The state budget performed above target in the seven-month period from January to July 2026, with the primary surplus standing at €5.77 billion, compared with a forecast of €4.417 billion. Net revenues reached €45.258 billion, exceeding the target by €2.026 billion, while tax revenues, after excluding extraordinary amounts, were €990 million higher. At the same time, expenditures amounted to €45.602 billion, exceeding the target by €1.046 billion, mainly due to the acceleration of investment payments and Recovery Fund projects. After excluding timing differences and extraordinary revenues, the net excess of the primary result over the target stands at €302 million.

More specifically, according to state budget execution data, on a modified cash basis, for the January–July 2026 period, the state budget balance recorded a deficit of €344 million, compared with a target deficit of €1.323 billion included for the corresponding period of 2026 in the explanatory report of the 2026 Budget, and a surplus of €2.168 billion in the corresponding period of 2025. The primary result on a modified cash basis stood at a surplus of €5.770 billion, compared with a target primary surplus of €4.417 billion and a primary surplus of €7.939 billion for the same period in 2025.

Excluding €510 million related to the timing of payments under the Public Investment Programme (PIP) and €406 million related 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 to a casino business at Ellinikon, which is recorded in fiscal terms during the years of the concession, the excess of the primary result on a modified cash basis over the budget targets amounts to €302 million.

It is 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 sub-sectors of Local Authorities (OTA) and Social Security Organizations (OKA).

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

More specifically:

• €306 million relating to 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 €45.258 billion, an increase of €2.026 billion compared with the target included for the corresponding period in the explanatory report of 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 amount from the RRF, net revenues show an increase of €2.400 billion, or 5.7%, compared with the target.

More specifically, revenues in the major categories of the state budget are as follows:

Revenues in the “Taxes” category amounted to €42.794 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 to a casino business at Ellinikon, which had been forecast to be collected at the end of 2025. Excluding these amounts, tax revenues amounted to €42.353 billion, an increase of €990 million, or 2.4%, compared with the target.

More specifically, for the main taxes in this category, the following were recorded:

• VAT revenues amounted to €17.740 billion. Excluding the €306 million from the aforementioned concession agreement, VAT revenues were €739 million above target.
• Excise duty revenues amounted to €3.964 billion and were €224 million below target.
• Property tax revenues amounted to €1.860 billion and were €55 million above target.
• Income tax revenues amounted to €15.073 billion and were €294 million above target, of which Personal Income Tax was €346 million higher, Corporate Income Tax was €20 million higher, and Other Income Taxes were €72 million lower than target.
• Revenues in the “Social Contributions” category amounted to €31 million, €4 million below target.
• Revenues in the “Transfers” category amounted to €4.218 billion, €91 million above target. It is noted that €2.886 billion of this amount relates to PIP revenues, which were €274 million above target.
• Revenues in the “Sales of goods and services” category amounted to €1.316 billion and include €306 million from the Egnatia Motorway Concession Agreement, as mentioned above. Excluding this amount, the above revenues amounted to €1.010 billion, €255 million above target.
• Revenues in the “Other current revenues” category amounted to €1.868 billion, €455 million above target. €288 million relates to PIP revenues, which were €190 million above target.

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

Total revenues of the Public Investment Programme (PIP) amounted to €3.174 billion, €464 million above the target of €2.710 billion included in the explanatory report of the 2026 Budget.

More specifically, in July 2026, total state budget net revenues amounted to €9.246 billion, €946 million above the monthly target.

The increase in net revenues was due, among other things, to:

a) PIP revenues being €363 million above target; and
b) the collection of €234 million from the Modernisation Fund, which had not been included in the explanatory report of the 2026 Budget.

More specifically, revenues in the major categories of the state budget are as follows:

Revenues in the “Taxes” category amounted to €8.970 billion, an increase of €406 million, or 4.7%, compared with the target.

More specifically, for the main taxes in this category, the following were recorded:

• VAT revenues amounted to €3.163 billion and were €167 million above target.
• Excise duty revenues amounted to €741 million and were €9 million above target.
• Property tax revenues amounted to €175 million and were €9 million above target.
• Income tax revenues amounted to €4.156 billion and were €147 million above target, of which Personal Income Tax was €35 million higher, Corporate Income Tax was €145 million higher, and Other Income Taxes were €33 million lower.

Revenues in the “Social Contributions” category amounted to €4 million, €1 million below target.

Revenues in the “Transfers” category amounted to €667 million, €558 million above target. €385 million relates to PIP revenues, which were €342 million above target, while €234 million relates to receipts from the Modernisation Fund, as mentioned above.

Revenues in the “Sales of goods and services” category amounted to €142 million, €22 million above target.

Revenues in the “Other current revenues” category amounted to €304 million, €105 million above target. €33 million relates to PIP revenues, which were €20 million above target.

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

Total revenues of the Public Investment Programme (PIP) amounted to €418 million, €363 million above the target of €55 million.

State budget expenditures for the January–July 2026 period amounted to €45.602 billion and were €1.046 billion above the target of €44.556 billion included in the explanatory report of the 2026 Budget. They were also €4.916 billion higher than in the corresponding period of 2025.

Under the Ordinary Budget, payments were €191 million above target.

Notable transfers/payments include the following:

• A €1.243 billion grant to the National Organization for the Provision of Health Services (EOPYY);
• A €1.818 billion grant to the Organization for Welfare Benefits and Social Solidarity (OPEKA);
• A €915 million grant to the National Central Health Procurement Authority (EKAPY) for the procurement of pharmaceutical preparations, products and health services on behalf of public hospitals;
• €801 million in transfers to hospitals and Primary Health Care;
• €244 million in grants to public transport operators (OASA, OASTH and OSE);
• A €131 million grant to the Information Society for payment of the FUEL PASS;
• A €110 million payment for the subsidy on automotive diesel;
• A €220 million extraordinary financial support payment for families with children.

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