Primary surplus of 2.994 billion. €2.994 billion was recorded in the budget in the first two months of this year, against a target of a primary surplus of €1.957 billion and a primary surplus of €2.802 billion for the same period in 2025.

Deducting an amount of EUR 126 million related to deferral of payments in armaments programmes, an amount of EUR 591 million related to deferral of payments in the EDP component, as well as an amount of EUR 200 million related to deferral of payments in the MFA component, and an amount of EUR 200 million related to the MFA component. EUR 200 million related to the timing of payments in other capital injections, which do not affect the outcome of the general government in budgetary terms, the excess of the primary outcome on a modified cash basis over the budget targets amounts to EUR 120 million.

According to the Ministry of National Economy and Finance, the primary outcome in fiscal terms differs from the outcome in cash terms. In addition, the above refers to the primary result of the Central Administration and not to the General Government as a whole, which includes the fiscal results of legal entities and sub-sectors of the OTA and OKA.

Note: January 2026 revenue recorded the amounts from the transactions required to complete the Concession Contract for the financing, operation, maintenance and exploitation of the Egnatia Highway and its three vertical roads for 35 years, which was ratified by Law no. 5260/2025 (A’ 229).

Specifically:

$306 million. EUR 306 million, relating to VAT at 24% on the transaction price, was returned by the concessionaire to the Greek State, recorded under the category “Taxes” and accompanied by an equivalent tax refund.

Subsequently, the same amount of €306 million was repaid to the Greek State and recorded under the category “Sales of goods and services”

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In the period January-February 2026, the amount of net revenues of the state budget amounted to 11.990 billion euro. EUR 11.990 million, a decrease of EUR 124 million compared to the target included for the corresponding period in the 2026 budget report.

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Tax revenues amounted to €11.856 billion, and include €306 million from the Egnatia Highway Concession Contract, as mentioned above. If this amount is excluded, tax revenues amounted to €11.550 billion, down €310 million or 2.6% against the target, mainly due to the lower collection, by €204 million, of taxes (NFC, VAT) attributable to energy products.

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Revenue refunds amounted to €1.468 billion, up €300 million from the target (€1.168 billion). EUR 1.168 million), included in the 2026 budget proposal, due to the VAT refund of EUR 306 million from the Egnatia Odos Concession Contract, as mentioned above.

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The revenue of the Public Investment Programme (PIP) amounted to €715 million. €717 million, down by €120 million from the target (€835 million) included in the 2026 budget report.

The exact allocation between the revenue categories of the state budget will be made when the final report is issued.

In February 2026, the total net revenue of the state budget amounted to €5.851 billion, down €159 million against the monthly target.

Tax revenues amounted to €5.738 billion, up by €14 million or 0.2% against the target included in the 2026 budget report.

Revenue refunds amounted to €672 million, down €4 million from the target (€676 million).

The Public Investment Budget (PIB) revenues amounted to €576 million, down €129 million from the target (€705 million).

The state budget expenditure for the period January-February 2026 amounted to EUR 11.088 billion, down by EUR 1.122 billion compared to the target (EUR 12.211 billion) included in the 2026 budget presentation. They are also increased compared to the corresponding period in 2025 by EUR 54 million.

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On the regular budget side, payments appear to be reduced by €217 million. On the regular budget side, payments on the regular budget are EUR 217 million below target, mainly related to a delay of EUR 126 million in payments for the armaments programmes and EUR 200 million for other capital transfers.

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Payments under the capital expenditure component amounted to €875 million, down by €906 million compared to the target included in the 2026 budget presentation. At the same time, they are presented lower than the corresponding payments in 2025 by €464 million.

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Note that at the start of the financial year, entities commit appropriations on a priority basis to service unpaid obligations from previous years, as well as under multi-year commitments.

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