The Greek state budget exhibited a surplus of 1,093 million euros in January, a significant deviation from the projected deficit of 82 million euros outlined in the 2024 budget introductory report. This surplus contrasts with the 1,480 million euros recorded for the same period in 2023, as confirmed by the finance ministry.
The state budget’s primary balance, on a modified cash basis, reached a surplus of 2,282 million euros. This surpasses the primary surplus target of 1,118 million euros but falls short of the 2,773 million euros recorded in the corresponding period of the previous year. Notably, a portion of the surplus difference, particularly in cash terms, is not factored into the 2024 primary balance in fiscal terms.
Specifically, 159 million euros related to Recovery and Resilience Facility revenues (RRF), collected with a time differentiation, and 205 million euros linked to the time differentiation of cash payments for military procurement, do not impact the fiscal result in accrual terms. Furthermore, the variance in net tax revenues, amounting to 307 million euros, is largely attributed to the fiscal result of 2023.
State budget net revenues totaled 6,717 million euros in January, showcasing a notable increase of 993 million euros compared to the target outlined in the 2024 budget introductory report. This increase is primarily attributed to heightened tax revenues, increased PIB revenues, and the early collection of 159 million euros from the Recovery and Resilience Fund (RRF), initially projected for March 2024.
Total state budget revenues amounted to 7,218 million euros, exceeding the target by 1,055 million euros or 17.1%. Key revenue categories include tax revenues at 5,561 million euros, social contributions at 5 million euros, transfers at 1,093 million euros, sales of goods and services at 115 million euros, and other current revenues at 430 million euros. Sales of fixed assets revenues stood at 15 million euros.
Tax refunds amounted to 501 million euros, slightly surpassing the target. PIB revenues reached 1,104 million euros, surpassing the target by 390 million euros.
State budget expenditures for January 2024 totaled 5,625 million euros, marking a reduction of 182 million euros from the target and a decrease of 61 million euros compared to the same period in 2023. The Ordinary Budget witnessed decreased payments, primarily attributed to the time differentiation of cash payments for military procurements by the Ministry of Defense.
Investment expenditures amounted to 948 million euros, exceeding the target by 213 million euros, primarily due to the overperformance of PIB expenditures. The fiscal year’s outset saw entities prioritizing commitments to service payables from previous years and fulfill multiannual obligations.
