The primary surplus of the state budget exceeds the target for the first five months by 2.4 billion euros.

According to preliminary state budget execution data announced Monday by the Ministry of National Economy and Finance for the period January–May 2026, the primary surplus stood at €3.638 billion, compared to a target of a primary surplus of 1.243 billion euros and a primary surplus of 5.343 billion euros for the corresponding period in 2025.

However, as noted in the Ministry’s relevant announcement, the excess in the primary balance compared to the budget targets for the first five months is limited to €234 million, excluding:

– an amount of €31 million relating to the deferral of payments for defense procurement programs, and an amount of €473 million relating to the deferral of investment payments

– an amount of €64 million relating to the deferral of transfer payments to General Government entities,

– an amount of €135 million from the second installment of the fee for the concession of a casino operating license at Elliniko,

– an amount of €884 million from early revenues of the TAA and an amount of €574 million relating to early cash revenues of the Public Investment Program.

At the same time, during the period January–May 2026, net revenue for the state budget amounted to €30.203 billion, exceeding the target set for the corresponding period in the explanatory report of the 2026 Budget by €2.516 billion.

However, if we exclude both the VAT amounts collected by the State due to the Egnatia Odos concession contract and the 135 million from the second installment of the fee for the concession of a casino operating license at Elliniko, regular tax revenues for this period amounted to 27.676 billion euros and were 258 million euros, or 0.9%, higher than the target.

More specifically, according to provisional state budget execution data, on a modified cash basis, for the period January–May 2026, there is a surplus in the state budget balance of 91 million euros compared to the target deficit of 2.176 billion included for the corresponding period of 2026 in the explanatory report of the 2026 Budget and a surplus of 1.875 billion euros for the corresponding period of 2025.

The primary balance on a modified cash basis stood at a surplus of 3.638 billion euros, compared to a target of a primary surplus of €1.243 billion and a primary surplus of €5.343 billion for the same period in 2025.

It should be noted that the primary balance in fiscal terms differs from the balance in cash terms. Furthermore, the above figures refer to the primary balance of the Central Government and not to the General Government as a whole, which also includes the fiscal results of legal entities and the subsectors of local government and local public enterprises.

The General Accounting Office of the State notes that in the revenue for January 2026, included the amounts from the transactions required to finalize the Service Concession Agreement for the financing, operation, maintenance, and operation of the Egnatia Motorway and its three vertical road axes for 35 years, which was ratified by Law 5260/2025 (A’ 229).

Specifically:

– an amount of €306 million, corresponding to 24% VAT on the transaction price, was paid by the concessionaire to the Greek State, recorded under the category “Taxes” and was accompanied by a tax refund of the same amount.

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

During the period January–May 2026, revenues from the Public Investment Program (PIP) amounted to €2.519 billion, an increase of 574 million euros compared to the target included in the explanatory report of the 2026 Budget.

The exact breakdown among the state budget’s revenue categories will be provided upon the release of the final bulletin.

Revenue recovery in May

Specifically in May, total net revenue for the state budget amounted to €5.028 billion, an increase of €406 million compared to the monthly target.

Tax revenue amounted to €5.454 billion, an increase of €375 million, or 7.4%, compared to the target.

Revenue refunds amounted to €834 million, an increase of €25 million from the target (€809 million).

Revenues from the Public Investment Budget (PIB) amounted to €208 million, an increase of €113 million compared to the target (€95 million).

On the expenditure side, for the period January–May 2026, State Budget expenditures amounted to €30.112 billion, an increase of €249 million compared to the target (€29.863 billion) included in the explanatory report of the 2026 Budget. Furthermore, they are €3.018 billion higher than in the corresponding period of 2025.

In the Regular Budget section, payments are €722 million higher than the target.

The following transfers are noteworthy:

• The grant to the National Organization for the Provision of Health Services amounting to 825 million euros.

• The grant to the Social Security Welfare Benefits Agency amounting to €1.159 billion.

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

• Transfers to hospitals and Primary Health Care totaling 520 million euros.

• Subsidies to public transportation agencies (OASA, OASTH, and OSE) amounting to €169 million.

• The subsidy to the Information Society amounting to €131 million for the payment of the FUEL PASS.

Payments under the investment expenditure category amounted to 4.185 billion euros, a decrease of €473 million compared to the target included in the explanatory report of the 2026 Budget. However, they are €456 million higher than the corresponding payments in 2025.

It should also be noted that in May, expenditures were incurred for the Greek State’s participation in the share capital increases of PPC S.A. and DES ADMIE S.A., amounting to 1.289 billion and 259 million euros, respectively, which, however, constitute financial transactions and are therefore budget-neutral.