Greek State Budget Surplus of €2.95bn in Q1

The Greek budget recorded a primary surplus of 2.954 billion euros in the first quarter (Jan-March), adjusted cash basis, up from a target of 2.133 billion euros, and compared to a primary surplus of 3.079 billion in the corresponding period last year.

According to the provisional execution data of the state budget, on a modified cash basis, for the period of January-March 2024, there is a deficit in the state budget balance of 77 million euros compared to a target of 817 million deficit included for the corresponding period in the 2024 budget and a surplus of 220 million for the corresponding period in 2023.

A 159 million euros amount linked to the revenues of the Recovery and Resilience Fund (RRF) does not affect the fiscal result, while a significant portion of the difference in tax revenue collections amounting to 647 million euros is included in the fiscal result for the year 2023. This leads to a notable discrepancy between the fiscal primary result and the result in cash terms.

The above concerns the primary result of the Central Administration and not the total General Government, which includes the fiscal results of Legal Entities and the subsidiaries of Local Authorities and Legal Entities.

During the period January-March 2024, the net revenues of the state budget amounted to 16.790 billion euros, an increase of 398 million or 2.4% compared to the target included for the corresponding period in the budget proposal for 2024.

Excluding the amount from the RRF, net revenues show an increase of 2.036 billion euros or 14% compared to the target. This increase is mainly due to an increase in tax revenues by 654 million after deducting refunds and increased revenues from the Public Investment Program (PIP) by 1.029 billion.

Tax revenues amounted to 14.920 billion, increased by 674 million or 4.7% compared to the target included in the budget proposal for 2024.