A primary surplus of €4,667 million, against a target of a primary surplus of €2,235 million and a primary surplus of €2,905 million for the same period in 2024, is recorded in the provisional state budget execution data, on a modified cash basis, for the period January-June 2025.

It is noted that an amount of EUR 792 million related to the deferral of transfer payments of the regular budget and an amount of EUR 510 million related to the deferral of payments of the armament programs do not affect the outcome of the General Government in fiscal terms.

In addition, an amount of EUR 342 million of tax revenues in the first half of the year is counted in fiscal terms in the year 2024.

Excluding the above amounts, the excess in the primary outcome on a modified cash basis over the budget targets is estimated at EUR 788 million. It should be noted that this six-month amount includes the collection of part of the personal income tax, which had been forecasted to be collected in the following months, due to the fact that the application for the submission of tax returns was already operational since mid-March.

It should be noted 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 OTA and OKA.

In the period January – June 2025, the amount of net state budget revenues amounted to 34,385 million euros, representing an increase of 488 million euros or 1.4% over the target included for the same period in the 2025 Budget Report. It is noted that this amount includes both in revenues (in the category “Sales of goods and services”) and in tax refunds (VAT), the amount of 784.8 million euros from the transactions required to be made in January 2025 for the completion of the new Concession Contract of Attica Highway, which relate to the year 2024 and are budget neutral.

This increase is observed even though the target of the report included the collection in June of the price of 1,350 million EUR 1.1 million from the Concession Contract for the financing, operation, maintenance and exploitation of the Egnatia Highway and the three (3) vertical roads, which was signed on 29 March 2024, between the Greek State and the Hellenic State Property Fund (now EESYP) on the one hand and the company “NEA EGNATIA ODOS S.A.” as Concessionaire on the other hand. The next steps of the procedure up to the payment of the price are expected to be completed in the coming months.

Tax revenues amounted to EUR 32,296 million, increased by EUR 2,323 million or 7.8% against the target mainly due to: a) the earlier collection of part of the personal income tax, which had been predicted to be collected by the end of July, due to the fact that the application for the submission of tax returns was already operational since mid-March as mentioned above and b) the better performance in the collection of the current year’s taxes (F.P.I.T., N.I.T., etc.) and better performance of the previous year’s income taxes collected in instalments until the end of February 2025.

The exact allocation among the revenue categories of the state budget will be made upon issuance of the final report.

The revenue refunds amounted to EUR 4,373 million and incorporate the VAT refund amount of EUR 784.8 million from the new Attiki Odos Concession Contract, as mentioned above, which financially affects the year 2024. If this amount is excluded, tax refunds amount to €3,588 million and are up by €273 million compared to the target (€3,315 million) included in the 2025 Budget’s explanatory memorandum.

MFF revenues amounted to EUR 1,923 million, down by EUR 577 million from the target (EUR 2,500 million), which has been included in the 2025 Budget’s Explanatory Memorandum.

Specifically, in June 2025, total net revenues of the state budget amounted to EUR 5,416 million, down by EUR 1,144 million compared to the monthly target, due to the non-collection, in the month of June, of the price from the concession contract of the Egnatia Odos motorway and its three (3) vertical roads, amounting to EUR 1,350 million, as had been foreseen.

Tax revenues amounted to €5,342 million, up €647 million or 13.8% against the target. This increase is estimated to be mainly due to personal income tax, due to the fact that the application for the submission of tax returns has been operational since mid-March.

Revenue refunds amounted to EUR 553 million, down EUR 76 million from the target (EUR 629 million).

June MFI revenue amounted to EUR 197 million, down EUR 423 million from the target (EUR 620 million).

State Budget expenditure for the period January – June 2025 amounted to EUR 34,801 million, down by EUR 1,891 million compared to the target (EUR 36,692 million), which has been included in the 2025 Budget Report. They are also increased compared to the corresponding period of 2024, by EUR 1,079 million.

In the Ordinary Budget component, payments are presented lower than target by EUR 1,803 million, which is mainly due to the delay in transfer payments to the OCAs and other general government entities by EUR 792 million and cash payments of EUR 510 million for the armament programmes. It should be noted that the above-mentioned amounts do not affect the outcome of the General Government in budgetary terms.

Notable transfers are the following:

-transfers to hospitals and the Municipal Health Insurance Fund (MHIF) amounting to EUR 594 million,
-the transfer of EUR 400 million to cover the cost of utility services in the electricity sector, under the provisions of Article 55 of Law 4508/2017 (A’ 200),
– the grant of EUR 290 million to the National Central Health Procurement Authority (NCHA) for the procurement of pharmaceutical preparations, products, and health services on behalf of public hospitals,
-the subsidies to transport operators (OASA, and OSE) amounting to EUR 158 million; and
-The subsidy to higher education institutions amounts to €115 million.

Payments under the investment expenditure component amounted to €5,051 million, down €88 million compared to the target included in the 2025 Budget’s explanatory report. At the same time, they are presented lower than the corresponding payments in 2024 by EUR 109 million.