The Ministry of National Economy and Finance released official data on state revenue and expenditure performance for the period of January – August 2025. According to the state budget execution data, on a modified cash basis, there is a surplus in the state budget balance of €1.964 billion compared to the target deficit of €1.381 billion included for the corresponding period of 2025 in the Budget 2025 introductory report and a surplus of €1.044 billion for the corresponding period of 2024.
Budget: Surplus reaches €8.5 billion, net revenues rise by €184 million
The primary result on a modified cash basis was a surplus of €8.499 billion, compared to a target primary surplus of €4.929 billion and a primary surplus of €7.567 billion for the same period in 2024. It should be noted that the amount of €1.895 billion concerning timing differences in transfer payments from the regular budget and €540 million concerning timing differences in defense program payments do not affect the General Government result in fiscal terms. Additionally, an amount of €342 million in tax revenue
It should be emphasized that the primary result in fiscal terms differs from the result in cash terms. Furthermore, the above concerns the primary result of the Central Administration and not the entire General Government, which includes the fiscal results of Legal Entities and the subsectors of Local Government Organizations and Social Security Organizations.
Net revenues
During the period January – August 2025, the net revenues of the state budget amounted to €48.458 billion, showing an increase of €184 million or 0.4% compared to the target included for the corresponding period in the Budget 2025 introductory report. It should be noted that the net revenue amount includes, both in revenue (in the category “Sales of goods and services“), and in tax refunds (VAT), the amount of €784.8 million from transactions required in January 2025 for completing the new Attiki Odos Concession Agreement, which relate to 2024 and are fiscally neutral.
The increase in net revenues compared to the target is observed, although the target setting in the introductory report had included the collection in June of the consideration amount of €1.350 billion from the Concession Agreement for financing, operation, maintenance and exploitation of the Egnatia Odos motorway and three (3) vertical road axes, which was signed on March 29, 2024, between the Greek State and TAIPED (now EESYP) and the company “NEA EGNATIA ODOS S.A.” as Concessionaire. The next steps of the procedure until payment of the consideration are expected to be completed in the coming months. Excluding this amount, net revenues show an increase of €1.534 billion or 3.3% compared to the target, mainly due to increased tax revenues.
Specifically, the revenues of the major state budget categories are as follows:
I. The revenues of the “Taxes” category before refunds amounted to €46.519 billion, increased by €2.042 billion or 4.6% compared to the target, mainly due to better performance in collecting current year taxes (income taxes, VAT, excise duties, etc.) and better performance of previous year income taxes collected in installments until the end of February 2025.
Specifically for the main taxes in this category, the following are observed:
· VAT revenues amounted to €18.185 billion and are increased by €507 million compared to the target.
· Excise duty revenues amounted to €4.857 billion and are increased by €83 million compared to the target.
· Real estate tax revenues amounted to €1.983 billion and are increased by €73 million compared to the target.
· Income tax revenues amounted to €17.306 billion and are increased by €1.135 billion compared to the target, of which: Personal Income Tax is increased by €828 million, Corporate Income Tax decreased by €38 million and Other Income Taxes increased by €345 million compared to the target. It should be noted that regarding personal income tax, part of the collections appears front-loaded, because the tax return filing application was operational from mid-March.
II. The revenues of the “Social Contributions” category amounted to €41 million, according to the target.
III. The revenues of the “Transfers“ category amounted to €4.495 billion, decreased by €8 million compared to the target included in the Budget 2025 introductory report. An amount of €1.346 billion was collected from the Recovery and Resilience Facility according to the target, while €2.507 billion concerns EU funds revenues, which are decreased by €422 million compared to the target.
IV. The revenues of the “Sales of goods and services” category amounted to €1.740 billion and include the amount of €784.8 million from the new Attiki Odos Concession Agreement, while the target includes the amount of €1.350 billion from the consideration for Egnatia Odos exploitation, as mentioned above. Excluding these amounts, the revenues of the major “Sales of goods and services” category amount to €955 million, increased by €259 million compared to the target.
V. The revenues of the “Other current revenues“ category amounted to €1.822 billion, decreased by €75 million compared to the target included in the Budget 2025 introductory report. From the above collected amount of €1.822 billion, €185 million concerns EU funds revenues, which are increased by €29 million compared to the target.
Revenue refunds amounted to €6.181 billion and incorporate the VAT refund amount of €784.8 million from the new Attiki Odos Concession Agreement, as mentioned above, which fiscally affects 2024. Excluding this amount, tax refunds amounted to €5.396 billion and are increased by €685 million compared to the target (€4.711 billion) included in the Budget 2025 introductory report.
Taking into account the above, net tax revenues after refunds for the period January – August 2025 appear increased by €1.357 billion compared to Budget targets. As mentioned above, an amount of €342 million in tax revenues from the first two months is counted fiscally in 2024.
Total EU funds revenues amounted to €2.692 billion, decreased by €393 million from the target (€3.085 billion) included in the Budget 2025 introductory report. Specifically, in August 2025 total net state budget revenues amounted to €5.605 billion, decreased by €634 million compared to the monthly target, mainly due to increased tax refunds – from tax return settlements – that were budgeted for the following month.
Specifically, the revenues of the major state budget categories are as follows:
I. The revenues of the “Taxes“ category amounted to €6.086 billion, decreased by €109 million or 1.8% compared to the target. It should be noted that part of income tax was collected front-loaded in previous months, because the tax return filing application was operational from mid-March.
Specifically for the main taxes in this category, the following are observed:
· VAT revenues amounted to €2.481 billion and are increased by €150 million compared to the target.
· Excise duty revenues amounted to €699 million and are decreased by €5 million compared to the target.
· Real estate tax revenues amounted to €113 million and are decreased by €17 million compared to the target.
· Income tax revenues amounted to €2.378 billion and are decreased by €181 million compared to the target, of which Personal Income Tax is decreased by €79 million, Corporate Income Tax is decreased by €97 million and Other Income Taxes are decreased by €5 million.
II. The revenues of the “Social Contributions” category amounted to €6 million, according to the target.
III. The revenues of the “Transfers” category amounted to €375 million, decreased by €158 million compared to the target included in the Budget 2025 introductory report. An amount of €306 million concerns EU funds revenues, which are decreased by €217 million compared to the target.
IV. The revenues of the “Sales of goods and services“ category amounted to €20 million, compared to zero monthly target.
V. The revenues of the “Other current revenues“ category amounted to €180 million, increased by €57 million compared to the target included in the Budget 2025 introductory report. From the above collected amount of €180 million, €34 million concerns EU funds revenues, which are increased by €27 million compared to the target.
Revenue refunds amounted to €1.135 billion, increased by €433 million from the target (€702 million).
EU funds revenues amounted to €340 million, decreased by €190 million from the target (€530 million).
Expenditures
State Budget expenditures for the period January – August 2025 amounted to €46.494 billion and are decreased by €3.161 billion compared to the target (€49.655 billion) included in the Budget 2025 introductory report. They are also increased compared to the corresponding period of 2024 by €2.405 billion.
In the Regular Budget section, payments are decreased compared to the target by €3.054 billion, mainly due to timing differences in transfer payments to Social Security Organizations and other general government entities by €1.895 billion and cash payments for defense programs by €540 million. It should be noted that the aforementioned amounts do not affect the General Government result in fiscal terms.
Notable transfers are the following:
· transfers to hospitals and Health
