The Greek budget enters the final two months with a better performance than what was projected in the November introductory report. Official execution data show that from January to October 2025, the state budget balance shows a surplus of €3.037 billion, compared to a target of €2.649 billion in the introductory report of the 2026 Budget. In other words, a better performance by €388 million, even though the corresponding period in 2024 had recorded a surplus of €6.116 billion. The primary balance is also higher: €10.248 billion, compared to a target of €9.881 billion, a difference of +€367 million.

What is noteworthy is that this overperformance is not due to temporary factors but to real collections. Net revenues amounted to €60.921 billion, i.e. +€67 million or +0.1% above the target. Taxes, the main source of revenue, reached €59.206 billion, also +€63 million compared to the budget forecast.

Budget: Tax revenue €59.2 billion – VAT revenue at €23.29 billion

During the period January–October 2025, net state budget revenues amounted to €60,921 million, showing an increase of €67 million or 0.1% compared to the target set for the corresponding period in the introductory report of the 2026 Budget.

The major categories clearly show where the overperformance comes from:

I. Revenues in the “Taxes” category amounted to €59,206 million, increased by €63 million or 0.1% compared to the target in the introductory report of the 2026 Budget.

Specifically, for the main taxes in this category:

• VAT revenues amounted to €23,299 million, increased by €31 million compared to the target.
• Excise duty (EFK) revenues amounted to €6,181 million, decreased by €9 million compared to the target.
• Property tax revenues amounted to €2,227 million, increased by €10 million compared to the target.
• Income tax revenues amounted to €21,994 million, with no significant deviation from the target, of which: Personal Income Tax is higher by €13 million, Corporate Income Tax higher by €3 million, and Other Income Taxes lower by €16 million.

II. Revenues in the “Social Contributions” category amounted to €51 million, in line with the target in the 2026 Budget report.

III. Revenues in the “Transfers” category amounted to €4,759 million, decreased by €67 million relative to the target. Of this €4,759 million, €2,733 million concerns Public Investment Budget (PIB) revenues, in line with the target.

IV. Revenues in “Sales of goods and services” amounted to €1,950 million, increased by €18 million relative to the target.

V. Revenues in “Other current revenues” amounted to €2,251 million, increased by €53 million compared to the target. Of this amount, €197 million concerns PIB revenues, in line with the target.

Revenue refunds amounted to €7,318 million, in line with the target. Total PIB revenues amounted to €2,930 million, in line with the target.

Net budget revenues at €6.25 billion in October

For October 2025, state budget revenues show the same changes as described above on a cumulative basis and are as follows:

Total net state budget revenues amounted to €6,259 million.

More specifically, revenues per major category for October 2025 are:

I. “Taxes” revenues amounted to €6,484 million.

For the main taxes in this category:

• VAT revenues amounted to €2,921 million.
• EFK revenues amounted to €656 million.
• Property tax revenues amounted to €117 million.
• Income tax revenues amounted to €2,198 million, of which:
  – Personal Income Tax: €1,209 million
  – Corporate Income Tax: €839 million
  – Other Income Taxes: €149 million

II. “Social Contributions” amounted to €5 million.

III. “Transfers” amounted to €59 million, of which €49 million concerns PIB revenues.

IV. “Sales of goods and services” amounted to €148 million.

V. “Other current revenues” amounted to €173 million, of which €7 million concerns PIB revenues.

Revenue refunds amounted to €609 million.

Total Public Investment Budget revenues amounted to €56 million.

Expenditures

State Budget expenditures for January–October 2025 amounted to €57,884 million, reduced by €321 million compared to the target (€58,205 million). They are also increased relative to the same period in 2024 by €2,669 million, mainly due to increased transfers to Social Security Funds (OKA) and expenditures related to the Recovery and Resilience Facility (RRF).

In the Ordinary Budget, payments are €321 million below target, mainly due to timing shifts in payments. Specifically, there is a difference in “appropriations under allocation” of €92 million, which do not directly correspond to payments but to credit transfers that will be executed later, as well as differences in transfers (€89 million) and expenditures on the purchase of goods and services (€57 million).

Notable transfers include:

• Transfers to hospitals and Primary Health Care: €1,128 million
• Transfer of €400 million to cover the cost of public service obligations (PSOs) in the electricity sector, per Article 55 of Law 4508/2017
• Grant of €470 million to the National Central Health Procurement Authority (E.K.A.P.Y.) for procurement of pharmaceuticals, medical products, and health services for public hospitals
• Grants to public transport operators (OASA, OASTH, OSE): €308 million
• Grant to Higher Education Institutions: €154 million

Payments under the investment budget amounted to €9,338 million, in line with the updated target. They are also increased compared to 2024 payments by €955 million.