Primary surplus in state budget reaches €5.175B

According to the Ministry, excluding €197 million related to the timing mismatch of payments for defence procurement programs, €593 million related to the timing mismatch of investment payments, and €249 million related to the timing mismatch of capital injections and transfer payments to General Government entities—which do not affect the General Government balance on a fiscal basis—as well as €135 million from the second instalment of the consideration for the concession of a casino operating license in Ellinikon, which is recorded fiscally over the duration of the concession, €884 million in advance revenues from the Recovery and Resilience Facility (RRF), and €461 million in advance cash inflows from the Public Investment Programme (PIP), the surplus in the primary result on an adjusted cash basis compared with budget targets amounts to €358 million.

It is noted that the primary balance on a fiscal basis differs from the cash-based result. In addition, the above refers to the primary balance of the Central Government and not to the General Government as a whole, which includes the fiscal results of Legal Entities, as well as the sub-sectors of Local Government (OTA) and Social Security Funds (OKA).

It is also noted that January revenues this year included amounts arising from the required transactions for the completion of the Concession Agreement for the financing, operation, maintenance, and exploitation of the Egnatia Odos motorway and its three vertical axes for 35 years, ratified by Law 5260/2025 (A’ 229).

In particular:

• €306 million relating to VAT at 24% on the transaction value was paid by the concessionaire to the Greek State, recorded under “Taxes,” and accompanied by an equivalent tax refund;
• subsequently, the same €306 million was re-paid to the Greek State and recorded under “Sales of goods and services.”

For the period January–April 2026, net state budget revenues amounted to €25.165 billion, representing an increase of €2.1 billion compared with the target set in the explanatory report of the 2026 budget. This overperformance is mainly due to the receipt, on 23 April, of the seventh tranche of the Recovery and Resilience Facility (RRF) amounting to €884 million, which had been forecast for June 2026, as well as higher Public Investment Programme revenues of €461 million.

Tax revenues amounted to €22.743 billion and include: (a) €306 million from the Egnatia Odos concession agreement, as mentioned above, and (b) €135 million from the second instalment of the consideration for the casino operating license in Ellinikon, which had been scheduled for collection at the end of 2025. Excluding these amounts, tax revenues stood at €22.302 billion, down by €39 million or 0.2% compared with the target.

Refunds of revenues amounted to €2.601 billion, an increase of €206 million compared with the target (€2.395 billion) included in the 2026 budget explanatory report, mainly due to the €306 million VAT refund related to the Egnatia Odos concession.

Public Investment Programme (PIP) revenues amounted to €2.311 billion, an increase of €461 million compared with the target (€1.85 billion) included in the 2026 budget explanatory report.

Specifically, in April, total net state budget revenues amounted to €6.657 billion, up by €1.414 billion compared with the monthly target, mainly due to the receipt in April of €884 million from the Recovery and Resilience Facility, as noted above, as well as higher PIP revenues of €260 million.

Tax revenues amounted to €5.561 billion, up by €94 million or 1.7% compared with the target.

Revenue refunds amounted to €673 million, an increase of €21 million compared with the target (€652 million).

Public Investment Programme (PIP) revenues amounted to €380 million, up by €260 million compared with the target (€120 million).

State budget expenditures for the period January–April 2026 amounted to €23.287 billion, €686 million lower than the target (€23.974 billion) included in the 2026 budget explanatory report. They are also €2.078 billion higher compared with the same period in 2025.

In the Ordinary Budget, payments are €93 million lower than the target.

Notable transfers include:

I. €825 million subsidy to the National Organization for the Provision of Health Services (EOPYY),

II. €869 million subsidy to the Organization for Welfare Benefits and Social Solidarity (OPEKA),

III. €424 million subsidy to the National Central Authority for Health Procurement (EKAPY) for the procurement of pharmaceutical products, goods, and services on behalf of public hospitals,

IV. €494 million in transfers to hospitals and Primary Health Care,

V. €141 million in subsidies to transport operators (OASA, OASTH, and OSE),

VI. €131 million subsidy to “Information Society S.A.” for the payment of the Fuel Pass program.

Investment expenditure payments amounted to €2.938 billion, €593 million lower than the target included in the 2026 budget explanatory report. However, they are €327 million higher compared with the corresponding period in 2025.