The Greek state budget recorded a surplus of €127 million for the January–September 2026 period, against a target deficit of €1.897 billion, according to data from the Ministry of National Economy and Finance. The primary surplus reached €7.554 billion, surpassing the €5.129 billion target, while net revenues totalled €57.811 billion — €2.501 billion above projections.
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Tax revenues, excluding exceptional items, came in €1.426 billion above target, while state expenditure reached €57.683 billion, driven primarily by an acceleration in payments from the Recovery and Resilience Fund.
Greece’s budget: Primary surplus of €7.55 billion in the nine-month period — official announcement
According to the state budget execution data on a modified cash basis for the January–September 2026 period, the state budget balance shows a surplus of €127 million, against a target deficit of €1,897 million included in the 2026 Budget Report for the same period, and compared to a surplus of €2,401 million recorded in the corresponding period of 2025.
The primary balance on a modified cash basis came in at a surplus of €7,554 million, against a primary surplus target of €5,129 million and a primary surplus of €9,449 million recorded during the same period in 2025.
Excluding an amount of €695 million relating to a timing difference in Public Investment Programme (PIP) payments, €385 million relating to a timing difference in defence equipment programme payments, and €905 million relating to a timing difference in transfer payments to General Government entities — none of which affect the General Government outcome in fiscal terms — as well as €135 million from the second instalment of the concession fee for the casino licence at Elliniko, which is recorded fiscally over the years of the concession period, the overperformance in the primary balance on a modified cash basis against budget targets amounts to €305 million.
It should be noted that the primary balance in fiscal terms differs from the balance in cash terms. Furthermore, the above figures refer to the primary balance of Central Government only, and not to 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.
Note: 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 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.
During the January–September 2026 period, total net revenues of the state budget amounted to €57,811 million, representing an increase of €2,501 million against the target set in the 2026 Budget Report for the same period. However, the target 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 €2,876 million against target.
In detail, revenues by major category of the state budget are as follows:
- Tax revenues amounted to €55,967 million and include: (a) €306 million from the Egnatia Motorway Concession Agreement, as mentioned above, and (b) €135 million from the second instalment of the casino concession fee at Elliniko, which had been projected to be collected at end-2025. Excluding these amounts, tax revenues totalled €55,526 million, up by €1,426 million or 2.6% against target.
For the main taxes within this category, the following is observed:
- VAT revenues amounted to €23,062 million. Excluding the €306 million from the Egnatia concession agreement, VAT revenues are up by €1,093 million against target.
- Excise duty revenues amounted to €5,326 million, down by €239 million against target.
- Property tax revenues amounted to €2,100 million, up by €63 million against target.
- Income tax revenues amounted to €20,171 million, up by €360 million against target. Personal income tax is up by €408 million, other income taxes are up by €10 million, while corporate income tax is down by €58 million.
- Revenues from “Social contributions” amounted to €40 million, down by €5 million against target.
- Revenues from “Transfers” amounted to €4,764 million, up by €79 million against target. Of this amount, €3,199 million relates to PIP revenues, which are up by €72 million against the corresponding target.
- Revenues from “Sales of goods and services” amounted to €1,465 million, including €306 million
from the aforementioned Egnatia Motorway Concession Agreement. Excluding this amount, revenues in this category totalled €1,159 million, up by €274 million against target.
- Revenues from “Other current revenues” amounted to €2,300 million, up by €518 million against target. Of this amount, €319 million relates to PIP revenues, which are up by €206 million against the corresponding target.
Revenue refunds amounted to €6,727 million, up by €520 million against the target of €6,206 million set in the 2026 Budget Report, primarily due to the VAT refund of €306 million related to the Egnatia Motorway Concession Agreement, as mentioned above.
Total Public Investment Programme (PIP) revenues amounted to €3,518 million, up by €278 million against the target of €3,240 million set in the 2026 Budget Report.
In September 2026 specifically, total net revenues of the state budget amounted to €6,460 million, up by €170 million against the monthly target.
In detail, revenues by major category of the state budget for September are as follows:
- Revenues from “Taxes” amounted to €6,486 million, up by €74 million or 1.1% against target.
For the main taxes within this category, the following is observed:
- VAT revenues amounted to €2,518 million, up by €188 million against target.
- Excise duty revenues amounted to €665 million, down by €8 million against target.
- Property tax revenues amounted to €123 million, in line with target.
- Income tax revenues amounted to €2,490 million, down by €79 million against target. Personal income tax is down by €25 million, corporate income tax by €49 million, and other income taxes by €5 million.
- Revenues from “Social contributions” amounted to €4 million, down by €1 million against target.
- Revenues from “Transfers” amounted to €271 million, up by €146 million against target. Of this amount, €87 million relates to PIP revenues, which are down by €26 million against the corresponding target.
- Revenues from “Sales of goods and services” amounted to €61 million, in line with target.
- Revenues from “Other current revenues” amounted to €264 million, up by €31 million against target. An amount of €7 million relates to PIP revenues, in line with the corresponding target.
Revenue refunds amounted to €626 million, up by €79 million against the target of €548 million.
Total Public Investment Programme (PIP) revenues for September amounted to €94 million, down by €26 million against the target of €120 million.
State budget expenditure for the January–September 2026 period amounted to €57,683 million, exceeding the target of €57,206 million set in the 2026 Budget Report by €477 million, primarily due to the acceleration of Recovery and Resilience Fund payments. Expenditure also increased by €5,423 million compared to the corresponding period of 2025.
On the recurrent budget side, payments came in €1,094 million below target.
Notable transfers and payments include the following:
- A subsidy of €1,544 million to the National Organisation for Healthcare Services Provision (EOPYY),
- A subsidy of €1,994 million to the Organisation for Welfare Benefits and Social Solidarity (OPEKA),
- A subsidy of €917 million to the National Central Health Procurement Authority (EKAPY) for the procurement of pharmaceutical products and healthcare services on behalf of public hospitals,
- Transfers of €1,032 million to hospitals and Primary Healthcare,
- Subsidies of €327 million to public transport operators (OASA, OASTH and OSE),
- A subsidy of €131 million to the Information Society SA for Fuel Pass payments,
- A payment of €136 million for the diesel fuel subsidy,
- An extraordinary financial support payment of €232 million to families with children.
Investment expenditure amounted to €10,395 million, up by €1,571 million against the target set in the 2026 Budget Report, owing to the acceleration of Recovery and Resilience Fund projects. Investment expenditure also rose by €2,209 million compared to the corresponding period of 2025.
