Greece recorded a primary surplus of €5.343 billion during the first five months of 2025, significantly exceeding the target of €1.055 billion and surpassing the primary surplus of €3.197 billion for the same period in 2024. Notably, amounts totaling €1.993 billion related to payment rescheduling of the regular budget and €499 million concerning investment spending do not affect the government’s financial results. Additionally, tax revenues worth €342 million from the first two months are accounted for financially in 2024.
Excluding these figures, the adjusted primary surplus on a cash basis is estimated at €1.454 billion against budget targets. This amount includes the collection of personal income tax worth approximately €665 million, which was expected to be collected in subsequent months due to the early activation of the tax declaration application in mid-March.
According to Ministry of Finance data, total net revenues of the state budget for January-May 2025 reached €28.969 billion, showing an increase of €1.632 billion or 6% compared to the target set for the corresponding period in the 2025 budget proposal. The revenue includes both income (in the category ‘Sales of Goods and Services’) and VAT refunds totaling €784.8 million from transactions required in January 2025 to complete the new Attiki Odos Concession Agreement, which are financially neutral.
Key categories of state budget revenues include:
– Tax revenues increased by €1.677 billion or 6.6%, primarily driven by earlier personal income tax collections and better performance in collecting current-year taxes (VAT, EFK, etc.).
– Social contributions remained stable at €25 million.
– Transfers amounted to €3.281 billion, slightly reduced by €2 million versus the target.
– Sales of goods and services totaled €1.450 billion, including €784.8 million from the Attiki Odos deal.
– Other current revenues reached €1.079 billion, up by €78 million versus the target.
In May 2025 alone, net state budget revenues climbed to €5.909 billion, boosted mainly by the collection of the fifth tranche from the Recovery and Resilience Fund worth €1.346 billion, originally scheduled for April. Overall expenditures decreased by €2.718 billion against the target, largely due to deferred payments to public entities and military programs.
Notable transfers included €588 million to hospitals, €400 million for electricity cost coverage, €290 million to the National Central Health Procurement Authority, €124 million to transport operators, and €113 million to higher education institutions.