A significant increase against the target is observed in the tax revenues of the first 3 months of 2023, according to the provisional data of the execution of the state budget on a modified cash basis, for the period of January – March 2023, as announced by the Ministry of Finance.

At the same time, this development, combined with the general fiscal picture, brought primary surplus of 3 billion eurosagainst a target of only 28 million euros.

Tax revenues amounted to €13.682 billion, up €1.508 billion or 12.4% on target.

The Deputy Minister of Finance Theodore Skylakakis commenting on the results of the execution of the budget, he emphasized that “from the data of the execution of the budget for the month of March, the continuation of the very good progress of the revenues emerges, which is a direct consequence of the significantly better course of the economy in relation to the budget forecasts. The country is marching towards the elections in an environment of fiscal stability and better economic performance, confirmed on all sides. From the international organizations (IMF, EU), from the rating agencies, from the markets and from the actual figures of the revenues, which, as always, irrefutably describe the progress of the Greek economy”.

According to the announcement of the Ministry of Finance, as shown by the provisional data for the period January – March 2023, it is presented surplus in the state budget balance of 211 million euros against a target for a deficit of 2,602 million euros included for the corresponding period of 2023 in the introductory report of the 2023 Budget and a deficit of 3,884 million euros for the corresponding period of 2022.

The primary outcome came in at a surplus of €3,070 million, against a target of a primary surplus of €28 million and a primary deficit of €1,650 million for the same period in 2022.

The height of of net income of the state budget amounted to 16,830 million euros, showing an increase of 2,268 million euros or 15.6% compared to the target included for the corresponding period in the introductory report of the 2023 Budget. This over-execution is mainly due to: (a) the increased tax revenues of the quarter, (b) the collection of 603 million euros from ANFAs, which was not foreseen in the introductory report of the 2023 Budget and (c) the increased revenues of the PDE.

The tax revenue amounted to 13,682 million euros, increased by 1,508 million euros or 12.4% compared to the target included in the introductory report of the 2023 Budget.

Part of this increase, amounting to approximately 470 million euros, concerns the extension of the deadline for payment of traffic fees until the end of February 2023, while it was estimated that this amount would be collected in December 2022.

The remaining amount of the overdraft comes from the best performance of the previous year’s personal and corporate income taxes collected in installments until the end of February 2023, as well as from the best performance of the current year’s VAT.

Revenue returns amounted to €1,721 million, up €368 million from the target (€1,354 million).

The revenues of the Public Investment Budget (PDE) amounted to 1,679 million euros, increased by 334 million euros from the target (1,345 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 March 2023 the total net revenues of the state budget amounted to 3,864 million euros, increased by 306 million euros compared to the monthly target.

Tax revenues amounted to €3,692 million, up €263 million or 7.7% on target.

Revenue refunds amounted to 938 million euros, increased by 264 million euros from the target (674 million euros) mainly due to the VAT refund to the Administrator of Renewable Energy Sources and Guarantees (DAPEEP) S.A. in the amount of approximately 220 million euros resulting from revenues collected by DAPEEP and attributed to the State by the Temporary Mechanism for Returning Part of Next-Day Purchase Revenues.

His income Public Investment Budget (PDE) amounted to 263 million euros, reduced by 297 million euros from the target (560 million euros).

The expenses of the State Budget for the period January – March 2023 amounted to 16,619 million euros and are presented reduced by 545 million euros compared to the target (17,164 million euros), which is included in the introductory report of the 2023 Budget, while they are presented increased , in relation to the corresponding period of 2022, by 772 million euros, mainly due to the increased transfers of the regular budget by 1,006 million euros.

In the section of the Regular Budget, the payments are shown reduced compared to the target by 371 million euros. This development is mainly due to the deferral of payments for equipment program expenditures amounting to 763 million euros.

Notable events are the grant to the Information Society M.A.E. amounting to 502 million euros, to serve the needs of the Market Pass, as well as the grant to the Energy Transition Fund amounting to 367 million euros of surplus energy producers, for the period from October 1, 2021 to June 30, 2022. And two aforementioned grants were made by redistributing credits from the reserve to promote actions to address the energy crisis (credits under allocation).

Payments in the investment expenditure arm amounted to 2,029 million euros, showing an underperformance of 174 million euros. The expenditure of the PDE includes an amount of 44 million euros to service COVID-19 measures, with the most important of these, the reinforcement of health institutions with auxiliary staff to respond to the needs due to the COVID-19 pandemic in the Regions and the subsidy of existing small and medium enterprises of the retail industry, who maintain a physical store, for the development, upgrade and management of an online store.