A primary surplus in the state budget balance of €3.087 billion was recorded according to the provisional state budget execution figures announced by the General Accounting Office for the period January-October 2025, compared to the target of a surplus of €212 million included for the corresponding period of 2025 in the 2025 budget report and a surplus of €6.116 billion in the corresponding period of 2024.

The primary balance on a modified cash basis was a surplus of EUR 10.298 billion, against a target of a primary surplus of EUR 7.192 billion and a primary surplus of EUR 13.528 billion in the corresponding period in 2024.

It should be noted that an amount of EUR 2.542 billion related to the deferral of transfer payments of the regular budget and an amount of EUR 904 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 2.109 billion was foreseen in the October target, relating to the receipt of the sixth tranche of the Recovery and Resilience Fund, which is expected to be collected in the near future before the end of the year. In addition, an amount of EUR 342 million of tax revenues of the first two quarters is budgeted 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 1.427 billion.

It should be noted that the primary outcome in budgetary terms differs from the outcome in cash terms. In addition, the above refers to the primary result of the Central Administration and not to the General Government as a whole, which includes the fiscal results of the Legal Entities and the sub-sectors of the OTA and OKA.

In the period January – October 2025, the amount of net revenues of the state budget amounted to EUR 60.957 billion, showing a decrease of EUR 1.681 billion or 2.7% compared to the target included for the corresponding period in the 2025 Budget Report.

It is noted that the amount of net revenues 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 the month of January 2025 for the completion of the new Concession Contract of the Attica Highway, which relate to the year 2024 and are budget neutral.

The decrease in net revenues against the target is due to the fact that, in the targeting of the report for the ten months January-October 2025, the following were included:

a) The collection in June of the price of EUR 1.350 billion from the Concession Contract for the financing, operation, maintenance and exploitation of the Egnatia Odos motorway and the three vertical road axes, which was signed on 29 March 2024, between the Greek State and the Hellenic State and the Hellenic Investment Fund (now EESYP) on the one hand, and the company “NEA EGNATIA ODOS S.A.” as the 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 and

b) the receipt in October of the sixth instalment from the Recovery and Resilience Fund (RDF), amounting to EUR 2.109 billion, which is expected to be received in the immediate future before the end of the year.

Excluding the above amounts, net revenues show an increase of EUR 1.778 billion or 3% against target, mainly due to increased tax revenues.

Tax revenues before refunds amounted to €59.322 billion, up €2.083 billion or 3.6% against the target, mainly due to better performance in the collection of current year taxes (income taxes, VAT, excise taxes, etc.) as well as better performance of previous year income taxes collected in instalments until the end of February 2025. It is noted that the above refers to the comparison against the budget targets, while the relevant estimates were updated during the preparation of the 2026 draft state budget, taking into account the revenue performance.

Revenue refunds amounted to EUR 7.318 billion and incorporate the VAT refund amount of EUR 784.8 million from the new Attiki Odos Concession Contract, as mentioned above, which fiscally affects the year 2024. If this amount is excluded, tax refunds amount to €6,533 million and are up by €279 million compared to the target (€6.254 billion) included in the 2025 Budget’s explanatory report.

Taking the above into account, net tax revenue after refunds in the period January – October 2025 appears to be increased by EUR 1,804 million compared to the budget target. As mentioned above, an amount of EUR 342 million of tax revenues in the first half of the year is budgeted in the year 2024.

The revenue of the PIP amounted to EUR 2.930 billion, down by EUR 615 million from the target (EUR 3.545 billion) included in the 2025 budget presentation.

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

In particular, in October 2025, the total net revenue of the state budget amounted to EUR 6,296 million, down by EUR 2.238 billion against the monthly target due to the fact that the targeting of the draft report included the collection in October of the sixth instalment from the Recovery and Resilience Fund, amounting to EUR 2.109 billion, which is expected to be collected in the next period before the end of the year, as mentioned above.

Tax revenues before refunds amounted to EUR 6.600 billion, down by EUR 6 million or 0.1% against the target.

Revenue refunds amounted to EUR 609 million, down EUR 20 million from the monthly target (EUR 629 million).

MFF revenues amounted to €56 million, down €44 million from the target (€100 million).

State budget expenditure for the period January-October 2025 amounted to EUR 57,871 million and is presented EUR 4,556 million lower than the target (EUR 62,426 million), which has been included in the 2025 Budget Report. They are also increased compared to the corresponding period of 2024 by EUR 2,656 million.

On the regular budget side, payments are presented lower than the target by EUR 4,157 million, which is mainly due to the delay in transfer payments to social security funds (OKA) and other general government entities by EUR 2.542 billion and cash payments of the armament programmes by EUR 904 million. It is 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 Ministry of Health and Social Welfare of EUR 1.128 billion.

– The transfer of EUR 400 million to cover the cost of utility services in the electricity sector, in accordance with the provisions of Article 55 of Law 4508/2017 (A’ 200).

– The grant of 470 million euros to the National Central Health Procurement Authority (NCHA) for the procurement of pharmaceuticals, products and health services on behalf of public hospitals.

– Grants to transport operators (OASA, OASΘ and OSE) amounting to €308 million.

– Grants to higher education institutions amounting to €153 million.

Payments in the investment expenditure component amounted to EUR 9,338 million, down by EUR 399 million compared to the target included in the 2025 budget’s explanatory report. At the same time, they are increased compared to the corresponding payments in 2024 by EUR 955 million. In particular, the Recovery and Resilience Fund expenditure in the period January-October 2025 amounted to EUR 3.054 billion, showing an increase of EUR 257 million compared to the target.