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State Budget Execution for January - November of 2016

According to the data available for the execution of the State Budget on a modified cash basis, the State Budget balance for the period of January - November of 2016 presented a surplus of 2,023 million Euros, against the target of 2016 Budget of deficit of 1,852 million Euros and the deficit of 1,245 million Euros for the same period of 2015. The State Budget Primary Balance amounted to a surplus of 7,416 million Euros, against the primary surplus target of 3,553 million Euros and the primary surplus of 4,339 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 47,942 million Euros, showing an overperformance of 1,501 million Euros or 3.2% against the target of 2016 that has been incorporated in the 2017 Budget introductory report.

Ordinary Budget net revenues amounted to 44,652 million Euros, 1.447 million Euros or 3.3%, higher than the target.

Particularly, during the period of January-November 2016, there was an increase against the target in the following main revenue categories:

a) Personal Income Tax (PIT) by 144 million Euros or 1.9%,

b) Corporate Income Tax (CIT) by 423 million Euros or 13.7%,

c) Income Tax Other by 11 million Euros or 1.0%,

d) Direct Tax Arrears by 40 million Euros or 2.6%,

e) Other direct taxes by 71 million Euros or 2.6%,

f) VAT fuel by 15 million Euros or 1.0%,

g) VAT tobacco by 46 million Euros or 7.7%,

h) VAT other by 176 million Euros or 1.5%,

i) Other Transaction Taxes by 17 million Euros or 3.9%,

j) Tax On Insurance Premiums by 19 million Euros or 6.0%,

k) Other Excise Taxes (Tobacco, etc) by 133 million Euros or 5.2%,

l) Other Consumption Taxes by 12 million Euros or 4.5%,

m) Indirect Tax Arrears by 36 million Euros or 5.2%,

n) Other Indirect Taxes by 12 million Euros or 3.9%,

o) Drawings From E.U. by 25 million Euros or 6.9%.

p) Other Non-Tax Revenue by 176 million Euros or 4.7%.

During the same period there was an underperformance against the target in the following main revenue categories:

a) Property Taxes by 29 million Euros or 0.9%,

b) Excise Tax on Fuel by 34 million Euros or 0.9%,

c) Road duties by 28 million Euros or 20.4%,

d) Privatization proceeds by 29 million Euros or 26.1%.

Tax refunds (excluding those from the arrears clearance programme) amounted to 2,681 million Euros, decreased against the target (2,882 million Euros) by 201 million Euros.

PIB revenues amounted to 3,290 million Euros, increased against the target by 54 million Euros.

Particularly, in November 2016 the State Budget net revenues amounted to 5,133 million Euros, 563 million Euros higher than the monthly target.

Ordinary Budget net revenues amounted to 4,577 million Euros, 527 million Euros higher than the monthly target.

In November 2016, the main revenue categories that increased against the monthly target are the following:

a) Personal Income Tax (PIT) by 67 million Euros,

b) Corporate Income Tax (CIT) by 107 million Euros,

c) Direct Tax Arrears by 40 million Euros,

d) Other Direct Taxes by 41 million Euros,

e) VAT Fuel by 18 million Euros,

f) VAT Tobacco by 28 million Euros,

g) VAT Other by 40 million Euros,

h) Other Transaction Taxes by 10 million Euros,

i) Tax On Insurance Premiums by 17 million Euros,

j) Other Excise Taxes (Tobacco, etc) by 76 million Euros,

k) Indirect Tax Arrears by 21 million Euros,

l) Other Indirect Taxes by 10 million Euros,

m) Drawings From E.U. by 26 million Euros.

The decrease in November 2016 revenues is mainly due to:

a) Road duties by 29 million Euros,

b) Other Non-Tax Revenue by 29 million Euros,

c) Privatization proceeds by 34 million Euros.

Tax refunds (excluding those from the arrears clearance programme) for the period of November 2016 amounted to 295 million Euros, decreased against the monthly target (406 million Euros) by 111 million Euros.

PIB revenues for the period of November 2016 amounted to 556 million Euros, increased against the target by 36 million Euros.

State Budget expenditures for the period of January - November of 2016 amounted to 45,919 million Euros, 2,373 million Euros lower than the target (48,292 million Euros).

Specifically, ordinary Budget expenditures amounted to 42,442 million Euros and were decreased by 1,290 million Euros against the target, mainly due to the reduction of primary expenditure by 846 million Euros.

Ordinary Budget expenditures were decreased compared to the respective period of 2015 by 43 million Euros. Expenditures increased by 174 million Euros for grants to hospitals, 114 million Euros for allowance for tackling humanitarian crisis, 49 million Euros for allowances to families with many children, 50 million Euros for migration flows and 10 million Euros for military procurement of the Ministry of Defense.

PIB expenditure amounted to 3,476 million Euros, lower by 1,084 million Euros than the target.

For November in particular, State Budget expenditures amounted to 4,422 million Euros, 392 million Euros less than the monthly target, while Ordinary Budget expenditures amounted to 3,935 million Euros, showing an underperformance of 169 million Euros against the monthly target. Public Investment Budget (PIB) expenditure amounted to 486 million Euros showing an underperformance of 224 million Euros against the monthly target.

 

State Budget Execution for November of 2016