Greece - State budget execution January to November 2024: Primary surplus at 12.012 billion euros

23:43 16/12/2024 - Πηγή: iEidiseis

The announcement from the Ministry of National Economy and Finance.

A primary surplus of 12.012 billion euros is recorded in the state budget execution for the period January - November 2024, according to the data announced on Monday afternoon by the Ministry of National Economy and Finance, compared

to a target for a primary surplus of 9.912 billion euros and a primary surplus of 5.826 billion euros for the same period in 2023. At the same time, for the same period, tax revenues are reported to be increased by 106 million compared to the target included in the explanatory report of the 2025 budget.

The announcement from the Ministry of National Economy and Finance is as follows:

According to the preliminary data available for the execution of the State Budget on a modified cash basis, the State Budget balance for the period of January - November of 2024 presented a surplus of 4,376 million euros, against the target of a surplus of 2,293 million euros that has been incorporated for the same period of 2024 in the 2025 Budget introductory report and a deficit of 1,032 million euros for the same period of 2023. The State Budget Primary Balance on a modified cash basis amounted to a surplus of 12,012 million euros, against the primary surplus target of 9,912 million euros and the primary surplus of 5,826 million euros performed at the same period of the previous year.

The difference in comparison to the target derives mainly from the collection of an amount of 206 million euros during October 2024 from the extraordinary levy on electricity suppliers, which is scheduled to be made available through the Ministry of Environment and Energy and from the time differentiation of expenditure for military procurement and transfers to SSFs (432 and 788 million euros, respectively), which do not affect the outcome in fiscal terms. It is noted that the difference between tax revenues and the corresponding target amounted to 106 million euros.

It is noted that the Primary Balance in fiscal terms differs in comparison to the result in cash terms. Additionally, the aforementioned concerns the Primary Balance of the Central Administration and not of the whole of the General Government, which also includes the fiscal results of legal entities and the sub-sectors of LGs and SSFs.

For the period of January - November 2024, State Budget net revenues amounted to 66,722 million euros, showing an increase of 304 million euros or 0.46% against the target of the corresponding period, which is included in the 2025 Budget introductory report.

Tax revenues amounted to 60,670 million Euros, 106 million euros or 0.2% higher against the target which is included in the 2025 Budget introductory report.

Tax refunds amounted to 6,576 million euros, 124 million euros lower than the target (6,700 million euros) which is included in the 2025 Budget introductory report.

PIB revenues amounted to 3,627 million euros, 103 million euros lower than the target (3,731 million euros), which is included in the 2025 Budget introductory report.

A more precise allocation among the revenue categories of the State Budget will take place when the final Bulletin is issued.

Particularly, in November 2024, the State Budget net revenues amounted to 5,391 million euros, 53 million euros higher than the monthly target.

Tax revenues amounted to 5,535 million euros, 58 million euros or 1.1% higher against the State Budget target 2025.

Tax refunds amounted to 494 million euros, 124 million euros lower than the target (618 million euros).

PIB revenues amounted to 12 million Euros, 103 million euros lower than the target (115 million euros).

State Budget expenditures for the period of January - November of 2024 amounted to 62,346 million euros, 1,779 million euros lower than the revisited target (64,124 million euros), which is included in the 2025 Budget introductory report. Τhey were also increased in comparison to the respective period of 2023 by 2,151 million euros, mainly due to the increased interest payments and RRF expenditure.

In the Ordinary Budget the payments are shown decreased, compared to the target, by 1,268 million euros. Excluding the difference in non allocated expenditure of 331 million euros, which do not correspond to payments but to reallocations of appropriations to other categories, from which payments are realized at a later date, the difference in payments against the target amounts to 937 million euros. This difference is justified by the time differentiation of the military procurement and the transfers to SSFs of 432 and 788 million Euros respectively, which do not affect the outcome in fiscal terms.

Noteworthy payments are:

a) the payment of 43 million euros of 2024 heating allowance. This amount is part of the total payments of 218 million Euros, relating to the winter period 2023-2024 and it will be increased due to the advance payment of the winter season 2024-2025, during December 2024. The total payments of the winter season 2024-2025 are expected to be increased and reach 270 million euros in total.

b) the 170 million euros which were paid by the Ministry of Rural Development and Food to ELGA, for the compensation of agricultural holdings affected by flooding, due to the DANIEL-ELIAS storms in September 2023 and for relevant land improvement programs,

c) the 297 million euros which were paid by the Ministry of Infrastructure and Transportation as a grant to transportation entities (OASA, OASTH and OSE),

d) the 414 million euros which were paid by the Ministry of Health as a grant to the National Centralized Health Procurement Authority (EKAPY) to cover the cost of supplying medicines for the needs of ESY hospitals and Papageorgiou hospital,

e) the state payment of 119 million euros for the purchase of pharmaceutical and health related materials,

f) the direct state payment of 50 million euros for students’ books,

g) the payment of 188 million Euros for purchasing motor fuel, mainly for covering the needs of Ministry of Defence and

h) the payment of 161 million euros for hiring aircrafts for the Ministry for Climate Crisis and Civil Protection.

Investment expenditure amounted to 9,934 million euros and it is 510 million euros lower than the revisited target, which has been included in the introductory report of the 2025 Budget. At the same time, it is increased compared to the corresponding payments of 2023 by 1,348 million euros.