A primary surplus of €2.9 billion was recorded in the budget in the first half of this year, against a target of a primary surplus of €1.204 billion and a primary surplus of €2.116 billion for the same period in 2023.

According to the Ministry of National Economy and Finance, part of the difference in the primary surplus against the target in cash terms is not counted in the 2024 primary outcome in fiscal terms. As an illustration, an amount of EUR 159 million related to Recovery and Resilience Fund revenues does not affect the outcome in fiscal terms, while a significant part of the difference in tax revenue collections of EUR 647 million is counted in the 2023 fiscal outcome. Therefore, the primary outcome in budgetary terms differs from the outcome in cash terms. It should be noted that the above refers to the primary result of the Central Administration and not to the General Government as a whole, which includes the fiscal results of the Legal Entities and the sub-sectors of the OTA and OKA.

Specifically, in the period January-June 2024, the amount of net revenues of the state budget amounted to 31.461 billion euros, a decrease of 291 million euros. EUR 291.1 billion or 0.9% compared to the target included for the corresponding period in the 2024 budget report, as the target of the report included: a) the collection in March of EUR 1.797 billion from the Recovery and Resilience Fund (RDF), most of which, i.e. EUR 1.687 billion, was received in March. EUR 1.350 billion from the concession contract for the financing, operation, maintenance and exploitation of the Egnatia Highway and the three vertical roads, which was signed on 29/3/2024 and the next steps of the process until the payment of the price are expected to be completed in the coming months. Excluding the above amounts, net revenues show an increase of EUR 2.697 billion or 9.4% against the target. This increase is mainly due to: a) increased tax revenues of EUR 1.455 billion after deduction of refunds and b) increased PFI revenues of EUR 776 million.

Tax revenues amounted to €29.276 billion, up €1.336 billion or 4.8% against the target included in the 2024 budget presentation. This overperformance stems from the better performance of the previous year’s personal and corporate income taxes collected in instalments up to the end of February 2024 (note that an estimated amount of 647 million euros is counted in the 2023 fiscal outturn), as well as the better performance in the collection of the current year’s taxes (VAT, NDP, etc.).

Revenue refunds amounted to 3.224 billion euros, down by 119 million euros from the target (3.343 billion euros).

Public Investment Program (PIP) revenues amounted to €2.788 billion, up €776 million from the target (€2.012 billion).

The exact breakdown between the revenue categories of the state budget will be carried out with the issuance of the final statement.

In June, the total net revenue of the state budget amounted to EUR 4.577 billion, down by EUR 1.763 billion. EUR 1.777 billion compared to the monthly target, mainly due to the fact that the target of the report included the collection in June of the concession contract for the Egnatia Odos motorway and its three vertical roads, amounting to EUR 1.350 billion, which is expected to be collected in the coming months, as mentioned above.

Tax revenues amounted to €4.561 billion, up €5 million or 0.1% against the target.

Revenue refunds amounted to EUR 612 million, down EUR 61 million from the target (EUR 673 million).

MFF revenue amounted to EUR 208 million, down EUR 320 million from the target (EUR 528 million).

State budget expenditure for the first half of the year amounted to EUR 33.722 billion, down by EUR 1.647 billion compared to the target (EUR 35.368 billion), which has been included in the 2024 budget presentation. They are also increased, compared to the corresponding period of 2023, by EUR 385 million.

On the regular budget side, payments are presented lower than the target by EUR 1.776 billion. This development is mainly due to the postponement of transfer payments to OCAs by EUR 1.126 billion, as well as expenditure related to the armament programs of EUR 384 million. In the opposite direction, i.e. increasing compared to the target, transfers to other legal entities increased by EUR 309 million. EUR 162 million from the Ministry of Infrastructure and Transport as a grant to transport operators (OASA, OASTH and OSE) and EUR 207 million from the Ministry of Health as a grant to the National Central Health Procurement Authority (HCPA) to cover the cost of supplying medicines for the needs of the hospitals of the NHS and the Papageorgiou General Hospital. Finally, interest payments increased by EUR 369 million compared to the target.

Payments on the investment expenditure side amounted to EUR 5.160 billion, an increase of EUR 129 million compared to the target, as the target was exceeded in the PIP.