A surplus is recorded according to preliminary execution data of the state budget, on a modified cash basis, for the period of January 2026, in the state budget balance amounting to €2.287 billion compared to the target surplus of €543 million included for the corresponding period of 2026 in the Budget 2026 introductory report and a surplus of €758 million for the corresponding period of 2025. The primary result on a modified cash basis reached a surplus of €3.510 billion, compared to a target primary surplus of €1.751 billion and a primary surplus of €1.980 billion for the same period in 2025.
Excluding an amount of €1.272 billion relating to timing differences in transfer payments to general government entities, as well as €379 million relating to timing differences in investment expenditure payments, which do not affect the General Government result in fiscal terms, the excess in the primary result on a modified cash basis compared to budget targets is estimated at €108 million. It is noted that the level of net state budget revenues was close to targets, showing an increase of €33 million.
It is emphasized that the primary result in fiscal terms differs from the result in cash terms. Additionally, the above refers to the primary result of the Central Administration and not to the entire General Government, which includes the fiscal results of Legal Entities and the sub-sectors of Local Authorities and Social Security Organizations.
Note: January revenues included amounts from required transactions for completing the Service Concession Agreement for the financing, operation, maintenance and exploitation of the Egnatia Highway motorway and its three (3) vertical road axes for 35 years, which was ratified by Law 5260/2025 (A’ 229).
Specifically:
- An amount of €306 million concerning 24% VAT on the transaction price, paid by the concessionaire to the Greek State, was recorded in the “Taxes” category and accompanied by an equal tax refund.
- Subsequently, the same amount of €306 million was paid again to the Greek State and recorded in the “Sales of goods and services” category.
State budget net revenues reach €6.136 billion in January
In January 2026, net state budget revenues amounted to €6.136 billion, showing an increase of €33 million or 0.5% compared to the target included for the corresponding period in the Budget 2026 introductory report.
Tax revenues amounted to €6.207 billion, increased by €71 million or 1.2% compared to the target included for the corresponding period in the Budget 2026 introductory report.
The exact distribution among state budget revenue categories will be made with the issuance of the final bulletin.
Revenue refunds amounted to €795 million, increased by €304 million from the target (€492 million) included in the Budget 2026 introductory report, due to the VAT refund of €306 million from the Egnatia Highway Concession Agreement, as mentioned above.
Public Investment Program (PIP) revenues amounted to €139 million, increased by €9 million from the target (€130 million) included in the Budget 2026 introductory report.
State Budget expenditures for January 2026 amounted to €3.850 billion and are reduced by €1.710 billion compared to the target (€5.560 billion) included in the Budget 2026 introductory report. They are also reduced compared to the corresponding 2025 period by €1.383 billion, mainly due to timing differences in transfers to Social Security Organizations.
In the Regular Budget section, payments appear reduced by €1.331 billion compared to the target, mainly related to timing differences in transfer payments to general government entities by €1.272 billion.
Investment expenditure payments amounted to €427 million, reduced by €379 million compared to the target included in the Budget 2026 introductory report. Simultaneously, they are reduced compared to corresponding 2025 payments by €309 million.
It should be noted that at the beginning of the fiscal year, entities prioritize appropriations for servicing unpaid obligations from previous years, as well as within the framework of multi-annual obligations.
