Primary surplus reaches €6.5bn in Jan-Aug; tax revenues exceed €49.5bn

The State Budget balance presented a deficit of €508 million in January-August 2026, against the target of a deficit of €1,611 million that has been incorporated for the same period of 2026 in the 2026 Budget Introductory Report and a surplus of €1,964 million for the same period of 2025, according to the preliminary data available for the execution of the State Budget on a modified cash basis.

The State Budget Primary Balance on a modified cash basis amounted to a surplus of €6,500 million, against the primary surplus target of €4,989 million and the primary surplus of €8,499 million performed at the same period of the previous year.

Excluding an amount of €573 million relating to time differentiation of PIB payments and an amount of €618 million relating to time differentiation of transfers to General Government entities, which do not affect the General Government’s result in fiscal terms, as well as an amount of €135 million from the 2nd installment of the price for granting the license to operate a casino in Elliniko, which is fiscally recorded during the concession years, the over execution in the primary balance on a modified cash basis, in comparison to the budget targets is €185 million.

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.

In the period January-August 2026, State Budget net revenues amounted to €51,317 million, showing an increase of €2,297 million against the target of the corresponding period, which is included in the 2026 Budget introductory report. However, the target of the Budget Introductory Report included an amount of €1,258 million from the Recovery and Resilience Facility (RRF), of which €884 million was collected earlier, in April, while the remaining amount of €374 million is expected to be collected during the current year. Excluding the RRF amount, net revenues increased by €2,671 million against the target.

Tax revenues amounted to €49,527 million and include: (a) the amount of €306 million from the Concession Agreement for Egnatia Odos, as mentioned above and (b) the amount of €135 million from the second (2nd) installment of the payment for granting an operating license for a casino business in Elliniko, which was originally scheduled for collection at the end of 2025. Excluding the above amounts, tax revenues amounted to €49,086 million, €1,399 million, or 2.9% higher than the target.

Tax refunds amounted to €6,101 million, €442 million higher than the target (€5,659 million), which is included in the 2026 Budget Introductory Report, mainly due to the VAT refund amounting €306 million from the Concession Agreement for Egnatia Odos, as mentioned above.

PIB revenues amounted to €3,424 million, €304 million higher than the target (€3,120 million), which is included in the 2026 Budget Introductory Report.

A more precise allocation among the revenue categories of the State Budget will take place when the final Bulletin is issued.

Specifically in August 2026, the State Budget net revenues amounted to €6,059 million, €271 million higher than the monthly target.

Tax revenues amounted to €6,733 million, €409 million or 6.5% higher than the target.

Tax refunds amounted to €1,130 million, €53 million lower than the target (€1,183 million).

PIB revenues amounted to €250 million, €160 million lower than the target (€410 million).

State Budget expenditures for the period January-August 2026 amounted to €51,825 million, €1,195 million higher than the target (€50,630 million), which is included in the 2026 Budget Introductory Report, mainly due to the acceleration of the RRF payments. They were also increased in comparison to the respective period of 2025 by €5,331 million.

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