Greece’s central government budget recorded a primary surplus of €5.77 billion for the January–July 2026 period — €1.353 billion above the target set for the same timeframe. However, this strong headline figure is partly inflated by timing shifts in payments and one-off revenues. After adjusting for those factors, the underlying primary surplus narrows significantly to just €302 million above target.
Key Adjustments Reduce Apparent Outperformance
Of the €1.353 billion surplus over target, €510 million stems from delayed disbursements under the Public Investment Programme; €406 million reflects postponed transfers to other General Government entities; and €135 million comes from the second instalment of the casino operating fee for the Elliniko development. These adjustments highlight how calendar effects — rather than sustained fiscal strength — contributed heavily to the headline number.
Overall Budget Deficit Narrows Sharply
The overall (non-primary) budget balance showed a deficit of €344 million for the seven-month period — well below the projected deficit of €1.323 billion. By comparison, the same period in 2025 posted a primary surplus of €7.939 billion and an overall surplus of €2.168 billion — indicating a notable softening in fiscal performance year-on-year.
Tax Revenues Exceed Target by €990 Million
Total net budget revenues reached €45.258 billion — €2.026 billion above the target. A significant portion of that outperformance — €1.258 billion — was linked to the Recovery Fund, though its timing shifted: €884 million was collected in April instead of June, with the remaining €374 million expected later this year.
Excluding Recovery Fund receipts, net revenues still rose by €2.4 billion (5.7%) versus target. Gross tax revenues stood at €42.794 billion. Once €306 million from the Egnatia Odos toll road concession and €135 million from the Elliniko casino fee are excluded, core tax collections amounted to €42.353 billion — €990 million (2.4%) above target.
The largest contributor to the tax overperformance was VAT, which exceeded its target by €739 million — excluding the Egnatia Odos transaction. Personal income tax revenues reached €15.073 billion, €294 million above forecast, while property taxes rose by €55 million. In contrast, excise duties fell short by €224 million, totaling €3.964 billion.
Strong July Performance Driven by Unplanned Receipts
In July alone, net budget revenues hit €9.246 billion — €946 million above the monthly target. This was driven partly by €363 million in higher-than-expected public investment programme receipts and a €234 million inflow from the Modernisation Fund — a sum not originally budgeted. July’s tax revenues totaled €8.97 billion, up €406 million (4.7%) on target, with VAT rising €167 million and income tax up €147 million.