The primary surplus of the state budget for the period January–May 2026 amounted to €3.638 billion, compared to a target for a primary surplus of €1.243 billion and compared to a primary surplus of €5.343 billion in the same period of 2025.

However, as announced by the Ministry of National Economy and Finance, the actual (net) excess in the primary result compared to the five-month budget targets amounts to €234 million, if the following are excluded: €31 million related to the timing shift of payments in armaments programs, €473 million related to the timing shift of investment payments, and €64 million related to the timing shift of transfer payments to General Government entities, as well as €135 million from the 2nd installment of the consideration for the concession of a casino operating license in Ellinikon, €884 million from early revenues of the Recovery and Resilience Facility (RRF), and €574 million related to early cash revenues of the Public Investment Programme (PIP).

At the same time, during January–May 2026, net revenues of the state budget amounted to €30.203 billion, showing an excess of €2.516 billion compared to the target included in the explanatory report of the 2026 Budget.

If both VAT amounts collected by the state due to the concession agreement of the Egnatia Odos motorway and the €135 million from the 2nd installment of the casino license fee in Ellinikon are excluded, tax revenues amounted to €27.676 billion, increased by €258 million or 0.9% compared to the target.

According to data on the execution of the state budget, on a modified cash basis, for the period January–May 2026, a surplus of €91 million is recorded in the state budget balance, compared to a target for a deficit of €2.176 billion included for the same period in the explanatory report of the 2026 Budget, and compared to a surplus of €1.875 billion in the same period of 2025. The primary result on a modified cash basis stood at a surplus of €3.638 billion, compared to a target of €1.243 billion and a primary surplus of €5.343 billion for the same period in 2025.

It is noted that the primary result in fiscal terms differs from the result on a cash basis. In addition, the above refers to the primary result of the Central Government and not the General Government as a whole, which includes the fiscal results of legal entities and the sub-sectors of local government (OTA) and social security funds (OKA).

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

Specifically:

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

During January–May 2026, revenues from the Public Investment Programme (PIP) amounted to €2.519 billion, increased by €574 million compared to the target included in the explanatory report of the 2026 Budget.

The exact breakdown between categories of state budget revenues will be provided in the issuance of the final report.

Revenues up in May

Specifically, in May 2026, total net revenues of the state budget amounted to €5.028 billion, increased by €406 million compared to the monthly target.

Tax revenues amounted to €5.454 billion, increased by €375 million or 7.4% compared to the target.

Revenue refunds amounted to €834 million, increased by €25 million from the target (€809 million).

Public Investment Programme (PIP) revenues amounted to €208 million, increased by €113 million compared to the target (€95 million).

State budget expenditures for January–May 2026 amounted to €30.112 billion, increased by €249 million compared to the target (€29.863 billion) included in the explanatory report of the 2026 Budget. They are also higher compared to the same period in 2025 by €3.018 billion.

In the regular budget, payments are €722 million higher compared to the target.

Notable transfers include:

• Subsidy to the National Organization for Healthcare Services Provision (EOPYY) of €825 million.
• Subsidy to the Organization of Welfare Benefits and Social Solidarity (OPEKA) of €1.159 billion.
• Subsidy of €915 million to the National Central Authority for Health Procurement (EKAPY) for pharmaceutical products, goods and services for public hospitals.
• Transfers to hospitals and primary healthcare of €520 million.
• Subsidies to transport operators (OASA, OASTH, OSE) of €169 million.
• Subsidy to Information Society S.A. of €131 million for the payment of FUEL PASS.

Investment expenditures amounted to €4.185 billion, €473 million lower than the target included in the explanatory report of the 2026 Budget. However, they are higher compared to the same payments in 2025 by €456 million.

It is noted that in May, expenditures took place for the participation of the Greek State in capital increases of PPC S.A. and IPTO S.A. amounting to €1.289 billion and €259 million respectively, which as financial transactions are fiscally neutral.