According to the provisional data on the implementation of the state budget, on a modified cash basis, for the period January–July 2024, there is a deficit in the state budget balance of EUR 121 million, compared to a target deficit of EUR 3,745 million included for the corresponding period of 2024 in the 2024 Budget Report and a deficit of EUR 1,435 million in the corresponding period of 2023.

The primary balance on a modified cash basis was a surplus of EUR 5,683 million, against a target for a primary surplus of EUR 1,655 million and a primary surplus of EUR 3,558 million for the same period in 2023.

It is important to note that the difference in tax revenues of EUR 647 million is included in the fiscal outturn in 2023. Additionally, the deferral of transfer payments to OCAs of EUR 1,693 million and spending on arms programs of EUR 630 million do not affect the fiscal outturn.

Excluding the above amounts, the overrun of the target for the primary surplus of the state budget for the January-July period amounts to EUR 1,058 million.

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 outcome of the Central Administration and not to the general government as a whole, which includes the fiscal outcomes of the legal entities and the sub-sectors of the OTAs and OKA.

Moreover, the above refers to the comparison with the targets of the 2024 Budget Report. The April 2024 Stability Programme has already taken into account the fact that increased spending in the general government entities' regular budgets as well as in the national arm of the Public Investment Programme will offset an amount of EUR 1,238 million on a budgetary basis, which results from a better forecast of tax revenues in 2024.

In the period January–July 2024, the amount of net revenues from the state budget amounted to EUR 39,205 million, an increase of EUR 881 million. EUR 881,205 million, or 2.3%, compared to the target included for the corresponding period in the 2024 Budget's explanatory report, although the target of the explanatory report had included: a) the collection in March of EUR 1,797 million from the Recovery and Resilience Fund (RDF), most of which, i.e., EUR 1,687 million, was collected in March. EUR 1,350 million from the concession contract for the financing, operation, maintenance, and exploitation of the Egnatia Motorway and the three (3) vertical roads, which was signed on March 29, 2024, and the next steps of the process up to the payment of the price are expected to be completed in the coming months.

Tax revenues amounted to €36,993 million, an increase of €2,317 million, or 6.7%, over the target included in the 2024 Budget report. This over-execution 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 EUR 647 million is counted in the fiscal outturn for 2023), as well as the better performance in the collection of current-year taxes. Therefore, the excess of tax revenues counted in the fiscal year 2024 amounts to EUR 1,670 million.

Note that the above refers to the comparison against the budget targets. The April 2024 Stability Programme has already taken into account an increase in tax revenues of EUR 1,238 million when preparing the Stability Programme in April 2024. The Stability Programme reflects increased spending for the year 2024 in the general government entities' regular budget as well as the national arm of the Public Investment Programme, which offsets these revenues.