The primary surplus on a modified cash basis for the period January-May 2025 was 5.351 billion euros, according to the State Budget execution data. The result far exceeds the target of EUR 1.055 billion and is also higher than the corresponding surplus of EUR 3.197 billion in 2024. At the same time, tax revenues amounted to EUR 27.050 billion, an increase of EUR 1.773 billion or 7% compared to the target.

The state budget balance recorded a surplus of 1.883 billion euros, against a target of a deficit of 2.475 billion euros included in the 2025 Budget’s explanatory report and a deficit of 535 million euros in the same period of 2024.

Amounts of EUR 1.993 billion and EUR 499 million, relating respectively to the deferral of regular budget payments and investment expenditure, do not affect the outcome of the General Government in budgetary terms. Also, an amount of EUR 342 million of tax revenues in the first half of the year is counted in the year 2024. Excluding these, the excess of the primary outcome over the target is estimated at EUR 1.462 billion. This includes part of the personal income tax collected earlier due to the early activation of the tax return submission application from mid-March.

It is recalled that the primary result in fiscal terms differs from the cash result and concerns the Central Administration, not the entire General Government, which includes NPAs, OTAs and OKA.

Increase also in total net revenue

The net revenue of the state budget in the period January – May 2025 amounted to 28.977 billion euros, up by 1.640 billion euros or 6% against the target. The figure includes the budget-neutral amount of EUR 784.8 million (sales and VAT refunds) related to transactions for the new Attiki Odos Concession Contract, which relate to 2024.

Revenue refunds amounted to EUR 3.819 billion and incorporate the aforementioned amount. If excluded, tax refunds amount to €3.035 billion, up €349 million against the target of €2.686 billion.

The total revenue of the MFF amounted to EUR 1.725 billion, down by EUR 154 million against the target (EUR 1.880 billion).

Increase in tax revenues also in May

In May 2025, net state budget revenues amounted to EUR 5.918 billion, exceeding the monthly target by EUR 1.411 billion, due to the receipt of the fifth tranche from the Recovery and Resilience Fund of EUR 1.346 billion, which was scheduled for April.

Tax revenues in May amounted to €5.041 billion, up €412 million or 8.9% against the target. Revenue refunds amounted to €778 million, up €301 million from the target (€478 million). PFI revenue in the same month amounted to €104 million, €11 million lower than the target (€115 million).

Decrease in expenditure against target

State budget expenditure for the period January-May 2025 stood at €27.094 billion, down €2.718 billion against the target (€29.812 billion) and down €325 million compared to the same period in 2024.

On the tactical side, payments are down by EUR 2.218 billion, mainly due to the deferral of transfers to OCA and other entities (EUR 1.539 billion) and armament payments (EUR 455 million), with no impact on the budgetary outcome of the General Government.

Indicative transfers:

– EUR 588 million to hospitals and YPE-PEDY,
– €400 million for PSOs in the energy sector (article 55 of Law 4508/2017),
– €290 million to the HCPS for medicines and health services,
– EUR 124 million to transport operators (OASA, OASΘ, OSE),
– €113 million to higher education institutions.

Investment expenditure amounted to €3.729 billion, down €499 million against the target and €685 million compared to 2024.