The execution of the state budget for the seven-month period of January–July 2026 recorded a strong primary surplus and exceeded tax revenue targets. According to preliminary data from the Ministry of Finance, the primary surplus reached €5.725 billion, against a target of €4.417 billion, while tax revenues — after deducting one-off amounts — stood at €42.475 billion, exceeding the target by €1.112 billion, or 2.7%.
Notably, in July alone, tax collections reached €9.092 billion, up €528 million or 6.2% compared to the monthly target.
Budget: €5.7 billion primary surplus in the seven-month period
According to the preliminary state budget execution data, on a modified cash basis, for the period January–July 2026, the state budget balance shows a deficit of €389 million, compared to the target deficit of €1,323 million included in the 2026 Budget Report for the same period, and a surplus of €2,168 million recorded in the same period of 2025. The primary result on a modified cash basis came in at a surplus of €5,725 million, against a target primary surplus of €4,417 million and a primary surplus of €7,939 million for the same period in 2025.
Excluding an amount of €510 million relating to a timing difference in Public Investment Program (PIP) payments, an amount of €406 million relating 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 concession fee for the casino license at Elliniko (which is recorded fiscally over the duration of the concession period), the overperformance in the primary result on a modified cash basis against budget targets amounts to €256 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 Central Government, not the General Government as a whole, which also includes the fiscal results of legal entities and the sub-sectors of local authorities and social security funds.
It is also noted that revenues for January 2026 include amounts from the transactions required to complete the Concession Agreement for the financing, operation, maintenance and exploitation of the Egnatia Motorway and its three (3) vertical road axes for a period of 35 years, ratified by Law 5260/2025 (Government Gazette A’ 229).
Specifically:
- An amount of €306 million, representing 24% VAT on the transaction price, was paid by the concessionaire to the Greek State, recorded under 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 under the “Sales of goods and services” category.
For the period January–July 2026, total net state budget revenues amounted to €45,207 million, an increase of €1,975 million against the target included in the 2026 Budget Report for the same period. However, the budget target had included the collection of €1,258 million from the Recovery and Resilience Fund (RRF) in June, 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 €2,349 million against the target.
Tax revenues amounted to €42,916 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 concession fee for the Elliniko casino license, which had been projected for collection at the end of 2025. Excluding these amounts, tax revenues stood at €42,475 million, up €1,112 million or 2.7% against the target.
Revenue refunds amounted to €4,971 million, up €494 million against the target (€4,476 million) included in the 2026 Budget Report, mainly due to a VAT refund of €306 million related to the Egnatia Motorway Concession Agreement, as mentioned above.
Public Investment Program (PIP) revenues amounted to €3,167 million, up €457 million against the target (€2,710 million) included in the 2026 Budget Report. The precise breakdown among state budget revenue categories will be provided upon publication of the final bulletin.
In July 2026 specifically, total net state budget revenues amounted to €9,195 million, up €895 million against the monthly target.
Tax revenues amounted to €9,092 million, up €528 million or 6.2% against the target.
Revenue refunds amounted to €842 million, up €143 million against the target (€698 million).
Public Investment Program (PIP) revenues amounted to €410 million, up €355 million against the target (€55 million).
State budget expenditure for the period January–July 2026 amounted to €45,596 million, up €1,041 million against the target (€44,556 million) included in the 2026 Budget Report. Expenditure also increased by €4,911 million compared to the same period in 2025.
On the recurrent budget side, payments were up €185 million compared to the target.
Notable transfers and payments include the following:
- A subsidy to the National Organization for Healthcare Services (EOPYY) of €1,243 million,
- A subsidy to the Organization for Welfare Benefits and Social Solidarity (OPEKA) of €1,818 million,
- 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,
- Transfers to hospitals and primary healthcare of €801 million,
- Subsidies to public transport operators (OASA, OASTH and OSE) of €244 million,
- A subsidy to the Information Society SA of €131 million for Fuel Pass payments,
- A payment of €110 million for the diesel fuel subsidy,
- An extraordinary financial support payment of €220 million for families with children.
Investment expenditure payments amounted to €7,602 million, up €855 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 €1,471 million compared to the corresponding payments in 2025.
