56.197 billion euros, up by 605 million euros or 1.1% against the target included in the 2024 budget report.

According to these data, there is a deficit in the state budget balance of 1,004 million euros against a target of a deficit of 3,001 million included for the corresponding period of 2023 in the 2024 budget report and a deficit of 5,648 million euros in the corresponding period of 2022. The primary outcome was a surplus of 5,854 million euros, against a primary surplus target of 3,771 million euros and a primary deficit of 1,091 million euros for the same period in 2022. The main part of the difference is due to the timing of expenditure payments, which appear lower by 1,775 million compared to the target.

The ministry said that in the period January – November 2023, net revenue amounted to 59,190 million euros, representing an increase of 223 million euros compared to the target included for the corresponding period in the 2024 budget report. Tax revenues amounted to 56,197 million euros, up by 605 million or 1.1% compared to the target included in the 2024 budget report. Revenue refunds amounted to 6,267 million, up 133 million from the target of 6,134 million euros. Public Investment Budget revenues amounted to 2,933 million euros, down by 361 million from the target of 3,294 million.

In November 2023, total net state budget revenues amounted to 5,266 million euros, up 173 million against the monthly target. Tax revenues amounted to 5,480 million euros, up by 571 million or 11.6% against the target included in the 2024 Budget Report. Revenue refunds amounted to 718 million euros, up 133 million from the target of 584 million. Public Investment Budget revenues amounted to 123 million, down by 363 million from the target of 486 million euros.

State budget expenditure for January-November 2023 amounted to 60,194 million euros and is 1,775 million lower than the target of 61,969 million, which has been included in the 2024 Budget Report. It is also 1,116 million euros higher than the corresponding period in 2022, mainly due to increased interest expenditure of 2,291 million, taking into account offsetting changes in other categories of expenditure.

On the ordinary budget side, payments are lower than target by 1,270 million euros. This development is mainly due to the delay in the cash payments of the armament programs of the Ministry of National Defence by 568 million euros, as well as the delay in the utilization of the appropriations under allocation.

Regarding revenues, the amount of net revenues of the state budget in the eleven months January to November 2023 shows an increase of 223 million euros compared to the target. Net tax revenues after refunds show an increase of 472 million euros in the eleven-month period, while revenues from the Public Investment Programme show a decrease of 361 million euros against the target.