The primary budget deficit in the first 11 months of this year amounted to 7.882 billion euros, improved both against the target of 8.973 billion euros and against the primary deficit of 13.747 billion euros for the same period in 2020. At the same time, in November VAT revenues and income taxes exceeded estimates.
In particular, according to the data of the Ministry of Finance for the state budget:
On a modified cash basis, for the period January-November 2021 there is a deficit in the state budget balance of 12.267 billion euros against a deficit target of 13.399 billion euros included for the corresponding period of 2021 in the budget report 2022 and 18.252 billion euros in the corresponding period of 2020.
The net revenue of the state budget amounted to 48.476 billion euros, an increase of 326 million euros or 0.7% compared to the estimate for the corresponding period included in the budget report 2022. However, if the reduced revenue of 419 million euros, net income increased by 745 million euros compared to the updated target. The total state budget revenues amounted to 52.746 billion euros, increased by 408 million euros or 0.8% against the target.
Tax revenue amounted to € 42.932 billion, up € 784 million or 1.9% from the target set in the 2022 budget report.
Specifically, in the period January-November 2021, an increase against the target was observed in the following main categories of revenue:
(a) VAT on petroleum products and their derivatives by EUR 32 million or 2.1%;
b) VAT on other products and services by EUR 152 million or 1.1%,
c) EFC of energy products by EUR 53 million or 1.5%,
d) VAT on other products by EUR 11 million or 2%,
e) Taxes on financial and capital transactions by 14 million euros or 3.1%,
f) Other taxes on specific services by 34 million euros or 3%, of which: Premium tax by 12 million euros or 3.3%,
g) Taxes and duties on imports by EUR 22 million or 8.7%,
h) Regular real estate taxes by 87 million euros or 3.9%, of which: ENFIA by 86 million euros or 3.9%,
i) Income tax payable by Individuals by 296 million euros or 3.3%,
j) Income tax payable by companies by 117 million euros or 4.1%,
k) Sales of goods and services by 23 million euros or 4.4%.
Revenues for the same period were lower than the target for the same period:
a) TFC of tobacco products by EUR 18 million or 0.9%,
b) Other income taxes by EUR 16 million or 1.5%,
c) Transfers by EUR 374 million or 5%,
d) Other current income by 25 million euros or 1.2% of which: Reimbursement of expenses by 12 million euros or 1.5%.
Revenue returns amounted to € 4.270 billion, up € 82 million from the target (€ 4.188 billion).
Public Investment Budget (PDB) revenues amounted to 3.768 billion euros, down 419 million euros from the target (4.187 billion euros).
In particular, in November 2021 the total net revenues of the state budget amounted to 4.320 billion euros, increased by 158 million euros compared to the updated monthly target. The total state budget revenues amounted to 4.778 billion euros, increased against the monthly target by 240 million euros.
Tax revenues amounted to 4.351 billion euros, increased by 620 million euros or 16.6% against the monthly target.
The main categories of revenue that increased compared to the target in November 2021, are the following:
(a) VAT on petroleum products and their derivatives by EUR 31 million;
b) VAT on other products and services by EUR 139 million,
c) EFC of energy products by EUR 52 million,
d) Taxes on financial and capital transactions by 12 million euros,
e) Other taxes on specific services by 29 million euros, of which: Premium tax by 13 million euros,
f) Taxes and duties on imports by EUR 13 million,
g) Regular real estate taxes by 21 million euros, of which: ENFIA by 21 million euros,
h) Income tax payable by Individuals in the amount of EUR 194 million,
i) Income tax payable by companies by 71 million euros,
j) Sales of goods and services by 24 million euros.
Revenues for the same period were lower than the target for the same period:
a) Transfers by EUR 379 million,
b) Other current income by 25 million euros, of which: Reimbursements of expenses by 11 million euros.
Revenue returns for November 2021 amounted to € 458 million, up € 82 million from the target (€ 376 million).
PDE revenues amounted to € 187 million, down € 419 million from the target (€ 606 million).
The state budget expenditure for the period January-November 2021 amounted to 60.743 billion euros and is reduced by 805 million euros or 1.3% compared to the target (61.548 billion euros), which is included in the budget report 2022.
On the part of the regular budget, there is a lag of 660 million euros or 1.2% against the target, which is mainly due to the under-execution of other grants by 474 million euros and the purchases of goods and services by 129 million euros.
Payments on investment expenditures decreased compared to the target of 7.952 billion euros by 145 million euros, or 1.8%.
The provisional picture of the main payments of the pandemic measures for the period January-November is as follows:
(a) the cost of special purpose compensation due to the COVID-19 (employee) pandemic of € 1.968 billion, paid by the Ministry of Labor and Social Affairs (transfer category);
b) the repayable advance of € 1.620 billion from the transfer category and € 1.108 billion from the EDP;
c) the state compensation of landlords amounting to 744 million euros, due to reduced rents they receive;
d) the grant to OPEC amounting to 225 million euros, for the repayment of loans affected by the pandemic;
(e) the support of small and micro-enterprises affected by COVID-19 in the regions amounting to EUR 741 million from the EDP;
f) the subsidy of interest on loans to small and medium-sized enterprises amounting to EUR 117 million from the EDP;
(g) expenditure on the business guarantee fund of EUR 220 million from the EDP;
(h) the working capital subsidy to catering establishments for the supply of raw materials amounting to EUR 203 million from the PDE;
i) the public contribution for the repayment of business loans of affected borrowers amounting to 215 million euros from the EDP;
j) the working capital subsidy to tourism enterprises amounting to EUR 100 million from the PDE;
k) the coverage of insurance contributions to e-EFKA during the implementation of the measures of support of employers and employees amounting to 703 million euros from the category of transfers;
l) the coverage of insurance contributions to e-EFKA related to the subsidy of fixed costs of enterprises amounting to 243 million euros;
(m) the € 101 million emergency subsidy for municipalities to deal with the pandemic; and
n) the subsidy to OAED to cover a loss of revenue of 571 million euros.
State budget expenditures for the period January-November 2021 are higher than in the corresponding period of 2020 by 365 million euros, mainly due to increased payments for armaments programs in the regular budget.
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