The rate of government revenues also changed in a positive direction in August, which further increased the fiscal space.

In particular, as the Ministry of Finance recently reported on the execution of the state budget for August, the excess over the plan is about 1.4 billion euros, while at the level of 8 months this excess is 5.6 billion euros. Euro.

Commenting on the image above, Deputy Finance Minister Thodoros Skilakakis stressed: “Tax revenues were also well above August as they increased by €1,401 million or 32.6% over the target due to (pre)tax collection. the fourth installment of ENFIA and the expiration of the deadline for payment of the first and second installments of income tax. These numbers are consistent with strong economic growth recorded in 2022, while early revenue collection in the coming months adds credibility to fiscal policy in a particularly uncertain period as the international economy develops.”

As follows from the announcement of the Ministry of Finance and preliminary data on the execution of the state budget, on a modified cash basis, for the period January-August 2022, there is a deficit in the balance of the state budget in the amount of 4.114 billion euros against the target deficit of 9.992 billion euros, which was included in the corresponding 2022 period in the 2022 introductory budget report, and a deficit of €10.519 billion for the corresponding 2021 period.

The primary result came in with a surplus of €10 million compared to the target of a primary deficit of €5.942 billion and a primary deficit of €6.381 billion for the same period in 2021.

The net revenues of the state budget amounted to 39.222 billion euros, an increase of 5.685 billion euros or 17% compared to the corresponding period estimate included in the opening budget report for 2022, despite the reduction in PDE revenues. .

The total state budget revenues amounted to 42.797 billion euros, an increase of 6.388 billion euros or 17.5% compared to the plan.

Tax revenue was €35.844 billion, €5.621 billion or 18.6% more than the target included in the 2022 budget report.

This super efficiency is due to:

a) better execution of taxes for the previous year collected in installments until the end of February 2022,

b) extending the deadline for paying traffic fees until the end of February 2022,

c) for the best tax collection work for the current year and

d) to collect by the end of August 2022 four of the eight parts of ENFIA, which were expected to be collected from September to December of that year.

The exact distribution between the income categories of the state budget will be carried out with the publication of the final bulletin.

Revenues were €3.575 billion, €704 million above the target of €2.872 million.

The total revenues of the State Investment Budget (PDE) amounted to $1.921 billion. euros, which is 849 million euros less than the target (2.770 billion euros).

As of August 2022, the total net revenues of the state budget amounted to $5.519 billion. euros, an increase of 882 million euros compared to the monthly plan.

The total revenues of the state budget amounted to 5.945 billion dollars. EUR 827 million more than the estimate for the corresponding period included in the 2022 Budget Introductory Report.

Tax revenues were €5.695 billion, up €1.401 billion or 32.6% above the target, due to the collection of the fourth tranche of ENFIA due in December, but mainly due to the deadline for the payment of the first and second installments income tax at the end of August.

Revenues were €426m, €55m short of the target of €481m.

The total revenues of the Public Investment Budget (PDE) amounted to 143 million euros, a decrease of 467 million euros compared to the plan (610 million euros).

State budget expenditures for the period January-August 2022 amounted to €43.336 million and are reduced by €193 million compared to the plan (€43.529 billion) included in the 2022 Budget Introductory Report.

For the regular budget, payments are shown as reduced by €865 million compared to the plan. This development is mainly due to the deferment of payments for equipment programs for 803 million euros. Payments for confiscation of collateral are also reduced by 438 million euros. On the contrary, the increase in payments in relation to the plan is observed mainly for grants from the OKA (by 323 million euros).

Investment expenditure payments amounted to 6.193 million euros, an increase of 672 million euros compared to the target of 5.521 million euros.

The preliminary picture of the main expenditure payments for fiscal measures taken in connection with the pandemic for the period January-August is as follows:

a) support for small and very small businesses affected by COVID-19 in the regions in the amount of 160 million euros from PDE,

b) a government contribution to repay the business loans of affected borrowers in the amount of EUR 83 million from PDE,

c) a working capital subsidy for tourism business in the amount of 42 million euros from PDE,

d) support for medical institutions with support staff in the regions in the amount of 62 million euros from PDE,

e) an emergency grant to entertainment businesses, gyms, dance schools, etc. affected by the pandemic. in the amount of 44 million euros, from PDE,

f) special purpose compensatory expenses in the amount of 149 million euros, which were paid by the Ministry of Labor and Social Affairs (transfer category),

g) additional grants to EOPYY in the amount of 100 million euros and to hospitals and DYPE in the amount of 91 million euros, as well as the purchase of vaccines in the amount of 269 million euros,

h) an additional DYPA (formerly OAED) grant of 400 million euros to cover lost profits due to reductions in employee insurance premiums and an e-EFKA grant of 150 million euros to cover loss of income from reduced contributions collected to DYPA and

i) State compensation to landlords in the amount of 49 million euros in connection with the reduction in the rent they receive.

The preliminary picture of the main payments of expenses for measures to overcome the energy crisis for the Central Office for the period January-August is as follows:

a) OPEKA grant of 207 million euros, which is divided into the following parts: 120 million euros for extraordinary child support, 46 million euros for the payment of an increase in the income of beneficiaries of the minimum guaranteed income, 33 million euros for emergency financial support for the disabled and 7 million euro to increase the pension of uninsured persons who have reached the excess age,

b) an e-EFKA grant of 135 million euros for emergency financial support for vulnerable pensioners,

c) a grant to the Information Society to support individuals and freelancers in connection with an increase in the cost of fuel passes (fuel pass) in the amount of 301 million euros and to support in connection with an increase in electricity bills (power pass) 280 million euros,

d) to provide OPEKEPE with 50 million euros to eliminate the consequences in the Greek livestock industry in connection with international events,

e) special purpose compensation to support TAXI operators and drivers in the amount of EUR 5 million and

f) a diesel subsidy of EUR 102 million.

For the period from January to August 2022, state budget expenditures are shown reduced by 1.869 billion euros compared to the corresponding period in 2021.

Source: RES-IPE