A significant overperformance in tax revenues and a strong primary surplus have been recorded in the final state budget execution data for the January–August 2026 eight-month period. The primary surplus reached €6.534 billion, against a target of €4.989 billion, while net state budget revenues totalled €51.351 billion — exceeding the target by €2.331 billion. Total tax revenues amounted to €49.481 billion. Excluding €306 million linked to the Egnatia Motorway concession agreement and €135 million from the second installment of the Ellinikon casino license, tax revenues stood at €49.040 billion, up by €1.353 billion or 2.8% against the target.
The overperformance was driven primarily by higher-than-expected VAT and income tax receipts. VAT revenues reached €20.544 billion and, excluding the Egnatia Motorway impact, came in €905 million above target. Income tax revenues reached €17.681 billion, recording an overrun of €439 million.
On the downside, excise duty revenues fell short of expectations, totalling €4.662 billion — €230 million below target.
Primary surplus: the overperformance in tax revenues
In August alone, tax revenues totalled €6.687 billion, exceeding the monthly target by €363 million or 5.7%.
More specifically, according to the state budget execution data on a modified cash basis for the January–August 2026 period, the state budget balance shows a deficit of €475 million, compared to a deficit target of €1,611 million set in the 2026 Budget Report for the same period, and a surplus of €1,964 million recorded during the same period in 2025. The primary result on a modified cash basis came in at a surplus of €6,534 million, against a target of €4,989 million and a primary surplus of €8,499 million for the same period in 2025.
Excluding €573 million related to a timing difference in Public Investment Programme (PIP) payments, €618 million related to a timing difference in transfer payments to General Government entities — neither of which affects the General Government result in fiscal terms — as well as €135 million from the second installment of the Ellinikon casino license fee, which is recorded fiscally over the duration of the concession years, the overperformance in the primary result on a modified cash basis against budget targets amounts to €219 million.
It should be noted that the primary result in fiscal terms differs from the result on a cash basis. Furthermore, the above figures refer to the primary result of the Central Administration and not the General Government as a whole, which also includes the fiscal results of Legal Entities and the sub-sectors of local authorities (OTA) and social security funds (OKA).
Note: revenues for January 2026 include amounts from the transactions required to complete the Service Concession Agreement for the financing, operation, maintenance and exploitation of the Egnatia Motorway and its three (3) vertical road axes for 35 years, which was ratified by Law 5260/2025 (Government Gazette A’ 229).
Specifically:
– An amount of €306 million representing 24% VAT on the transaction price was remitted by the concessionaire to the Greek State, recorded under the “Taxes” category, accompanied by an equal tax refund.
The same amount of €306 million was subsequently remitted again to the Greek State and recorded under the “Sales of goods and services” category.
During the January–August 2026 period, net state budget revenues totalled €51,351 million, an increase of €2,331 million against the target included in the 2026 Budget Report for the corresponding period.
However, the target set in the Budget Report had included the collection in June of €1,258 million from the Recovery and Resilience Fund (RRF), of which €884 million was collected earlier, in April, while the remaining €374 million is expected to be collected within the current year. Excluding the RRF amount, net revenues show an increase of €2,705 million against the target.
More specifically, revenues across the major categories of the state budget are as follows:
I. Revenues under the “Taxes” category totalled €49,481 million and include: (a) €306 million from the Egnatia Motorway Concession Agreement, as mentioned above, and (b) €135 million from the second installment of the Ellinikon casino license fee, which had been projected for collection at end-2025. Excluding these amounts, tax revenues stood at €49,040 million, up by €1,353 million or 2.8% against the target.
Key observations for the main taxes in this category are as follows:
– VAT revenues totalled €20,544 million. Excluding the €306 million from the above concession agreement, VAT revenues are up by €905 million against the target.
– Excise duty revenues totalled €4,662 million, falling short of target by €230 million.
– Property tax revenues totalled €1,978 million, exceeding the target by €62 million.
– Income tax revenues totalled €17,681 million, exceeding the target by €439 million, of which personal income tax is up by €433 million, corporate income tax is down by €9 million, and other income taxes are up by €15 million against the target.
II. Revenues under the “Social Contributions” category totalled €36 million, down by €4 million against the target.
III. Revenues under the “Transfers” category totalled €4,493 million, down by €67 million against the target. Of this amount, €3,113 million relates to PIP revenues, which are up by €98 million against the corresponding target.
IV. Revenues under the “Sales of goods and services” category totalled €1,404 million and include the €306 million from the Egnatia Motorway Concession Agreement, as mentioned above. Excluding this, revenues under this category totalled €1,098 million, up by €273 million against the target.
V. Revenues under the “Other current revenues” category totalled €2,036 million, up by €487 million against the target. An amount of €312 million relates to PIP revenues, which are up by €207 million against the corresponding target.
Revenue refunds totalled €6,100 million, up by €442 million against the target of €5,659 million included in the 2026 Budget Report, primarily due to the €306 million VAT refund linked to the Egnatia Motorway Concession Agreement, as mentioned above.
Total revenues of the Public Investment Programme (PIP) amounted to €3,424 million, up by €304 million against the target of €3,120 million included in the 2026 Budget Report.
In August 2026 specifically, total net state budget revenues amounted to €6,093 million, up by €305 million against the monthly target.
More specifically, revenues across the major categories of the state budget are as follows:
I. Revenues under the “Taxes” category totalled €6,687 million, up by €363 million or 5.7% against the target.
Key observations for the main taxes in this category are as follows:
– VAT revenues totalled €2,804 million, exceeding the target by €166 million.
– Excise duty revenues totalled €698 million, falling short of target by €6 million.
– Property tax revenues totalled €117 million, exceeding the target by €8 million.
– Income tax revenues totalled €2,607 million, exceeding the target by €146 million, of which personal income tax is up by €87 million, corporate income tax is down by €29 million, and other income taxes are up by €87 million.
II. Revenues under the “Social Contributions” category totalled €5 million, down by €1 million against the target.
III. Revenues under the “Transfers” category totalled €275 million, down by €159 million against the target. An amount of €226 million relates to PIP revenues, which are down by €176 million against the target.
IV. Revenues under the “Sales of goods and services” category totalled €88 million, up by €17 million against the target.
V. Revenues under the “Other current revenues” category totalled €169 million, up by €32 million against the target. An amount of €24 million relates to PIP revenues, which are up by €16 million against the target.
Revenue refunds totalled €1,130 million, down by €53 million against the target of €1,183 million.
Total Public Investment Programme (PIP) revenues amounted to €250 million, down by €160 million against the target of €410 million.
State budget expenditures for the January–August 2026 period totalled €51,825 million, up by €1,195 million against the target of €50,630 million included in the 2026 Budget Report, primarily due to the acceleration of Recovery and Resilience Fund (RRF) spending. They are also up by €5,331 million compared to the same period in 2025.
On the ordinary budget side, payments came in €204 million below target.
Notable transfers and payments include the following:
I. A subsidy of €1,544 million to the National Organization for Healthcare Services Provision (EOPYY),
II. A subsidy of €1,842 million to the Organization for Social Protection Benefits (OPEKA),
III. A subsidy of €915 million to the National Central Health Procurement Authority (EKAPY) for the procurement of pharmaceutical products and healthcare services on behalf of public hospitals,
IV. Transfers of €979 million to hospitals and Primary Healthcare,
V. Subsidies of €300 million to public transport operators (OASA, OASTH and OSE),
VI. A subsidy of €131 million to the Information Society SA for the payment of the FUEL PASS scheme,
VII. A payment of €135 million for the diesel fuel subsidy,
VIII. An extraordinary financial support payment of €232 million to families with children.
Investment expenditures totalled €9,038 million, up by €1,399 million against the target included in the 2026 Budget Report, due to the accelerated implementation of Recovery and Resilience Fund projects. They were also up by €1,998 million compared to the corresponding expenditures in 2025.
