Greece’s Ministry of Economy and Finance reported a state budget surplus of EUR 3.04 billion for January–October 2025, outperforming revised targets despite lower year-on-year results. The primary surplus also exceeded expectations, supported by broadly on-target revenues and slightly lower-than-planned expenditure, although both metrics remain below 2024 levels.

RF Report

Greece’s Ministry of Economy and Finance announced, on 25 November 2025,  the execution of the State Budget on a modified cash basis.  The State Budget balance for the period of January – October of 2025 presented a surplus of EUR 3,037 million, against the revisited target of a surplus of EUR 2,649 million that has been incorporated for the same period of 2025 in the 2026 Budget introductory report and a surplus of EUR 6,116 million for the same period of 2024.

The State Budget Primary Balance on a modified cash basis amounted to a surplus of EUR 10,248 million, against the primary surplus target of EUR 9,881 million and the primary surplus of EUR 13,528 million performed at the same period of the previous year. Excluding the Ordinary Budget deviation of EUR 321 million, which is caused mainly by the expenditure time differentiation, the State Budget Primary Balance is in line with the target.

It is noted that the Primary Balance in fiscal terms differs in comparison to the result in cash terms. Additionally, the aforementioned concerns the Primary Balance of the Central Administration and not of the whole of the General Government, which also includes the fiscal results of legal entities and the sub-sectors of LGs and SSFs.

For January – October 2025, State Budget net revenues amounted to EUR 60,921 million, showing an increase of EUR 67 million or 0.1% against the target of the corresponding period, which is included in the 2026 Budget introductory report.

More specifically, the major revenue categories of the State Budget are as follows:

  1. Tax revenues amounted to EUR 59,206 million, EUR 63 million or 0.1% higher against the target, against the target of the corresponding period, which is included in the 2026 Budget introductory report.

Particularly for the main tax revenues categories the following are observed:

  • VAT revenues amounted to EUR 23,299 million, EUR 31 million higher against the target.
  • Excise tax revenues amounted to EUR 6,181 million, EUR 9 million lower against the target.
  • Property tax revenues amounted to EUR 2,227 million, EUR 10 million higher against the target.
  • Income tax revenues amounted to EUR 21,994 million, in line with the target from which: the PIT revenues are increased by EUR 13 million, the CIT revenues are increased by EUR 3 million and the Other Income Tax revenues are decreased by EUR 16 million against the target.
  1. Social Contributions amounted to EUR 51 million, in line with the target which is included in the 2026 Budget introductory report.

III. Transfers amounted to EUR 4,759 million, EUR 67 million lower against the target which is included in the 2026 Budget introductory report. Of the above mentioned collected amount of EUR 4,759 million, an amount of EUR 2,733 million, comes from PIB revenues in line with the target.

  1. Sales of goods and services amounted to EUR 1.950 million, EUR 18 million higher against the target which is included in the 2026 Budget introductory report.
  2. Other current revenues amounted to EUR 2,251 million, EUR 53 million higher against the target which is included in the 2026 Budget introductory report. Of the above collected amount of EUR 2,251 million, an amount of EUR 197 million, comes from PIB revenues in line with the target.

Tax refunds amounted to EUR 7,318 million in line with the target which is included in the 2026 Budget introductory report.

PIB total revenues amounted to EUR 2,930 million, in line with the target which is included in the 2026 Budget introductory report.

In October 2025, the revenues of the State Budget, show the same deviations as presented above on a cumulative basis and are as follows:

The State Budget net revenues amounted to EUR 6,259 million.

More specifically, revenues of the State Budget per major category in October 2025, are as follows:

  1. Tax revenues amounted to EUR 6,484 million.

Particularly for the main tax revenues categories we observe the following:

  • VAT revenues amounted to EUR 2,921 million.
  • Excise tax revenues amounted to EUR 656 million.
  • Property tax revenues amounted to EUR 117 million.
  • Income tax revenues amounted to EUR 2,198 million from which: the PIT revenues amounted to EUR 1,209 million, the CIT revenues to EUR 839 million and the Other Income Tax revenues to EUR 149 million against the target.
  1. Social Contributions amounted to EUR 5 million.

III. Transfers amounted to EUR 59 million, of which an amount of EUR 49 million, comes from PIB revenues.

  1. Sales of goods and services amounted to EUR 148 million.
  2. Other current revenues amounted to EUR 173 million, of which an amount of EUR 7 million, comes from PIB revenues.

Tax refunds amounted to EUR 609 million.

PIB total revenues amounted to EUR 56 million.

State Budget expenditures for the period of January – October of 2025 amounted to EUR 57,884 million, EUR 321 million lower than the target (EUR 58,205 million), which is included in the 2026 Budget introductory report. They were also increased in comparison to the respective period of 2024 by EUR 2,669 million, mainly due to the increase in transfers to SSFs and the expenses of RFF.

In the Ordinary Budget, payments appear decreased by EUR 321 million compared to the target, mainly due to the expenditure time differentiation. More specifically, the difference is observed in non-allocated appropriations, amounting to EUR 92 million, which does not correspond to payments but to reallocation of appropriations to other expenditure categories from which payments are made at a later stage, in transfers by EUR 89 million and in expenditures for the purchase of goods and services, amounting to EUR 57 million.

Noteworthy transfers are the following:

  • the transfers to hospitals and Primary Health Care of EUR 1.128 million,
  • the transfer of EUR 400 million to cover the cost of Public Service Obligation (PSO) in the electricity sector, in accordance with the provisions of article 55 of Law 4508/2017 (Government Gazette A’ 200),
  • the grant to National Centralized Health Procurement Authority (EKAPY) of EUR 470 million for purchasing medicine and other health products and services for the public hospitals,
  • the grants to transportation entities (OASA, OASTH and OSE) of EUR 308 million and
  • the grant to universities of EUR 154 million.

Investment expenditure amounted to EUR 9.338 million according to target, which has been included in the 2026 Budget introductory report. At the same time, it is increased compared to the corresponding payments of 2024 by EUR 955 million.