The state budget recorded a surplus of 4.376 billion in the first half of January-November, exceeding by 2 billion more than the estimates for a surplus of 2.293 billion euros that were forecast in the budget presentation report, which was passed yesterday for 2025.

Correspondingly, the primary surplus reached 12.012 billion euros, against a target of 9.912 billion euros set in the draft.

The difference compared to the target mainly stems on the one hand from the collection of 206 million EUR 206 in October of 2024 from the extraordinary levy on electricity suppliers, which is planned to be allocated through the Ministry of Environment and Energy, and on the other hand from the postponement of expenditures of the armament programs and transfers to insurance funds (amounting to 432 and 788 million respectively), which do not affect the result in budgetary terms.

However, an excess of tax revenues over budget targets of €106 million is also recorded.

The General Accounting Office points out that the primary result in fiscal terms differs from the result in cash terms. In addition, the above refers to the primary result of the Central Administration and not to the whole General Government, which includes the financial results of the Legal Entities and the sub-sectors of the Local Authorities and Social Security Organisations.

In detail:

In the period January – November 2024, the amount of net revenues of the state budget amounted to EUR 66,722 million, representing an increase of EUR 304 million or 0.46% compared to the target included for the same period in the 2025 Budget’s explanatory report.

Tax revenues amounted to EUR 60,670 million, an increase of EUR 106 million or 0.2% compared to the target included in the 2025 Budget narrative report.

Revenue refunds amounted to EUR 6,576 million, down by EUR 124 million from the target (EUR 6,700 million) included in the 2025 Budget’s Explanatory Memorandum.

Public Investment Program (PIP) revenues amounted to EUR 3,627 million, down by EUR 103 million from the target (EUR 3,731 million), which has been included in the 2025 Budget Report.

The exact breakdown between the revenue categories of the state budget will be carried out with the issuance of the final report.

Specifically, in November 2024 the total net revenue of the state budget amounted to EUR 5,391 million, an increase of EUR 53 million over the monthly target.

Tax revenues amounted to EUR 5,535 million, up EUR 58 million or 1.1% against the 2025 Budget target.

Revenue refunds amounted to EUR 494 million, down EUR 124 million from the target (EUR 618 million).

Public Investment Budget (PIB) revenues amounted to EUR 12 million, down EUR 103 million from the target (EUR 115 million).

The State Budget expenditure for the period January – November 2024 amounted to EUR 62,346 million and is presented EUR 1,779 million lower than the updated target (EUR 64,124 million), which has been included in the 2025 Budget Report. They are also increased, compared to the corresponding period in 2023, by EUR 2,151 million, mainly due to an increase in interest payments and TAF expenditure.

In the Total Budget component, payments are presented lower than target by EUR 1,268 million. Excluding the reported difference in appropriations under allocation of EUR 331 million, which does not correspond to payments but to transfers of appropriations to the other categories from which payments are made at a later stage, the difference in payments against target amounts to EUR 937 million. This difference is documented by the timing of expenditure on the armaments programs and transfers to the ODA of EUR 432 million and EUR 788 million respectively, which do not affect the outturn in budgetary terms.

Νotable payments:

(a) the payment of 43 million euros of the heating allowance for 2024. This amount relates to the 2023-2024 winter period, for which the total payments amounted to EUR 218 million and will be increased in December 2024 with the payment of the advance for the 2024-2025 winter period. Total payments for the winter season 2024-2025 are expected to be increased to EUR 270 million,

b) the payment of 170 million euros from the Ministry of Rural Development and Food to ELGA for the compensation of affected farms affected by flooding due to the DANIEL-ELIAS natural disasters of September 2023 as well as for related land reclamation works,

c) the grant of EUR 297 million from the Ministry of Infrastructure and Transport to transport operators (OASA, OASΘ and OSE),

d) the grant of 414 million euro from the Ministry of Health to the National Central Health Procurement Authority (HCPA) to cover the cost of procurement of medicines for the needs of the hospitals of the NHS and the Papageorgiou General Hospital,

(e) the payment by the State of EUR 119 million for the purchase of pharmaceutical and sanitary equipment,

(f) the direct payment by the State of EUR 50 million for textbooks for students of educational institutions,

(g) the payment of EUR 188 million for the acquisition of motor fuel, mainly to meet the needs of the Ministry of National Defence; and

(h) the payment of EUR 161 million for the lease of aircraft of the Ministry of Climate Crisis and Civil Protection.

Payments under the capital expenditure component amounted to 9,934 million, down by 510 million from the updated target included in the 2025 Budget’s introductory report. At the same time, they are presented increased compared to the corresponding payments in 2023 by €1,348 million