Greece’s central government budget recorded a primary surplus of €5.175 billion for the January–April 2026 period, according to preliminary execution data released by the Ministry of National Economy and Finance. The result significantly surpassed the official target of €2.298 billion — and was slightly higher than the €5.148 billion surplus posted in the same period of 2025.
Overall Budget Shows Strong Positive Balance
The overall (non-primary) budget balance registered a surplus of €1.878 billion — a stark contrast to the targeted deficit of €909 million. This compares with a €1.850 billion surplus in January–April 2025. While this apparent deviation from the fiscal target appears substantial on a cash basis, the ministry clarified that part of the difference stems from timing effects: delayed payments and early revenue receipts.
After adjusting for these timing-related factors, the excess over the primary surplus target narrows to €358 million. Specifically excluded from the calculation are:
- €197 million related to delayed payments for defense equipment procurement;
- €593 million tied to postponed investment disbursements;
- €249 million linked to delayed capital grants and transfers to General Government entities;
- €135 million from the second installment of the casino operating license fee for the Elliniko project;
- €884 million in early receipts from the Recovery and Resilience Fund (RRF); and
- €461 million in accelerated cash inflows from the Public Investment Programme (PIP).
The ministry emphasized that the reported primary result refers exclusively to the Central Administration — not the broader General Government — which is the standard scope used for monthly budget monitoring.
Revenue Outperformance Driven by Timing Effects
Total net budget revenues reached €25.165 billion — €2.1 billion above the target. This outperformance was primarily due to the early collection of the seventh RRF tranche (€884 million), originally scheduled for June but received on 23 April 2026, as well as an additional €461 million in revenues from the Public Investment Programme.
Tax revenues totaled €22.743 billion. This figure includes €306 million from the Egnatia Odos toll road concession agreement and €135 million from the second casino license fee installment for Elliniko. Excluding those two one-off items, tax revenues stood at €22.302 billion — €39 million (or 0.2%) below the target.
April Alone Delivered Record Revenue Uplift
In April 2026 alone, net budget revenues reached €6.657 billion — €1.414 billion above the monthly target. The main contributors were the €884 million RRF receipt and an additional €260 million in PIP-related revenues.
Expenditure Data Incomplete
The Greek Ministry of National Economy and Finance did not publish detailed expenditure figures for the four-month period in its latest update.