Budget: Primary deficit €1.85 billion lower than target


Lower by approx 1.85 billion eurosagainst the target was the primary deficit in 2022, as announced by the Ministry of Finance.

Specifically as emphasized, according to the execution data of the state budgeton a modified cash basis, for the period January – December 2022, there is a deficit in the state budget balance amounting to 11,656 million euros against a deficit target 13,400 million euros which has been included for its corresponding period 2022 in the introductory report of Pof the 2023 budget and deficit of 14,872 million euros the corresponding period of 2021.

The primary result was a deficit of 6,652 million euros, against a target of a primary deficit of 8,506 million euros and a primary deficit of 10,327 million euros for the same period in 2021.

According to the announcement of the Ministry of Finance:

The amount of net revenues of the state budget amounted to 59,623 million euros, showing a decrease of 230 million euros or 0.4% compared to the estimate for the corresponding period included in the introductory report of the 2023 Budget. This decrease is mainly due to reduced PDE revenues by 878 million euros, as well as the fact that due to the extension of the deadline for the payment of traffic fees until the end of February 2023, it is estimated that an amount of 486 million euros that was predicted to be collected in the year 2022 will finally be collected in 2023. On the contrary , €367 million was collected as an extraordinary levy of 90%, based on the increase in gross profit margin, to electricity producers for the period October 2021 – June 2022, which was not expected to be collected.

The total revenues of the state budget amounted to 65,775 million euros, reduced by 71 million euros or 0.1% against the target. More specifically, the revenues of the major categories of the state budget are as follows:

A. The revenues of the “Taxes” category amounted to 55,217 million euros, increased by 81 million euros or 0.1% compared to the target included in the introductory report of the 2023 Budget. However, if the extension in the collection of traffic fees is taken into account, the actual increase in tax revenue is even higher.

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

* VAT revenues amounted to 21,422 million euros and are increased against the target by 116 million euros.

* The revenues of the EFCs amounted to 6,984 million euros and are reduced compared to the target by 89 million euros.

* Real estate tax revenues amounted to 2,692 million euros and are increased against the target by 165 million euros.

* Income tax revenues amounted to 17,012 million euros and are higher than the target by 331 million euros.

B. The revenues of the “Social Contributions” category amounted to 56 million euros, increased by 1 million euros compared to the target included in the introductory report of the 2023 Budget.

C. The revenues of the “Transfers” category amounted to 6,357 million euros, reduced by 548 million euros compared to the target included in the introductory report of the Budget 2023. Of the above received amount of 6,357 million euros, an amount of 3,309 million euros concerns PDE revenues, which are reduced by 920 million euros compared to the target.

D. The revenue of the “Sales of goods and services” category amounted to 833 million euros, increased by 51 million euros compared to the target included in the introductory report of the 2023 Budget.

E. The revenues of the “Other current revenues” category amounted to 3,301 million euros, increased by 345 million euros compared to the target included in the introductory report of the 2023 Budget. Of these, an amount of 272 million euros concerns PDE revenues, which are increased by 42 million euros compared to the target.

F. The income of the “Sales of fixed assets” category amounted to 12 million euros, reduced by 1 million euros compared to the target included in the introductory report of the 2023 Budget.

Revenue returns amounted to €6,153 million, up €159 million from the target (€5,993 million).

The total revenues of the Public Investment Budget (PDE) amounted to 3,581 million euros, reduced by 878 million euros from the target (4,459 million euros).

For the month of December 2022, the total net revenues of the state budget amounted to 6,193 million euros, reduced by 519 million euros in relation to the monthly target, due to the reduced PDE revenues by 803 million euros, as well as the non-collection of an amount amounting to 486 million euros from traffic taxes due to the extension of their payment deadline. On the contrary, in the month of December, an amount of 367 million euros was collected from the extraordinary levy on electricity producers that was not foreseen, as mentioned above.

The total revenue of the state budget amounted to 6,794 million euros, reduced by 549 million euros compared to the estimate for the corresponding period included in the introductory report of the 2023 Budget.

A. The revenues of the “Taxes” category amounted to 5,038 million euros, reduced by 362 million euros or 6.7% compared to the target included in the introductory report of the 2023 Budget due to the extension of the deadline for the payment of traffic fees until end of February 2023.

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

* VAT revenues amounted to 1,594 million euros and are 20 million euros short of the target.

* The revenues of the EFFK amounted to 640 million euros and are reduced compared to the target by 38 million euros.

* Real estate tax revenues amounted to 146 million euros and are increased against the target by 65 million euros.

* Income tax revenues amounted to 1,576 million euros, and are up against the target by 177 million euros.

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

C. The revenues of the “Transfers” category amounted to 1,078 million euros, reduced by 442 million euros compared to the target included in the introductory report of the 2023 Budget. Of the above collected amount of 1,078 million euros, an amount of 705 million euros concerns PDE revenues, which are reduced by 809 million euros compared to the target.

D. The revenue of the “Sales of goods and services” category amounted to 59 million euros, increased by 7 million euros compared to the target included in the introductory report of the 2023 Budget.

E. The revenues of the “Other current revenues” category amounted to 614 million euros, increased by 252 million euros compared to the target included in the introductory report of the 2023 Budget. Of these, an amount of 8 million euros concerns PDE revenues, the which are increased by 6 million euros compared to the target.

Revenue returns amounted to €601 million, down €31 million from the target (€632 million).

The total revenues of the Public Investment Budget (PDE) amounted to 713 million euros, reduced by 803 million euros compared to the target (1,516 million euros).

State Budget expenditures for the period January – December 2022 amounted to 71,279 million euros and are presented reduced by 1,974 million euros or 2.7% compared to the target (73,253 million euros), which has been included in the introductory report of the Budget 2023.

In the section of the Regular Budget, the payments are shown reduced compared to the target by 1,383 million euros. This development is mainly due to the under-execution of the consumer expenditure category amounting to 283 million euros and the non-absorption, within the current year, of part of the credits allocated from the reserve, due to procedural delays. The relevant obligations are undertaken as a matter of priority, again, in the next financial year, in order to make the relevant payments and avoid the accumulation of unpaid obligations.

Payments in the investment expenditure arm amounted to 11,025 million euros, showing an underperformance of 591 million euros.

The provisional breakdown of the main payments of expenditure on fiscal measures taken due to the pandemic for the period January – December is as follows:

a) the support of small and very small businesses affected by COVID-19 in the Regions in the amount of 160 million euros from the PDE,

b) the public contribution for the repayment of business loans of affected borrowers amounting to 90 million euros from the PDE,

c) the working capital subsidy for tourism businesses amounting to 42 million euros from the PDE,

d) the support of health institutions with auxiliary staff in the Regions amounting to 103 million euros from the PDE,

e) the emergency grant of entertainment businesses, gyms, dance schools, etc. affected by the pandemic. amounting to 44 million euros, from the PDE,

f) the special purpose compensation expense of 163 million euros, which was paid by the Ministry of Labor and Social Affairs (category of transfers),

g) the additional grants to EOPYY, in the amount of 115 million euros and to hospitals and DYPE, in the amount of 281 million euros, as well as the purchase of vaccines in the amount of 320 million euros,

h) the additional grant to DYPA (formerly OAED) in the amount of 594 million euros to cover the loss of revenue due to a reduction in employee insurance contributions and the grant to e-EFKA in the amount of 372 million euros to cover the loss of revenue from the reduction of contributions,

i) the expenditure to cover employee insurance contributions amounting to 296 million euros during the implementation mainly of the CO-JOB mechanism and the program of 150,000 new subsidized jobs and

j) the state compensation of landlords amounting to 68 million euros, due to reduced rents they receive.

The provisional recording of the main payments of the costs for the measures to deal with the energy crisis, concerning the Central Administration, for the period January – December, is as follows:

a) transfer payment to OPECA (April and June) amounting to 207 million euros which is broken down into the following sub-parts: 120 million euros for the extraordinary installment of the child benefit, 46 million euros for the payment of the increase in the income support of the beneficiaries of the minimum guaranteed income, 33 million euros for the extraordinary financial support of the disabled and 7 million euros for the increase of the pension of the uninsured elderly, as well as a transfer payment to OPECA (December) amounting to 221 million euros which is analyzed below individual: 122 million euros for the extraordinary installment of the child allowance, 47 million euros for the payment of the increase in the income support for beneficiaries of the minimum guaranteed income, 43 million euros for the extraordinary financial support for the disabled and 9 million euros for the increase of the uninsured overage pension,

b) a grant to the e-EFKA in the amount of 135 million euros in May and in the amount of 250 million euros in December, for the extraordinary financial support of vulnerable pensioners,

c) grant to the Information Society for the support of natural persons and freelancers in order to deal with the increase in the cost of fuel passes (fuel pass) of 302 million euros and for the support due to increased electricity bills (power pass) of 296 million euros,

d) grant to OPEKEPE in the amount of 50 million euros to deal with the consequences in Greek animal husbandry due to international developments, as well as aid in the amount of 60 million euros to agricultural holdings, due to the increase in the cost of fertilizers,

e) special purpose compensation to support TAXI operators and drivers amounting to 5 million euros,

f) diesel fuel subsidy of 217 million euros,

g) subsidy for diesel heating in the amount of 90 million euros and

h) strengthening of the Energy Transition Fund by 1,600 million euros.

For the period of January – December 2022, the expenses of the state budget are presented increased, compared to the corresponding period of 2021, by 1,529 million euros.

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