The first two months of 2026 closed with a primary surplus of €2.994 billion according to the provisional data on the execution of the state budget, compared to a target surplus of €1.957 billion, while the overall balance recorded a surplus of €902 million instead of the deficit of €97 million that had been projected in the budget.

The better picture is mainly due to the containment of spending, which amounted to €11.088 billion, that is approximately €1.122 billion lower than the target, a development mainly linked to the transfer of payments for armament programs to subsequent months, delays in capital transfers and significantly lower payments under the Public Investment Program.

On the revenue side, net revenues amounted to €11.99 billion showing a small shortfall of €124 million compared to the target, mainly due to lower tax revenues from energy products, while they were also affected by increased tax refunds.

In detail, according to the provisional data on the execution of the state budget, on a modified cash basis, for the period January–February 2026, a surplus of €902 million is recorded in the state budget balance compared to the target for a deficit of €97 million that had been included for the corresponding period of 2026 in the explanatory report of the 2026 Budget and a surplus of €709 million in the corresponding period of 2025. The primary result on a modified cash basis amounted to a surplus of €2.994 billion, compared to a target primary surplus of €1.957 billion and a primary surplus of €2.802 billion for the same period in 2025.

Excluding an amount of €126 million concerning the time-shifting of payments in armament programs, an amount of €591 million concerning the time-shifting of payments in the Public Investment Program, as well as an amount of €200 million concerning the time-shifting of payments in other capital grants, which do not affect the result of the General Government in fiscal terms, the excess in the primary result on a modified cash basis compared to the targets of the budget amounts to €120 million.

It is noted that the primary result in fiscal terms differs from the result in cash terms. Additionally, the above concern the primary result of the Central Administration and not the entirety of the General Government, which also includes the fiscal results of Legal Entities and the subsectors of Local Government Authorities and Social Security Funds.

Note: in the revenues of January 2026, the amounts from the required transactions for the completion of the Service Concession Agreement for the financing, operation, maintenance and exploitation of the Egnatia Motorway and its three (3) vertical road axes for 35 years were recorded, which was ratified by Law 5260/2025 (A’ 229).