Continuous overperformance tax revenue of BudgetThis is confirmed by the figures for the implementation of the first quarter of this year, which is already “eaten” and even more so, due to the additional Expenses That has arisen, alert its competent sources State General Accounts Office.
According to their calculations, based on figures for the January – April period released last week, not to mention the financial position, an additional 400 million euros in revenue is expected in the coming months to meet the target. for Primary surplus 2.1% of GDP.
What Happened: Many unaccounted expenses were added to the budget in previous months. An increase in child benefit, 90 million euros for 2024, an increase in hospital doctors’ compensation, 45 million euros, and a special consumption tax on agricultural oil, 82 million euros, were among the first.
It is expected that 360 million euros of additional funds will be needed for the public investment program budget, among others to cover the payments of investment programs in Thessaly after “Daniel”. Finally, the Pension An additional cost of around 400 million euros is estimated. The Finance Ministry estimated that about 30,000 more pensions would be paid than expected, and was helped by legislation that allowed working pensioners to receive their pensions regularly. In total, the above translates into an additional expenditure relative to the budget of 1 billion euros.
Many unaccounted expenses were added to the budget in previous months.
At the same time, the budget is very high, but still not enough to cover 1 billion euros. According to GLK’s source, his “net surpluses”. First quarter, deducting the funds related to the previous year and those collected in advance (according to the budget estimate), they are 600 million euros. This is not small, but another €400 million is needed to cover additional costs estimated at €1 billion. We’re still early in the year, and a lot can happen in the coming months, requiring extraordinary spending.
According to state budget implementation data published by the Ministry of National Economy last week, tax revenue reached 20.368 billion euros in the first quarter, an increase of 2.2 billion or 12.1% compared to the target included in the introductory report. However, in the 2024 budget, 940 million euros will be collected in the first installment from April the light, which was predicted to be collected in May. Also, 647 million euros are about collections Income tax Earlier, it was received in installments up to February this year, but will be calculated towards the end of the 2023 financial year. Therefore, out of a surplus of €2.2 billion, the actual surplus corresponding to this year is €600 million.
If performance continues at the same rate, the “missing” 400 million euros will soon be secured, but that remains to be seen. Meanwhile, at Ministry of National Economy Given its recommendations, they do not want to give cause for concern over the budget brokerage On June 19th, the European Semester and mainly on June 21st the announcement of appropriate financial courses for the next 4 years based on the new financial rules. The new targets will be about a ceiling on the growth of net primary expenditure, thereby ensuring a debt reduction of 1% of GDP per annum on average over a 4-year period.
Drafted by the Greek side Stability ProgramHe presented on April 30, assuming growth of 2.6% in 2025 and forecast for 2024. However, the stability program is temporary and binding targets for a new 4-year fiscal-structural plan will emerge in the autumn, after heated summer negotiations, called by Finance Commissioner Paolo Gentiloni.
