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Surplus of a billion euros in Greece budget

Christian Fernsby |
The state budget balance presented a surplus of 1.093 billion euros in January in Greece.

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That compared to a target of a deficit of €82 million that has been incorporated for the same period of 2024 in the 2024 budget introductory report and a surplus of €1.48 billion for the same period of 2023, the National Economy and Finance Ministry said on Monday.

The state budget primary balance on a modified cash basis amounted to a surplus of €2.28 billion, against the primary surplus target of €1.12 billion and the primary surplus of €2.77 billion in the same period in the previous year.

It is noted that the main part of the difference in the primary balance surplus against the target, in cash terms, is not counted in the 2024 primary balance in fiscal terms.

Indicatively, €159 million relating to the Recovery and Resilience Facility revenues (RRF), which was collected with a time differentiation, as well as €205 million relating to the time differentiation of the cash payments for military procurement do not affect the fiscal result in accrual terms, while the difference in net tax revenues of €307 million is almost entirely accounted for in the fiscal result of 2023.

Therefore, the primary balance in fiscal terms differs significantly in comparison to the result in cash terms.

State budget net revenues amounted to €6.72 billion in January, showing an increase of €993 million against the target of the corresponding period, which is included in the 2024 budget introductory report.

This increase is mainly thanks to: the increased tax revenues by €307 million, after deducting tax refunds; the increased Public Investment Program revenues by €390 million; and to the collection of €159 million from the Recovery and Resilience Fund (RRF), which was projected to be collected in March 2024.

State budget revenues amounted to €7.22 billion – i.e. €1.055 billion or 17.1% higher than the target.

Tax revenues amounted to €5.56 billion, €369 million or 7.1% higher against the target.

This overperformance is mainly thanks to the better performance of the previous year’s income taxes collected in installments until the end of February.

State budget expenditure for January amounted to €5.625 billion euros, €182 million lower than the target (about €5.8 billion), which is included in the 2024 budget introductory report. Τhey were also down from the respective period of 2023 by €61 million.


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