The primary budget deficit in the first 11 months amounted to 7.8 billion euros, showing better than the target.
At the same time, VAT and income taxes were better than estimated in November.
According to the execution data of the State Budget, on a modified cash basis, for the period January – November 2021, there is a deficit in the state budget of 12,267 million euros against a deficit target of 13,399 million euros that has been included for the corresponding period of 2021. The primary result amounted to a deficit of 7,882 million euros, against a target for a primary deficit of 8,973 million euros and a primary deficit of 13,747 million euros for the same period in 2020.
The amount of net revenues of the state budget amounted to 48.476 million euros, showing an increase of 326 million euros or 0.7% compared to the estimate for the corresponding period included in the budget report 2022. However, if we take into account reduced revenue of 419 million euros, net income increased by 745 million euros compared to the updated target.
Total revenue
The total state budget revenues amounted to 52.746 million euros, increased by 408 million euros or 0.8% against the target. Tax revenue amounted to € 42,932 million, up € 784 million or 1.9% from the target set in the 2022 Budget Report.
In particular, in the period January – November 2021 an increase against the target was observed in the following main categories of revenue:
– VAT on petroleum products and their derivatives by EUR 32 million or 2.1%,
– VAT on other products and services by 152 million euros or 1.1%,
-Special consumption tax (SCT) of energy products by 53 million euros or 1.5%,
– VAT on other products by 11 million euros or 2.0%,
-Taxes on financial and capital transactions by 14 million euros or 3.1%,
-Other taxes on specific services by 34 million euros or 3.0% of which: Premium tax by 12 million euros or 3.3%,
– Taxes and duties on imports by 22 million euros or 8.7%,
– Regular real estate taxes by 87 million euros or 3.9% of which: ENFIA by 86 million euros or 3.9%,
-Income tax payable by Individuals (VAT) by 296 million euros or 3.3%,
-Income tax payable by companies (NP) by 117 million euros or 4.1%,
-Sales of goods and services by 23 million euros or 4.4%.
Revenues in the following main categories were reduced compared to the target for the same period:
-SCT of tobacco products by 18 million euros or 0.9%,
-Other income taxes by 16 million euros or 1.5%,
-Transfers by 374 million euros or 5%,
-Other current income by 25 million euros or 1.2% of which: Reimbursements of expenses by 12 million euros or 1.5%.
Revenue recoveries amounted to € 4,270 million, up € 82 million from the target (€ 4,188 million). Revenues from the Public Investment Budget (PIP) amounted to € 3,768 million, down € 419 million from the target (€ 4,187 million).
The image in November
In particular, in November 2021 the total net revenue of the state budget amounted to 4,320 million euros, increased by 158 million euros compared to the updated monthly target. Total state budget revenues amounted to 4,778m euros, up from a monthly target of 240m euros. Revenues from taxes amounted to 4,351 million euros, increased by 620 million euros or 16.6% against the monthly target.
The main categories of revenue that increased compared to the target in November 2021, are the following:
– VAT on petroleum products and their derivatives by EUR 31 million,
– VAT on other products and services by EUR 139 million,
-SCT of energy products by EUR 52 million,
-Taxes on financial and capital transactions by EUR 12 million,
-Other taxes on specific services by 29 million euros, of which: Premium tax by 13 million euros,
– Taxes and duties on imports by EUR 13 million,
– Regular real estate taxes by 21 million euros, of which: ENFIA property tax by 21 million euros,
-Income tax payable by Individuals (VAT) by 194 million euros,
-Income tax payable by companies (NP) by 71 million euros,
-Sales of goods and services by 24 million euros.
Revenues in the following main categories were reduced compared to the target for the same period:
Transfers by EUR 379 million,
Other current revenue of EUR 25 million, of which:
eimbursements of expenses by 11 million euros.
Revenue returns for November 2021 amounted to € 458 million, up € 82 million from the target (€ 376 million). Revenues from the Public Investment Budget (PIP) amounted to € 187 million, down € 419 million from the target (€ 606 million).
The costs
The State Budget expenditures for the period January – November 2021 amounted to 60,743 million euros and are reduced by 805 million euros or 1.3% compared to the target (61,548 million euros), which is included in the budget report 2022. On the part of the Regular Budget there is a lag of 660 million euros or 1.2%, which is mainly due to the under-execution of other grants by 474 million euros and the purchases of goods and services by 129 million euros.
Payments on investment expenditures decreased compared to the target of € 7,952 million by € 145 million 1.8%.
The provisional picture of the main payments of the measures against the pandemic for the period January – November, is as follows:
-the cost of special purpose compensation due to the COVID-19 pandemic (employees) of EUR 1,968 million, paid by the Ministry of Labor and Social Affairs (transfer category),
-the repayable advance of EUR 1,620 million from the category of transfers and EUR 1,108 million from the EDP,
-the state compensation of landlords amounting to EUR 744 million, due to reduced rents they receive,
-the grant to OPEKA subsidy payment organization amounting to 225 million euros, for the repayment of loans affected by the pandemic,
-the support of small and micro-enterprises affected by COVID-19 in the Regions amounting to EUR 741 million from the EDP,
-the subsidy of interest on loans to small and medium-sized enterprises amounting to EUR 117 million from the EDP,
expenditure on the business guarantee fund of EUR 220 million from the EDP,
-the working capital subsidy to catering companies for the supply of raw materials amounting to EUR 203 million from the PDE,
-the public contribution for the repayment of business loans of affected borrowers amounting to 215 million euros from the EDP,
-the working capital subsidy to tourism enterprises amounting to EUR 100 million from the PDE,
-coverage of insurance contributions to e-EFKA social security agency during the implementation of measures to support employers and employees amounting to 703 million euros from the category of transfers,
-coverage of insurance contributions to e-EFKA related to the subsidy of fixed costs of enterprises amounting to 243 million euros,
-the extraordinary grant of the Municipalities for the confrontation of the pandemic amounting to 101 million euros and
-the subsidy to state employment agency OAED to cover a loss of revenue of 571 million euros.
The state budget expenditures for the period January – November 2021 are increased compared to the corresponding period of 2020 by 365 million euros, mainly due to the increased payments of armaments programs in the regular budget.
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