Greece recorded a primary budget surplus of €3.65 billion for the January–May 2026 period—nearly three times the official target of €1.243 billion, according to the Ministry of National Economy and Finance. For the same period last year, the primary surplus stood at €5.343 billion.
Strong Revenue Performance
Total net revenues for the state budget reached €30.216 billion during the first five months of 2026—a €2.528 billion overperformance against the 2026 Budget’s initial forecast. This outperformance was driven primarily by two factors: the early collection in April of the seventh disbursement from the Recovery and Resilience Fund (RRF), amounting to €884 million (originally scheduled for June 2026), and higher-than-expected Public Debt Management Agency (PDMA) revenues, up by €574 million.
Tax Revenues Reach €28 Billion
Tax revenues totaled €28.031 billion, including €306 million from the Egnatia Odos concession agreement and €135 million from the second installment of the casino operating license fee for the Elliniko project—both amounts originally slated for collection at the end of 2025. Excluding those one-off receipts, core tax revenues amounted to €27.590 billion—up €171 million (0.6%) versus target.
Key Tax Categories
VAT revenues rose to €12.340 billion—€650 million above target. Excluding the €306 million Egnatia Odos payment, VAT revenues still exceeded expectations by €344 million.
Excise duties (EFK) totaled €2.584 billion—€224 million below target.
Property taxes reached €1.509 billion—€31 million above target.
Income taxes came to €8.849 billion—€7 million above target. Within this category, personal income tax rose by €211 million, while corporate income tax fell by €105 million and other income taxes declined by €99 million, relative to forecasts.
Other Revenue Streams
Contributions to social security totaled €23 million—€2 million below target.
Transfers (including EU funds and PDMA proceeds) amounted to €3.319 billion—€1.306 billion above target, largely due to the early RRF disbursement and strong PDMA performance. Of that total, €2.279 billion stemmed from PDMA revenues, up €412 million on target.
Sales of goods and services reached €1.098 billion—including the €306 million Egnatia Odos concession payment. Excluding that item, these revenues stood at €792 million—€278 million above target.