Primary excess height 2.116 billion euros was budgeted in the first half of this year, against a target of a primary deficit of €415 million and a primary deficit of €3.425 billion for the same period in 2022.

Also according to the final data on the implementation of the state budget published by the General Accounting Office of the State, the amount of net revenues amounted to 30.875 billion euros, showing an increase of 1.206 billion euros or 4.1% compared to the target included for the corresponding period in the introductory report of the 2023 budget.

This overperformance is mainly due to: (a) in the increased tax revenues of the semester and (b) in the collection of 603 million euros from ANFAs, which was not foreseen in the introductory report.

On the contrary, the price of 1.496 billion euros for the granting of the right to use and exploit the Egnatia Odos highway and its three vertical road axes, for a period of 35 years, which was predicted to be collected in June, was not collected, since the relevant procedure for the approval of the contract is ongoing.

The total revenue of the state budget amounted to 34.263 billion euros, increased by 1.793 billion euros or 5.5% against the target.

Specifically, the revenues of the major categories of the state budget are as follows:

1. The revenues of the “Taxes” category amounted to 27.214 billion euros, increased by 2.154 billion euros or 8.6% compared to the target included in the introductory report. Part of this increase, amounting to approximately 470 million euros, concerns the extension of the deadline for the 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 over-execution 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 2023, as well as from the better performance in the current year’s taxes.

In particular, the following are observed for the main taxes of this category:

  • VAT revenues amounted to 11.042 billion euros and are up against the target by 571 million euros.
  • The revenues of the tax authorities amounted to 3.227 billion euros and are reduced compared to the target by 62 million euros.
  • Real estate tax revenues amounted to €1.567 billion and are €53 million above the target.
  • Income tax revenues amounted to 7.479 billion euros and are up against the target by 787 million euros.

2. The income of the category “Social Contributions” amounted to 29 million euros and is increased against the target by 1 million euros.

3. The revenues of the “Transfers” category amounted to 4.407 billion euros, reduced by 40 million euros compared to the target included in the introductory report, due to reduced PDE revenues and despite the collection of 603 million euros from ANFAs as mentioned above. Of the above collected amount, an amount of 1.926 billion euros concerns PDE revenues, which are reduced by 664 million euros compared to the target.

4. The revenues of the “Sales of goods and services” category amounted to 441 million euros, reduced by 1.508 billion euros compared to the target included in the introductory report, mainly due to the non-collection of the price of 1.496 billion euros for the Egnatia Odos highway.

5. The income of the “Other current income” category amounted to 2.171 billion euros, increased by 1.189 billion euros compared to the target included in the introductory report, mainly due to increased income from reimbursements of expenses by 642 million euros and from interest on deposits in the Bank of Greece by 260 million euros. Of this amount, an amount of 257 million euros concerns PDE revenues, which are increased by 162 million euros compared to the target.

Revenue refunds amounted to 3.388 billion euros, increased by 586 million euros from the target (2.802 billion euros), part of which is due to the refund of VAT in March, to the Administrator of Renewable Energy Sources and Guarantees (DAPEEP S.A.) of approximately 220 million euros, arising from revenues collected by DAPEEP and attributed to the state by the Temporary Return Mechanism s Part of the Next Day Market Income.

Its total revenue Public Investment Budget (PDE) amounted to 2.183 billion euros, reduced by 502 million euros from the target (2.685 billion euros).

In June, the total net revenues of the state budget amounted to 4.623 billion euros, reduced by 1.741 billion euros compared to the monthly target, mainly due to the non-collection of the concession price of the Egnatia Odos motorway, as well as the reduced PDE revenues.

The total revenues of the state budget amounted to 5.305 billion eurosreduced against the monthly target by 1.614 billion euros.

Specifically, the revenues per major category of the state budget for June are as follows:

1. Revenues in the “Taxes” category amounted to 4.349 billion euros, up by 237 million euros or 5.8% against the target. In particular, the following are observed for the main taxes of this category:

  • VAT revenue reached €1.625 billion and is €55 million above the target.
  • The revenues of the EFCs amounted to 594 million euros and are increased against the target by 11 million euros.
  • Real estate tax revenues amounted to 261 million euros and are short of the target by 6 million euros.
  • Income tax revenues amounted to 1.321 billion euros and are up against the target by 154 million euros.

2. The revenues of the “Social Contributions” category amounted to 5 million euros in line with the target.

3. The revenues of the “Transfers” category amounted to 240 million euros, reduced by 761 million euros compared to the target included in the introductory report. An amount of 228 million euros concerns PDE revenues, which are reduced by 734 million euros compared to the target.

4. The revenues of the “Sales of goods and services” category amounted to 68 million euros, reduced by 1.52 billion euros against the target included in the introductory report, due to the non-collection of the concession price of the Egnatia Odos motorway.

5. The income of the “Other current income” category amounted to 642 million euros, increased by 431 million euros compared to the target included in the introductory report, mainly due to the collection of an amount of 260 million euros related to interest on deposits at the Bank of Greece. An amount of 3 million euros concerns PDE revenues, which are reduced by 10 million euros compared to the target.

Revenue returns amounted to 682 million euros, increased by 127 million euros from the target (555 million euros).

Its total revenue PDE amounted to 231 million euros, reduced by 744 million euros from the target (975 million euros).

The expenses of the state budget in the first half of the year, amounted to 33.337 billion euros and are shown to be reduced by 596 million euros compared to the target (33.933 billion euros), included in the introductory report, while they are shown to be increased compared to the corresponding period of 2022 by 530 million euros, mainly due to increased interest payments of 1.438 billion euros.

In the part of the regular budget, the payments are shown reduced compared to the target by 654 million euros. This development is mainly due to the deferral of payments for expenditure on equipment programs amounting to 668 million euros.

Notable events are the grant to the Information Society M.A.E. amounting to 503 million euros to serve its needs Market Passthe return to the Energy Transition Fund of 367 million euros of surplus energy producers – for the period from 1 October 2021 to 30 June 2022 – as well as this year’s Diesel heating subsidy payments of 100 million euros.

All the aforementioned payments were made by reallocating appropriations from the reserve to promote actions to address the energy crisis (appropriations under allocation).

Payments in the investment expenditure arm amounted to 4.708 billion euros, exceeding the target of 58 million euros.

The expenditure of the PDE includes an amount of 72 million euros to service COVID-19 measures, with the most important of these, the strengthening of health institutions with auxiliary staff to respond to the needs due to the pandemic in the regions, the support of start-ups in the context of Elevate Greece, and the grant of existing small and medium enterprises of the retail trade sector that maintain a physical store, for the development, upgrade and management of an online store.