A primary surplus of €5.343 billion was recorded during the first five months of 2025, surpassing the target of €1.055 billion and exceeding the primary surplus of €3.197 billion from the same period in 2024. It is noted that amounts totaling €1.993 billion related to payment deferrals for the regular budget and €499 million for investment expenses do not affect the government’s financial outcome. Additionally, €342 million in tax revenues from the first two months were accounted for in 2024. Excluding these figures, the adjusted primary surplus stands at €1.454 billion against budget targets.
Notably, this surplus includes the collection of €665 million in personal income tax, which was initially scheduled for later months but was expedited due to the early launch of the tax declaration application in mid-March. During January-May 2025, net revenues from the state budget reached €28.969 billion, showing a 6% increase compared to the target set in the 2025 budget proposal.
Key revenue categories include taxes (€26.954 billion), social contributions (€25 million), transfers (€3.281 billion), sales of goods and services (€1.450 billion), and other current revenues (€1.079 billion). Notable increases were seen in VAT revenues (up by €271 million), social security contributions (in line with targets), and personal income tax (up by €817 million). Meanwhile, expenditures for the period amounted to €27.094 billion, reflecting a reduction of €2.718 billion compared to the budget target.
The budget update highlights efficient tax collection efforts, timely receipt of funds from the Recovery and Resilience Fund, and significant reductions in operational payments due to payment deferrals for public entities and defense programs.