The January–July 2026 period closed with a primary surplus of €5.725 billion, €1.307 billion higher than the target, with the overperformance of tax revenues strengthening the budget picture. Tax receipts reached €42.916 billion, exceeding the target by €1.553 billion, while net revenues stood at €45.207 billion, almost €2 billion above projections. During the same period, expenditure amounted to €45.596 billion, €1.041 billion above target.

More specifically, according to preliminary data on the execution of the state budget, on a modified cash basis, for the January–July 2026 period, the state budget balance recorded a deficit of €389 million, compared with a target for a deficit of €1.323 billion included for the corresponding period of 2026 in the explanatory report accompanying the 2026 Budget, and a surplus of €2.168 billion in the corresponding period of 2025. The primary result on a modified cash basis was a surplus of €5.725 billion, compared with a target for a primary surplus of €4.417 billion and a primary surplus of €7.939 billion during the same period in 2025.

Excluding €510 million relating to the timing of Public Investment Program (PIP) payments and €406 million relating to the timing of transfer payments to General Government entities—which do not affect the General Government result in fiscal terms—as well as €135 million from the second installment of the consideration for the granting of an operating license for a casino business at Ellinikon, which is recorded fiscally over the years of the concession, the excess of the primary result on a modified cash basis over the budget targets amounts to €256 million.

It should be noted that the primary result in fiscal terms differs from the result in cash terms. In addition, the above figures concern the primary result of the Central Government and not the General Government as a whole, which also includes the fiscal results of legal entities and the subsectors of local government authorities and social security organizations.

It is also noted that the January 2026 revenues included the amounts from the transactions required to complete the Concession Agreement for the financing, operation, maintenance and exploitation of the Egnatia Motorway and its three vertical road axes for 35 years, which was ratified by Law 5260/2025 (Government Gazette A’ 229).

Specifically:

• €306 million, corresponding to the 24% VAT on the transaction consideration, was paid by the concessionaire to the Greek State, recorded under the “Taxes” category and accompanied by an equal tax refund.
• Subsequently, the same amount of €306 million was paid again to the Greek State and recorded under the “Sales of goods and services” category.

During the January–July 2026 period, state budget net revenues amounted to €45.207 billion, an increase of €1.975 billion compared with the target included for the corresponding period in the explanatory report accompanying the 2026 Budget. However, the target set in the explanatory report had included the collection, in June, of €1.258 billion from the Recovery and Resilience Facility (RRF), of which €884 million was collected earlier, in April, while the remaining €374 million is expected to be collected within the current year. Excluding the RRF amount, net revenues show an increase of €2.349 billion over the target.

Tax revenues amounted to €42.916 billion and include: (a) €306 million from the Egnatia Motorway Concession Agreement, as mentioned above, and (b) €135 million from the second installment of the consideration for the granting of an operating license for a casino business at Ellinikon, which had been expected to be collected at the end of 2025. Excluding these amounts, tax revenues amounted to €42.475 billion, up €1.112 billion, or 2.7%, compared with the target.

Revenue refunds amounted to €4.971 billion, €494 million higher than the target of €4.476 billion included in the explanatory report accompanying the 2026 Budget, mainly due to the €306 million VAT refund related to the Egnatia Motorway Concession Agreement, as mentioned above.

Public Investment Program (PIP) revenues amounted to €3.167 billion, €457 million higher than the target of €2.710 billion included in the explanatory report accompanying the 2026 Budget.

The precise allocation among the state budget revenue categories will be determined once the data have been finalized.

July 2026

More specifically, in July 2026, total state budget net revenues amounted to €9.195 billion, €895 million above the monthly target.

Tax revenues amounted to €9.092 billion, €528 million, or 6.2%, above target.

Revenue refunds amounted to €842 million, €143 million above the target of €698 million.

Public Investment Program (PIP) revenues amounted to €410 million, €355 million above the target of €55 million.

State budget expenditure for the January–July 2026 period amounted to €45.596 billion, €1.041 billion above the target of €44.556 billion included in the explanatory report accompanying the 2026 Budget. It was also €4.911 billion higher than in the corresponding period of 2025.

Under the Regular Budget, payments were €185 million higher than the target.

Notable transfers/payments include the following:

I. A €1.243 billion grant to the National Organization for the Provision of Health Services (EOPYY);

II. A €1.818 billion grant to the Organization for Welfare Benefits and Social Solidarity (OPEKA);

III. A €915 million grant to the National Central Health Procurement Authority (EKAPY) for the procurement of pharmaceutical products, goods and health services on behalf of public hospitals;

IV. €801 million in transfers to hospitals and Primary Health Care;

V. €244 million in grants to public transport operators (OASA, OASTH and OSE);

VI. A €131 million grant to the Information Society for the payment of the FUEL PASS;

VII. A €110 million payment for the subsidy on road diesel;

VIII. €220 million in extraordinary financial assistance to families with children.

Payments under investment expenditure amounted to €7.602 billion, €855 million higher than the target included in the explanatory report accompanying the 2026 Budget, due to the acceleration of Recovery and Resilience Facility projects. They were also €1.471 billion higher than the corresponding payments in 2025.