Budget implementation rate at 82% for revenue, 71% for expenditure in January-November 2024

A delay in the implementation of the 2024 budget for the period January-November due to the timing of loan withdrawals and public debt repayments is recorded, according to the Treasury of the Republic, which notes that by the end of November 2024, budget implementation for revenues reached 82% and for expenditures 71%.

Ιn November, total revenues amounted to €9.2 billion, corresponding to 82% of the state budget (2023: €8.46 billion, 87%), while actual expenditures amounted to €9.65 billion, representing 71% implementation (2023: €9.19 billion, 77%). The implementation of the state budget for revenues shows a decrease compared to the same period last year (2024: 82%, 2023: 87%), mainly due to the timing of loan withdrawals (2024: 86%, 2023: 95%).

Moreover, compared to the same period last year, a decrease in budget implementation is observed for expenditures (2024: 71%, 2023: 77%), mainly due to the timing of public debt repayments (2024: €2.06 billion (60%), 2023: €2.20 billion (86%)), according to the Treasury.

Regarding revenues, Indirect Taxes increased by 5% compared to 2023, mainly due to the increase in VAT revenues. Direct Taxes increased by 19% compared to 2023, mainly due to an increase in Income Tax for Legal and Natural Persons.

Loan withdrawals until the end of November were at the same levels with the corresponding period last year.

As for expenditures, payroll, pensions, and allowances show an increase of 12%. Repayments until the end of November amounted to €2.06 billion. Expenditures on social benefits amounted to €1.65 billion, with a 9% increase mainly due to higher healthcare expenditures. There was also an increase in social welfare benefits and educational benefits.

Transfers and grants showed an increase of 13% compared to the same period last year.

Over the past decade, the average implementation of the state budget for development expenditures until November was 48%. The implementation rate for 2024 stands at 52%.