Feb. State Budget 9.1% Tax Revenue Surplus

The 2024 state budget showed a 9.1% tax revenue surplus, according to official data from the Greek Ministry of Finance.

Based on provisional execution data of the state budget for the period of January to February 2024, on a modified cash basis, a surplus of 1.460 billion euros is reported in the balance of the state budget, compared to a target surplus of 101 million euros for the same period in 2024 as included in the explanatory memorandum of the 2024 Budget, and a surplus of 2.308 billion euros for the same period in 2023.

The primary surplus on a modified cash basis amounted to 3.401 billion euros, compared to a target primary surplus of 1.981 billion euros and a primary surplus of 4.215 billion euros for the same period in 2023. A significant portion of the difference in the primary surplus target in cash terms is not included in the primary result of 2024 in fiscal terms.

Revenue from taxes amounted to 5.840 billion euros, a 581 million rise or 11.0% compared to the target, mainly due to better performance in income taxes from the previous year collected in installments until the end of February 2024 and better performance in the collection of taxes for the current year.

The expenses of the State Budget for the period of January to February 2024 amounted to 11.211 billion euros, posting an increase of 234 million euros compared to the target (10.976 billion euros) included in the explanatory memorandum of the 2024 Budget. This is also a 553 million euro increase compared to the corresponding period in 2023, mainly due to increased investment expenditure of 735 million euros.