Greece budget: deficit of 3.4 billion for the quarter

According to budget data released by the Greek Ministry of Finance, a primary deficit of € 3.413 billion was recorded between January and March 2021, against a surplus target of € 4.365 billion.

At the same time, the amount of net revenues of the state budget in the first quarter amounted to 11.509 billion euros, which is 658 million euros or 5.4% less than the estimate for the corresponding period included in the budget report for 2021.

According to the data, the state budget deficit is 5.714 billion euros against the target of a deficit of 6.605 billion euros and a deficit of 1.822 billion euros in the corresponding period of 2020.

The total state budget revenues amounted to 12 492 million euros, which is 722 million euros or 5.5% less than planned.

Tax revenues were € 10,509 million, € 359 million or 3.3% below the target set in the 2021 budget report.

In particular, in the period from January to March 2021, growth relative to the target was observed in the following main categories of revenue:

the total value of tobacco products for 37 million euros or 8.7%, taxes in the form of a stamp for 10 million euros or 21.8%, taxes on financial transactions and capital transactions for 30 million euros or 34.4%, taxes on the registration of transport funds for 14 million euros or 26.7%, other goods taxes for 17 million euros or 107.5%, personal income tax (VAT) for 66 million euros or 2.9%, other current taxes over 575 million. euros, or 169.6%, of which: taxes on vehicles in the amount of 631 million euros, or 763.6%, sales of goods and services for 11 million euros or 8.6%, other operating income for 316 million. euros or 87.8%, of which: reimbursement of expenses of 159 million euros or 154.8%.

Revenue compared to the target for the same period represented revenue in the following main categories:

VAT on refined products and their derivatives by 54 million euros or 14.0%, VAT on other products and services by 214 million euros or 6.0%. %, VAT on energy resources for 164 million euros or 16.9%, VAT on other products for 11 million euros or 10.9%, other taxes on certain services for 45 million euros or 12.9%, taxes and import duties for 19 million euros or 22.5%, regular property taxes for 73 million euros or 12.9%, of which: ENFIA for 66 million euros or 12.1%, other production taxes for 435 million euros or 82.0%, corporate income tax (NP) of EUR 76 million or 12.5%, other income taxes for EUR 24 million or 8.4%, transfers of EUR 390 million or 25.4%, sale of fixed assets for 301 million euros or 99.2%.

Revenue from revenues amounted to 983 million euros, which is 64 million euros less than planned (1,047 million euros).

The state investment budget (PDB) revenues amounted to 1,112 billion euros, which is 303 million euros less than planned.

In particular, in March 2021, the total net revenues of the state budget amounted to 2.975 billion euros, which is 938 million euros less than the monthly target. This decrease is mainly due to the fact that in March 2021 the following were not collected:

EUR 461 million attributable to Bank of Greece dividends (Tax category) EUR 163 million attributable to ANFA and SMP income from Bank of Greece (Transfers category) EUR 303 million attributable to settlement price from the development of the territory of the former international airport in Elliniko (category “Sale of fixed assets”).

The draft budget for 2021 assumed that the above revenues would be collected in March 2021. Total government budget revenues were € 3.356 billion, below the monthly target of € 918 million.

Tax revenues were € 2,885 billion, down € 423 million, or 12.8% less than the target included in the 2021 budget report.Tax revenue is likely to increase by € 38 million, or 1.1 percent next month. %.
The main income categories that have increased from the March 2021 target are as follows:

tobacco tax for 42 million euros, other taxes on certain services for 28 million euros, personal income tax (VAT) for 81 million euros, other income taxes for 50 million euros, sales of goods and services for 13 million euros.

In contrast, in March 2021, the following major income categories were reduced from the target:

VAT on other products and services € 141 million, VAT on energy products € 36 million, other production taxes € 461 million other current taxes € 20 million transfers € 185 million, other operating income € 19 million, sales fixed assets for 303 million euros.

Revenue from revenue for March 2021 was € 381 million, an increase of € 21 million over the monthly target of € 361 million.

PDE’s revenue was € 275 million, down € 80 million from its monthly target.

State budget expenditures for the period January-March 2021 amounted to 17.222 billion euros and decreased by 1.549 billion euros compared to the plan (18.771 billion euros).

In particular, a significant portion of the appropriations that were to be converted to transfers between January and March were ultimately not transferred. Mainly because a later budgetary decision was made to partially service the refundable advance measure and at the expense of its resources.

Cash disbursements related to the armaments programs of the Ministry of National Defense (category of acquisition of fixed assets) are increased from the original target by 437 million euros to service the relevant contracts. Interest expenses also increased by € 216 million over the original plan.

PDB moved in the opposite direction to the regular budget, posting an increase of € 1.297 billion from the target (payments of € 2.192 billion from the target of € 895 million), mainly due to the aforementioned increase in refundable advance payments. least.

A preliminary picture of the main payments for anti-pandemic measures for the period from January to March is as follows:

the cost of special compensation in connection with the COVID-19 pandemic (for employees) in the amount of 1.014 billion euros paid by the Ministry of Labor and Social Affairs (transfer category), an advance paid in the amount of 672 million euros from the transfer category and 1.107 billion euros from the PDE, state compensation to landlords in the amount of 137 million euros in connection with a decrease in rents, a grant from OPEC in the amount of 85 million euros to repay loans to victims of the pandemic, an interest subsidy on loans to small and medium-sized enterprises in the amount of 47 million euros from PDE.

State budget expenditures for the period from January to March 2021 are increased compared to the corresponding period of 2020 by 4297 million euros, mainly due to the aforementioned measures against the pandemic and an increase in payments for weapons programs and interest.

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