The Greek Ministry of Finance has announced that the state budget recorded a surplus of €2.188 billion for the period January to July 2025, significantly surpassing the targeted deficit of €1.961 billion outlined in the 2025 Budget Report. This marks a dramatic turnaround from a deficit of €139 million during the same period in 2024.
On a modified cash basis, the primary result reached a surplus of €7.959 billion, compared to a target of €3.599 billion and a surplus of €5.665 billion recorded in the same timeframe last year. The Ministry clarified that certain timing differences—€2.208 billion related to transfers under the regular budget and €605 million linked to defense program payments—do not impact the government’s fiscal results.
Additionally, €342 million in tax revenues collected in early 2025 will be accounted for in 2024 financial records. Excluding these figures, the surplus exceeded budgetary targets by an estimated €1.203 billion on a modified cash basis.
For the first seven months of 2025, net revenues totaled €42.858 billion, representing a 2.0% increase or €822 million over the budgeted target. Notably included within this total is €784.8 million related to transactions concerning the new concession agreement for Attiki Odos, which are fiscally neutral and attributed to 2024.
Despite adjustments, excluding the above amount, net revenues still showed a strong growth of €2.172 billion or 5.3%, largely driven by higher-than-expected tax revenues. Tax revenues amounted to €40.556 billion, up €2.273 billion or 5.9% versus target, thanks to improved collection performance both for current-year taxes and previous-year income taxes paid in installments through February 2025.
Refunds amounted to €5.045 billion, including a VAT refund of €784.8 million related to the Attiki Odos concession agreement. Excluding this, refunds totaled €4.260 billion, exceeding the budgeted target of €4.008 billion by €252 million.
Revenue from Public Enterprises (PDE) stood at €2.352 billion, slightly below the target of €2.555 billion set for the same period.
In July alone, net revenues reached €8.477 billion, exceeding the monthly target by €338 million. Tax revenue for the month was €8.348 billion, up €37 million or 0.4% against target, while revenue refunds were slightly lower than expected at €673 million versus a target of €693 million. PDE revenues came in well above expectations at €429 million compared to a target of €55 million.
Total expenditures for the period January–July 2025 amounted to €40.671 billion, down €3.326 billion from the budgeted target of €43.997 billion, although they represent an increase of €1.345 billion compared to the same period in 2024.
Payments under the Regular Budget were notably lower than planned due to delays in transfer payments to local authorities and other general government bodies by €2.208 billion and equipment program payments by €605 million. These timing differences do not affect the overall fiscal outcome.
Investment expenditure totaled €6.131 billion, slightly below the target but showing a slight increase of €32 million compared to 2024 levels.