The primary surplus reached €4.393 billion according to preliminary data from the State Budget execution for the first quarter of January-March 2026, exceeding the target by €1.661 billion. Tax revenues totaled €17.281 billion, surpassing the target by €407 million. Specifically in March, according to data announced by the Ministry of National Economy and Finance, revenue from tax collections exceeded forecasts by €487 million.
Overall in the first quarter, the state budget’s net revenues reached €18.51 billion, recording an excess of €691 million. Specifically in March, the excess of net revenues amounted to €818 million against the monthly target, mainly due to increased tax revenues by €487 million and from the Public Investment Program (PIP) by €321 million, as well as reduced revenue returns by €115 million compared to forecasts.
Part of the excess is due to collection of part of the consideration from the Egnatia Highway Concession Contract as well as the 2nd installment of the consideration for granting a casino operation license at Hellinikon. In contrast, expenditures were limited to €17.02 billion, approximately €913 million lower than planned, due to payment restraint.
Budget: detailed data breakdown
More specifically, according to preliminary state budget execution data announced by the Ministry of National Economy and Finance, the period January-March 2026 shows a state budget surplus of €1.493 billion versus a target deficit of €111 million included for the corresponding period of 2026 in the Budget 2026 explanatory report and a surplus of €1.610 billion for the corresponding period of 2025. The primary result on a modified cash basis was a surplus of €4.393 billion, versus a target primary surplus of €2.732 billion and a primary surplus of €4.498 billion for the same period in 2025.
Excluding €212 million relating to timing differences in defense program payments, €439 million relating to timing differences in investment payments, and €464 million relating to timing differences in capital transfers and transfer payments to general government entities, which do not affect the General Government result in fiscal terms, as well as €135 million from the 2nd installment of consideration for granting a casino operation license at Hellinikon that is fiscally recorded during the concession years, the excess in the primary result on modified cash basis versus budget targets amounts to €411 million.
It is noted that the primary result in fiscal terms differs from the result in cash terms. Additionally, the above refers to the Central Government primary result and not to the entire General Government, which includes the fiscal results of Legal Entities and the sub-sectors of Local Government Organizations and Social Security Organizations.
Furthermore, the General Accounting Office notes that January 2026 revenues included amounts from required transactions for completing the Service Concession Contract for financing, operation, maintenance and exploitation of the Egnatia Highway motorway and its three (3) vertical road axes for 35 years, ratified by law 5260/2025 (A’ 229).
Specifically:
- €306 million relating to 24% VAT on the transaction consideration, paid by the concessionaire to the Greek State, was recorded in the “Taxes” category and accompanied by an equal tax refund.
- Subsequently, the same €306 million amount was paid again to the Greek State and recorded in the “Sales of goods and services” category.
First quarter revenue performance
During January-March 2026, state budget net revenues reached €18.514 billion, showing an increase of €691 million versus the target included for the corresponding period in the Budget 2026 explanatory report.
Tax revenues reached €17.281 billion, including: (a) €306 million from the Egnatia Highway Concession Contract, as mentioned above, and (b) €135 million from the 2nd installment of consideration for granting a casino operation license at Hellinikon that was scheduled to be collected at the end of 2025. Excluding the above amounts, tax revenues reached €16.840 billion, showing a shortfall of €34 million or 0.2% versus the first quarter target.
Revenue returns reached €1.928 billion, increased by €185 million from the target (€1.744 billion) included in the Budget 2026 explanatory report, due to the €306 million VAT refund from the Egnatia Highway Concession Contract, as mentioned. Public Investment Program (PIP) revenues reached €1.931 billion, increased by €201 million from the target (€1.730 billion) 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.
March revenue performance
Specifically in March, total state budget net revenues reached €6.527 billion, increased by €818 million versus the monthly target, mainly due to increased tax revenues by €487 million and PIP revenues by €321 million, as well as reduced revenue returns by €115 million.
Tax revenues reached €5.501 billion, increased by €487 million or 9.7% versus the target included in the Budget 2026 explanatory report. Part of this increase, €135 million, is due to collection of the 2nd installment of consideration for granting a casino operation license at Hellinikon, as mentioned.
Revenue returns reached €461 million, reduced by €115 million from the target (€576 million). Public Investment Budget (PIB) revenues reached €1.216 billion, increased by €321 million from the target (€895 million).
State Budget expenditures for January-March 2026 reached €17.020 billion and are reduced by €913 million versus the target (€17.934 billion) included in the Budget 2026 explanatory report. They are also increased compared to the corresponding 2025 period by €934 million.
In the Regular Budget section, payments appear reduced by €474 million compared to the target, mainly related to timing differences in defense program payments by €212 million and timing differences in capital transfers and transfer payments to general government entities by €464 million, as mentioned above.
Notable transfers include the following:
- Grant to the National Health Services Organization of €668 million,
- Grant to the Social Insurance Welfare Benefits Organization of €672 million,
- Grant of €289 million to the National Central Health Procurement Authority (E.K.A.P.Y.) for procurement of pharmaceutical preparations, products and health services for public hospitals,
- Transfers to hospitals and Primary Health Care of €148 million and
- Grants to transport organizations (OASA, OASTH and OSE) of €113 million.
- Investment expenditure payments reached €2.069 billion, reduced by €439 million compared to the target included in the Budget 2026 explanatory report. They simultaneously show an increase compared to corresponding 2025 payments by €278 million
