Tax revenues: Increased by 855 million euros in 11 months - optimism in the financial staff

The primary result was a deficit of 7,879 million euros, compared to 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 tax revenues of the budget record a large increase both in November and in the 11 months. More specifically, based on its data Ministry of Finance, there is an excess of 855 million euros in tax revenues for 11 months, with a partial excess of 690 million euros in November, resulting in 11 months to 43.003 billion euros.

Over the same period, spending fell by € 805 million, resulting in a primary deficit of € 7.879 billion against a target of € 8.973 billion. on the basis of which in the 9 months the expansion of the Greek economy is recorded above 9.3% of GDP.

"The increased tax revenues in relation to the budget forecasts continue in November, something that confirms the faster than expected economic recovery, which has also been recorded by the data of the Hellenic Statistical Service," said in a statement the Deputy Minister of Finance Theodoros. Skylakakis on the occasion of the publication of the budget execution data for the 11 months of 2021.

The announcement
According to the provisional data on the implementation of the state budget, on a modified cash basis, for the period January - November 2021, there is a deficit in the state budget of 12.263 million euros against a target for a deficit of 13.399 million euros included for the corresponding 2021 in the budget report 2022 and a deficit of 18,252 million euros for the corresponding period of 2020. The primary result was a deficit of 7,879 million euros, against a target for a primary deficit of 8,973 million euros and a primary deficit of 13,747 million euros the same period in 2020.

Income
The amount of net state budget revenues amounted to 48.480 million euros, showing an increase of 330 million euros or 0.7% compared to the estimate for the corresponding period included in the budget report 2022. Total state budget revenues amounted to € 52,750 million, up € 412 million or 0.8% from the target.

Revenues from taxes amounted to EUR 43,003 million, an increase of EUR 855 million or 2% compared to the target set out in the 2022 Budget Report. bulletin.
Revenue recoveries amounted to € 4,270 million, up € 82 million from the target (€ 4,188 million). Revenue from the Public Investment Budget (PIP) amounted to € 3,763 million, down € 423 million from the target (€ 4,187 million).

In particular, in November 2021 the total net revenue of the state budget amounted to 4,324 million euros, increased by 161 million euros compared to the updated monthly target. Total state budget revenues amounted to 4,782m euros, up from a monthly target of 243m euros. Revenues from taxes amounted to 4,422 million euros, increased by 690 million euros or 18.5% against the monthly target. 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 € 183 million, down € 423 million from the target (€ 606 million).

Expenses
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%.

11 months
The provisional picture of the main payments of the measures against the pandemic for the period January - November, is as follows:

(a) the cost of special purpose compensation due to the COVID-19 (employee) pandemic of EUR 1,968 million, paid by the Ministry of Labor and Social Affairs (transfer category);

(b) a repayable advance of EUR 1,620 million from the category of transfers and EUR 1,108 million from the EDP;

c) the state compensation of landlords amounting to 744 million euros, due to reduced rents they receive;

d) the grant to OPEC amounting to 225 million euros, for the repayment of loans affected by the pandemic;

(e) the support of small and micro-enterprises affected by COVID-19 in the Regions amounting to EUR 741 million from the EDP;

f) the subsidy of interest on loans to small and medium-sized enterprises amounting to EUR 117 million from the EDP;

(g) expenditure on the business guarantee fund of EUR 220 million from the EDP;

(h) the working capital subsidy to catering establishments for the supply of raw materials amounting to EUR 203 million from the PDE;

i) the public contribution for the repayment of business loans of affected borrowers amounting to 215 million euros from the EDP;

j) the working capital subsidy to tourism enterprises amounting to EUR 100 million from the PDE;

k) the coverage of insurance contributions to e-EFKA during the implementation of the measures of support of employers and employees amounting to 703 million euros from the category of transfers;

l) the coverage of insurance contributions to e-EFKA related to the subsidy of fixed costs of enterprises amounting to 243 million euros;

m) the extraordinary subsidy of the Municipalities for the confrontation of the pandemic amounting to 101 million euros and

n) the subsidy to 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.