Primary surplus of €3.92 billion last year
The state budget balance for January-December of 2023 presented a deficit of 3.76 billion euros, against a target for a deficit of €8.34 billion that has been incorporated into the 2024 budget introductory report, and a deficit of €11.65 billion for 2022.
The state budget primary balance on a modified cash basis amounted to a surplus of €3.92 billion, against the primary deficit target of €851 million and the primary deficit of €6.65 billion the previous year.
Regarding the observed difference between the state budget primary balance and its target, on a cash basis, it is noted that it concerns amounts that do not affect the fiscal result of general government in terms of the European System of National and Regional Accounts (ESA), which is calculated after the addition of the general government entities’ fiscal result and the accrual adjustors.
Therefore the amount of €1.687 billion of Recovery and Resilience Facility revenues was collected in December, while it was initially estimated to be collected during the first quarter of 2024, and the main part of the €2.767 billion under execution of state expenditure (for example, the time differentiation of the cash payments for military procurements, transfers to general government entities etc) do not affect the primary balance on an accrual basis.
