The deficit in the state budget balance amounted to 121 million euros, significantly less than the target of 3,745 million euros, for the period January – July 2024. The primary result on a modified cash basis was 5,683 million euros, against a target of a primary surplus of €1,655 million and a primary surplus of €3,558 million for the same period in 2023.
As stated in the relevant announcement of the ministry, part of the difference in tax revenue collections amounting to 647 million euros is counted in the fiscal result of the year 2023 and an amount of 2,323 million euros which concerns the deferral of transfer payments to OKA by 1,693 million euros, as also the costs related to the equipment programs amounting to 630 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-July amounts to 1,058 million euros.
The net income
In the period January – July 2024, the amount of net revenues of the state budget amounted to 39,205 million euros, showing an increase of 881 million euros or 2.3% compared to the target included for the corresponding period in the introductory report of the 2024 Budget , although the objectives of the introductory report included:
a) the collection in the month of March of an amount of 1,797 million euros from the Recovery and Resilience Fund (RAF), most 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 collected in January 2024 and
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 Road motorway and the three (3) vertical road axes, which was signed on 29.03.2024 and the next steps in the process until the price is paid are expected to be completed in the coming months.
Increased taxes
Tax revenues amounted to 36,993 million euros, increased by 2,317 million euros or 6.7% compared to the target included in the introductory report of the 2024 Budget.
This overperformance comes 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 is included in the fiscal result of the year 2023), as well as the better performance in the collection of current year’s taxes. Therefore, the excess of tax revenue that is counted fiscally in the year 2024 amounts to 1,670 million euros.
It is noted that the above concerns the comparison in relation to the objectives of the Budget. During the preparation of the Stability Program in April 2024, an increase in tax revenues of 1,238 million euros has already been taken into account. The said revenues are faced with increased expenses for the year 2024 of the regular Budget of the General Government bodies, as well as of the National branch of the Public Investment Program, as reflected in the Stability Program.
Revenue returns amounted to €3,898 million, up €4 million from the target (€3,894 million).
July
The revenues of the Public Investment Program (PIP) amounted to 3,003 million euros, increased by 944 million euros from the target (2,059 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 July 2024 the total net revenues of the state budget amounted to 7,739 million euros, increased by 1,168 million euros compared to the monthly target.
Tax revenues amounted to 7,794 million euros, increased by 1,059 million euros or 15.7% compared to the Budget target, mainly due to the better performance in the collection of the income tax of individuals and legal entities of the tax year 2023. It is noted that the a greater part of the result in question as mentioned above has been foreseen in the objectives of the Stability Program.
Revenue returns totaled €674 million, up €123 million from the target (€551 million).
The revenues of the Public Investment Budget (PDE) amounted to 215 million euros, increased by 168 million euros from the target (47 million euros).
The expenses
The expenses of the State Budget for the period January – July 2024 amounted to 39,326 million euros and are shown reduced by 2,743 million euros compared to the target (42,070 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 743 million euros, mainly due to the increase in interest payments.
In the section of the Regular Budget, the payments are shown reduced compared to the target by 2,860 million euros. This development is mainly due to the deferral of transfer payments to OKA by 1,693 million euros, as well as the costs related to equipment programs amounting to 630 million euros, which do not affect the result in fiscal terms. In contrast, i.e. incrementally in relation to the target, interest payments for servicing the public debt moved by 436 million euros.
Notable transfer payments can be mentioned: the payment of 120 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, the grant of 191 million euros from the Ministry of Infrastructure and Transport to transport agencies (OASA, OASTH and OSE), the grant of 207 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 NHS hospitals and of G.N. Papageorgiou and the grant of 98 million euros to the Higher Educational Institutions (HEIs) for operational costs in general.
Payments in the investment expenditure segment amounted to 6,099 million euros, showing an increase of 117 million euros in relation to the target, as the target was exceeded in the PDE.
Source: ot.gr
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