A surplus of €2.188 billion in the Greek state budget balance was recorded in the period January – July 2025, compared with the target for a deficit of €1.961 billion included for the corresponding period of 2025 in the explanatory report of the 2025 Budget, and a deficit of €139 million in the corresponding period of 2024, according to the provisional execution data of the state budget, on a modified cash basis, announced by the Ministry of Finance.

The primary result on a modified cash basis amounted to a surplus of €7.959 billion, compared with a target for a primary surplus of €3.599 billion and a primary surplus of €5.665 billion for the same period in 2024.

As the Ministry of Finance notes, the amount of €2.208 billion concerning deferred transfer payments of the ordinary budget and the amount of €605 million concerning deferred payments for armament programs do not affect the General Government result in fiscal terms.

In addition, tax revenues amounting to €342 million from the first two months are fiscally attributed to the year 2024. Excluding the above amounts, the excess in the primary result on a modified cash basis, compared with the budget targets, is estimated at €1.203 billion.

It also points out that the primary result in fiscal terms differs from the result in cash terms and emphasizes that the above refers to the primary result of the Central Administration and not to the General Government as a whole, which also includes the fiscal results of Legal Entities and the sub-sectors of Local Government Organizations and Social Security Funds.

According to data from the Ministry, in the period January – July 2025, the net revenues of the state budget amounted to €42.858 billion, showing an increase of €822 million or 2.0% compared with the target included for the corresponding period in the explanatory report of the 2025 Budget. It is noted that this amount includes both in revenues (in the category “Sales of goods and services”) and in tax refunds (VAT) the amount of €784.8 million from the transactions required in January 2025 for the completion of the new Concession Agreement of the Attiki Odos, which concern the year 2024 and are fiscally neutral.

“This increase is observed despite the fact that the revenue target in the explanatory report had included the collection in June of an amount of €1.350 billion from the Concession Agreement for the financing, operation, maintenance, and exploitation of the Egnatia Odos motorway and its three (3) vertical road axes, which was signed on March 29, 2024, between the Hellenic Republic and the HRADF (now HCAP) on the one hand and the company ‘NEA EGNATIA ODOS S.A.’ as Concessionaire on the other. The next steps of the process until the payment of the consideration are expected to be completed in the coming months. Excluding the above amount, net revenues show an increase of €2.172 billion or 5.3% compared with the target, mainly due to increased tax revenues,” it notes.

As for tax revenues, they amounted to €40.556 billion, increased by €2.273 billion or 5.9% compared with the target, with this overperformance coming from both the better collection performance of current year’s taxes and from the better collection of income taxes of the previous year, which were paid in installments until the end of February 2025.

According to the same data, revenue refunds amounted to €5.045 billion and include the VAT refund amount of €784.8 million from the new Concession Agreement of the Attiki Odos, as mentioned earlier, which fiscally affects the year 2024. Excluding this amount, tax refunds amounted to €4.260 billion and are increased by €252 million compared with the target (€4.008 billion) included in the explanatory report of the 2025 Budget.

Public Investment Program (PIP) revenues amounted to €2.352 billion, decreased by €203 million compared with the target (€2.555 billion) included in the explanatory report of the 2025 Budget.

Specifically, in July 2025 total net revenues of the state budget amounted to €8.477 billion, increased by €338 million compared with the monthly target.

– Tax revenues amounted to €8.348 billion, increased by €37 million or 0.4% compared with the target.

– Revenue refunds amounted to €673 million, decreased by €20 million from the target (€693 million).

– Public Investment Program revenues amounted to €429 million, increased by €374 million compared with the target (€55 million).

State Budget expenditures for the period January – July 2025 amounted to €40.671 billion and were reduced by €3.326 billion compared with the target (€43.997 billion) included in the explanatory report of the 2025 Budget. They were also increased compared with the corresponding period of 2024, by €1.345 billion.

In the Ordinary Budget, payments were reduced compared with the target by €3.292 billion, mainly due to the deferment of transfer payments to Social Security Funds and other general government entities by €2.208 billion and the deferment of cash payments for armament programs by €605 million. It is noted that the above amounts do not affect the General Government result in fiscal terms.

Finally, as announced by the Ministry of Finance, payments in the investment expenditure category amounted to €6.131 billion, reduced by €34 million compared with the target included in the explanatory report of the 2025 Budget. At the same time, they are increased compared with the corresponding payments of 2024 by €32 million.