In the first seven months of 2025, Greece’s state budget recorded a primary surplus of €7.939 billion on a modified cash basis, according to data released by the Ministry of Finance. This surpasses the target set in the 2025 Budget Report, which projected a primary surplus of €3.599 billion for the same period and compares favorably with a primary surplus of €5.665 billion in January–July 2024.
The overall fiscal balance also showed strong performance, registering a surplus of €2.168 billion, significantly exceeding the targeted deficit of €1.961 billion and contrasting with a deficit of €139 million during the same period in 2024.
Notably, certain amounts related to timing differences—€2.208 billion concerning transfers under the regular budget and €605 million linked to defense procurement programs—do not impact the general government result under fiscal terms. Additionally, €342 million in tax revenues from early 2025 were reclassified to fiscal year 2024. Excluding these adjustments, the outperformance against the original budget target stands at €1.183 billion.
Government revenues totaled €42.853 billion between January and July 2025, representing an increase of €817 million or 1.9% over the forecast. This was driven primarily by higher-than-expected tax revenues across major categories:
– Tax revenue reached €40.434 billion, up €2.15 billion or 5.6%. Notably, income tax collections surged by €1.316 billion, including personal income tax (+€907 million), corporate income tax (+€59 million), and other income taxes (+€350 million). VAT receipts rose by €357 million, excise duties increased by €87 million, and property taxes grew by €90 million.
– Revenue from sales of goods and services amounted to €1.667 billion, including €784.8 million from the new concession agreement for Attiki Odos. Excluding this one-off item, revenue still exceeded targets by €270 million.
– Social contributions remained in line with projections at €35 million.
– Transfers totaled €4.120 billion, slightly above target by €149 million.
– Other current revenues came in at €1.642 billion, below target by €132 million.
Refunds amounted to €5.045 billion, including €784.8 million related to the Attiki Odos transaction, which is fiscally neutral for 2025. Excluding that amount, refunds were €4.260 billion, exceeding projections by €252 million.
On the expenditure side, total spending for January–July 2025 reached €40.685 billion, €3.311 billion below the budgeted target of €43.997 billion. The reduction was largely due to delayed disbursements, particularly in transfers to local authorities and public entities (€2.208 billion) and payments related to defense programs (€605 million).
Key transfers included €726 million to hospitals and health authorities, €400 million for public service electricity costs, €377 million for pharmaceutical supplies via EKAPY, €208 million for transport operators, and €115 million for universities.
Investment-related expenditures totaled €6.131 billion, slightly below target by €34 million but up €32 million compared to the same period in 2024.
Overall, the Greek economy has demonstrated robust fiscal discipline and improved revenue generation in the first half of 2025, setting a positive tone for the remainder of the year.