The execution of the state budget is progressing with impressive results, with the primary surplus reaching €12.6 billion in the January–November 2025 period, exceeding the target by nearly €5 billion. Net revenues amounted to €68.7 billion, up €2.26 billion from the target, while expenditures totaled €63.6 billion, down €2.65 billion, mainly due to deferred payments for transfers, armaments, and investment projects, thereby boosting the final fiscal outcome.
According to the announcement, on an amended cash basis for the January–November 2025 period, the state budget shows a surplus of €5,131 million, compared with the updated target of a €225 million surplus for the same period included in the 2026 Budget Report, and a surplus of €4,375 million for the corresponding period in 2024. The primary balance on a modified cash basis was a surplus of €12,646 million, against a target primary surplus of €7,695 million, and a primary surplus of €12,011 million for the same period in 2024.
Regarding the observed deviation from revenue targets, it is mainly due to the collection on 26 November of €2,109 million from the Recovery and Resilience Fund, which was initially expected in December 2025. Therefore, in the December 2025 release, this difference will be balanced. Excluding this amount, net revenue shows an increase of €150 million over the target included in the 2026 Budget narrative.
On the Ordinary Budget side, payments were €2,038 million lower than the target, primarily due to delayed transfer payments to OCAs and other general government entities (€922 million) and cash payments for armament programs (€554 million), which do not affect the General Government outcome in budgetary terms. Investment expenditure was delayed by €609 million.
Excluding these amounts, the excess of the primary outcome on a modified cash basis over budget targets is estimated at €195 million.
It should be noted that the primary outcome in budgetary terms differs from the outcome in cash terms. Additionally, the above figures refer to the primary result of the Central Administration and not the General Government as a whole, which includes the fiscal results of Legal Entities and the sub-sectors of OTA and OKA.
For the period January–November 2025, net state budget revenues amounted to €68,742 million, an increase of €2,259 million compared to the target in the 2026 Budget Report for the same period. This overperformance is primarily due to the collection in November of the sixth instalment from the Recovery and Resilience Fund (RDF), amounting to €2,109 million, initially expected in December 2025. Excluding this amount, net revenue shows an increase of €150 million, or 0.2%, above the target.
Tax revenues amounted to €64,970 million, up €334 million, or 0.5%, compared to the target included in the 2026 Budget’s Explanatory Memorandum. Revenue refunds totaled €7,817 million, up €50 million from the target (€7,767 million). Public Investment Program (PIP) revenues amounted to €3,042 million, down €26 million from the target (€3,068 million) included in the 2026 Budget Report.
A detailed breakdown of the state budget revenue categories will be provided in the final report.
Specifically, in November 2025, total net revenue amounted to €7,821 million, an increase of €2,192 million over the monthly target, mainly due to the receipt of €2,109 million from the Recovery and Resilience Fund. Excluding this amount, net revenue shows an increase of €83 million above the target included in the 2026 Budget’s Explanatory Memorandum.
Tax revenues in November amounted to €5,764 million, up €271 million, or 4.9%, from the target, while revenue refunds totaled €499 million, €50 million above the target (€449 million). Public Investment Budget (PIB) revenues amounted to €112 million, down €26 million from the target (€138 million).
State Budget expenditure for January–November 2025 amounted to €63,611 million, down €2,647 million from the target (€66,258 million) in the 2026 Budget Report. Expenditures increased by €1,266 million compared to the same period in 2024, mainly due to higher transfers to OFCs and increased CDF spending.
On the Ordinary Budget side, payments were €2,038 million lower than the target, mainly due to delayed transfer payments to CSOs and other general government entities (€922 million) and cash payments for armament programs (€554 million).
Notable transfers included:
€1,164 million to hospitals and primary healthcare;
€400 million to cover the cost of utility services in the electricity sector, in accordance with Article 55 of Law 4508/2017 (A’ 200);
€557 million to the National Central Health Procurement Authority (NCHA) for the procurement of pharmaceuticals, medical products, and health services on behalf of public hospitals;
€328 million in subsidies to transport operators (OASA, OASΘ, and OSE);
€154 million in grants to higher education institutions.
Payments for investment expenditure amounted to €10,483 million, down €609 million from the target included in the 2026 Budget Report, while they increased by €549 million compared to the same period in 2024.
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