What the budget figures show
Primary surplus 8,743 million euros, against a target of 5,297 million euros and a primary surplus of 5,987 million euros for the same period in 2023, provisionally record the figures of budget for the period January – September 2024, according to the provisional budget execution data, announced by the Ministry of National Economy and Finance.
Tax revenues rose to €48,972m, up €2.599bn or 5.6% on targetwhile the excess of the tax revenue that is counted fiscally in 2024 amounts to 1.952 billion euros
According to the provisional data of execution of the state budget, on a modified cash basis, for the period of January – September 2024a surplus is shown in the balance sheet of the state budget of 1,575 million euros against a deficit target of 1,443 million euros which has been 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 a modified cash basis was formed in a surplus of 8,743 million euros, against a target for a primary surplus of 5,297 million euros and primary surplus of 5,987 million euros for the same period in 2023.
It is noted that part of the difference in the collections of tax revenues amounting to 647 million euros is counted in the fiscal result of the year 2023, while an amount related to later timing of transfer payments to OKA amounting to 1,683 million euros and of 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.
In the period January – September 2024, the amount of net revenues of the state budget amounted to 50,906 million eurospresenting a decrease of 1,228 million euros or 2.36% against the target that has been included for the corresponding period in the introductory report of the 2024 Budget, since the objective of the introductory report for the nine months of January-September 2024 had been included:
a) collection in the month of March in the amount of 1,797 million euros from the Recovery and Resilience Fund (RAF)which for the most part, i.e. an amount of 1,687 million euros was 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) collection in the month of June at a price of 1,350 million euros from the service concession agreement for the financing, operation, maintenance and exploitation of the Egnatia Road 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, the net income show an increase of 3,610 million euros or 7.7% compared to the target. This increase is mainly due to: a) to the increased tax revenues by 2,046 million euros after deducting refunds and b) to the increased PDE revenues by 697 million euros.
Tax revenue amounted to €48,972 million, up €2,599 million or 5.6% on target which has been included in the introductory report of the 2024 Budget. This over-execution comes both from the better performance of the income taxes of natural and legal persons of the previous year which were collected in installments until the end of February 2024 (it is noted that an estimated amount of 647 million euros 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 revenue which 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 totaled €5,471m, up €553m from the target (4,919 million euros).
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 revenue of the state budget rose to 5,773 million euros, reduced by 1,456 million euros against the monthly target mainly due to the non-collection, from the Recovery and Resilience Fund, of the foreseen installment, as mentioned above, which will be collected in the immediate period.
Tax revenues amounted towith 5,970 million euros, increased by 700 million euros or 13.3% compared to the Budget targetwhich should be combined with the significant increase in tax refunds by 511 million euros. Therefore, the increase in net income from taxes amounts to 189 million euros.
Revenue returns amounted to 973 million euros, increased by 511 million euros from the target (462 million euros)as mentioned above.
The revenues of the Public Investment Budget (PDE) rose to 449 million euros, up by 127 million euros from the target (322 million euros).
The expenses of the State Budget for the period January – September 2024 they amounted to 49,330 million euros and shown reduced by 4,246 million euros compared to the target (53,577 million euros), which has been included in the introductory report of the 2024 Budget. They are also increased, in relation with the corresponding period of 2023, by 637 million euros, mainly due to the increase in interest 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 heterochronization of the transmissions payments to OKA by 1,683 million eurosas well as the related costs equipment programs by 899 million euroswhich do not affect the result in financial terms. In contrast, i.e. incrementally in relation to the target, interest payments moved for servicing the public debt by 461 million euros.
Notable transfer payments include: 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 September 2023 period as well as for related land improvement projects, the grant of 247 million euros from the Ministry of Infrastructure and Transport to transport agencies (OASA, OASTH and OSE), the grant of 276 million euros from the Ministry of Health to the National Central Health Procurement Authority (EKAPY) to cover the cost of supplying medicines for the needs of the hospitals of the National Health Service and the National Health Service. 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.
