Greece’s primary surplus reached €8.006 billion in 2025 on a modified cash basis, according to state budget execution data, compared to a target of €5.327 billion and a primary surplus of €8.698 billion for the same period in 2024. The performance of tax revenues played a decisive role, reaching €71.97 billion, up €451 million or 0.6% compared to the target, while total net collections lagged due to Public Investment Program (PIP) revenues and timing shifts. On the expenditure side, payments were limited to €76.92 billion, €3.524 billion or approximately 4.4% lower than projections, explaining why the 2025 primary result moved significantly higher than the initial target.
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It should be noted that December 2025 revenues included a projected cash collection of €1.3 billion related to the Concession Agreement for the financing, operation, maintenance and exploitation of the Egnatia Highway and its three (3) vertical road axes for 35 years, without fiscal impact for 2025. The ESA fiscal impact of this transaction begins from 2026 onwards, with an estimated amount of €38.6 million per year.
Indeed, during December 2025 the Concession Agreement was completed, ratified by Law 5260/2025 (A’ 229). The transaction price was set at €1.275 billion and is subject to 24% VAT, i.e., €306 million, which will be refunded to the concessionaire.
Thus, on 31/12/2025, €759 million was allocated to the Special Public Debt Management Account after deducting:
• €306 million for VAT, which was allocated to state (tax) revenues within January 2026,
• €180 million which according to the concession agreement will be used for tunnel modernization, and
• €30 million for settlement of transaction expenses (0.5% HCAP fee and other transaction-related costs). Any remaining amount from the €30 million after settlement will be returned to the Greek State.
State budget: €76.940 million net revenues for January – December 2025
During January – December 2025, state budget net revenues amounted to €76.940 million, showing a decrease of €921 million or 1.2% compared to the target included for the corresponding period in the Budget 2026 explanatory report. This underperformance is mainly due to: a) the above-described difference between projected and actual revenues of €591 million from the Egnatia Highway concession agreement, without fiscal impact and b) reduced PIP revenues by €692 million. Tax revenues amounted to €71.967 million, up €451 million or 0.6% compared to the target included for the corresponding period in the Budget 2026 explanatory report.
Revenue refunds amounted to €8.419 million, down €55 million from the target (€8.474 million) included in the Budget 2026 explanatory report.
Public Investment Program (PIP) revenues amounted to €3.523 million, down €692 million from the target (€4.215 million) included in the Budget 2026 explanatory report.
The exact distribution among state budget revenue categories will be implemented with the issuance of the final bulletin.
Specifically in December 2025, total state budget net revenues amounted to €8.163 million, down €3.216 million compared to the monthly target, mainly due to: a) the fact that the target setting in the explanatory report included collection in December of the sixth installment from the Recovery and Resilience Fund (RRF) of €2.109 million, which was actually collected in November b) reduced PIP revenues and c) the difference between projected and actual revenues of €591 million from the Egnatia Highway concession agreement, as mentioned above.
Tax revenues amounted to €7.085 million, up €205 million or 3% compared to the target included in the Budget 2026 explanatory report.
Revenue refunds amounted to €602 million, down €105 million from the target (€707 million).
Public Investment Budget (PIP) revenues amounted to €482 million, down €666 million from the target (€1.147 million).
State Budget expenditures for January – December 2025 amounted to €76.922 million and are €3.524 million lower than the target (€80.447 million) included in the Budget 2026 explanatory report. They are also increased compared to the corresponding 2024 period by €3.181 million, mainly due to increased transfers to social security organizations and RRF expenditures.
In the Regular Budget section, payments are €3.535 million lower than the target, mainly related to underexecution and timing shifts of transfer payments to general government entities by €1.225 million and cash payments for defense programs by €705 million.
Notable transfers include the following:
I. transfers to hospitals and Primary Health Care of €1.696 million,
II. a transfer of €400 million to cover the cost of public service obligations in the electricity sector (PSO), according to Article 55 of Law 4508/2017 (A’ 200),
III. a subsidy of €638 million to the National Central Health Procurement Authority (E.KA.P.Y.) for the procurement of pharmaceutical preparations, products and health services on behalf of public hospitals,
IV. subsidies to transport organizations (OASA, OASTH and OSE) of €422 million and
V. subsidies to Higher Education Institutions of €173 million.
Payments for investment expenditures amounted to €14.611 million, up €11 million compared to the target included in the Budget 2026 explanatory report. They are also increased compared to corresponding 2024 payments by €1.296 million.
