“With the right” entered the year for the Greek economy as the strong revenues of January-February expanded the primary above the goals of the 2024 exhibition. Tax revenues that exceeded the target by almost EUR 1 billion, mainly due to the collection of income tax payments, but also revenue from public investment, stand out for their performance. In detail, according to the provisional figures for the implementation of the State budget, on an amended cash basis, announced by the Ministry of Finance for the period January – February 2024, there is a surplus in the balance of the State budget of EUR 1.46 billion compared with a target for a surplus of EUR 101 million included for the corresponding period of 2024 in the Budget 2024 and an surplus of EUR 2,308 billion in the corresponding period of 2023. The primary result on an amended cash base was a surplus of EUR 3,401 billion, against a target for a primary surplus of EUR 1,981 billion and a primary surplus of EUR 4,215 billion for the same period in 2023. It is noted that most of the difference between the primary surplus and the target in cash terms is not measured in the primary result of 2024 in budgetary terms. For example, an amount of EUR 159 million relating to revenue from the Recovery and Durability Fund, which has been collected in a heterochronous manner, does not affect the result in budgetary terms, while a significant part of the difference in net revenue from tax revenue of EUR 565 million is counted against the financial result of the year 2023. An additional amount of EUR 301 million relates to a heterochronisation of transfer payments expected to take place in the coming months. Therefore the primary result in budgetary terms differs significantly from the result in cash terms. Moreover, it is noted that the above concern the primary effect of the Central Administration rather than the whole of the General Government, which includes the financial results of the Legal Persons and Subsectors of OTA and OCA. Reinforced revenue During the period January – February 2024, the net revenue of the state budget amounted to EUR 12,671 billion, showing an increase of EUR 1,593 billion or 14.4% compared to the target set for the corresponding period in the budget report 2024. This increase is mainly due to: (a) the increased tax revenue by EUR 565 million following the deduction of refunds; (b) the increased PIP revenue by EUR 732 million and (c) the collection of EUR 159 million from the Recovery and Durability Fund that was planned to be collected in March 2024. Tax revenues amounted to 11,401m euros, increased by 950m euros or 9.1% compared to the target included in the budget report 2024. This overexecution is estimated to derive mainly from the best return on the income taxes of natural and legal persons of the previous year collected in instalments up to the end of February 2024, as well as the best return on the collection of taxes of this year (VAT, VAT etc.). Revenue refunds amounted to €159 billion, increased by 385m euros from the objective (773m euros). The revenues of the Public Investment Programme (PIP) amounted to 1.613 billion euros, increased by 732m euros from the objective (881m euros). The exact breakdown between the revenue categories of the state budget will be made by issuing the final statement. In particular, in February 2024 the total net revenue of the state budget amounted to EUR 5,954 billion, increased by EUR 601 million over the monthly target. This increase is mainly due to increased tax revenue and increased PIP revenue and is achieved despite an increase in tax revenue refunds. Tax revenues amounted to EUR 5,840 billion, increased by EUR 581 million or 11% against the target, which is estimated to derive mainly from the best return on previous year’s income taxes collected in instalments by the end of February 2024 and the best return on the collection of taxes this year. Revenue refunds amounted to 658m euros, increased by 324m euros from the objective (334m euros). The revenue of the Public Investment Budget (PPS) amounted to 509m euros, increased by 342m euros from the objective (167m euros). The expenditure of the State Budget for the period January – February 2024 amounted to EUR 11,211 billion and appears to be increased by EUR 234 million compared to the objective (EUR 10,976 billion), included in the budget report 2024. It is also increased, compared to the corresponding period of 2023, by EUR 553 million, due to increased investment costs by EUR 735 million. On the regular budget side, payments are reduced against the target by EUR 399 million. This development is mainly due to the heterochronisation of transfer payments to OCAs by EUR 301 million. Payments on the investment expenditure side amounted to EUR 2,055 billion , presenting an increase of EUR 633 million in relation to the objective as the objective was exceeded both in the PIP and in the Recovery and Durability Fund.
Budget: Strong January-February tax revenues widened surplus
—