Greece posts €7.59B primary surplus through September

According to provisional data released by the State General Accounting Office, the state budget recorded an overall surplus of €162 million over the nine-month period, compared with a targeted deficit of €1.897 billion for the corresponding period of 2026, as set out in the explanatory report accompanying the 2026 budget. In the same period of 2025, the state budget had recorded a surplus of €2.401 billion.

Despite the €2.46 billion increase in the primary surplus compared with the budget target, the net outperformance amounted to just €340 million after excluding the following items:

• €695 million attributable to the rescheduling of payments under the Public Investment Programme (PIP), €385 million related to the rescheduling of payments for defence procurement programmes, and €905 million resulting from the rescheduling of transfers to General Government entities. These timing differences do not affect the General Government fiscal balance.
• €135 million received as the second instalment of the consideration for the concession of a casino operating licence at Ellinikon, which is recognised for fiscal purposes over the concession period.

It should be noted that the primary balance on a fiscal basis differs from the primary balance on a cash basis. Furthermore, the figures above refer to the primary balance of Central Government and not to that of General Government as a whole, which also includes the fiscal results of legal entities and the sub-sectors of local government and social security funds.

State Budget Revenue in the First Nine Months

Net state budget revenue totalled €57.834 billion in the January–September 2026 period, exceeding the target included in the explanatory report accompanying the 2026 budget by €2.525 billion.

However, the original budget target included the receipt of €1.258 billion from the Recovery and Resilience Facility (RRF) in June. Of this amount, €884 million was received earlier, in April, while the remaining €374 million is expected to be collected before the end of the current year.

Excluding the RRF-related amount, net revenue exceeded the target by €2.899 billion.

Tax revenue totalled €56.072 billion and included the following items:

• €306 million from the Egnatia Odos concession agreement, as noted above.
• €135 million from the second instalment of the consideration for the concession of a casino operating licence at Ellinikon, which had originally been scheduled for collection at the end of 2025.

Excluding these amounts, tax revenue totalled €55.631 billion, exceeding the target by €1.532 billion, or 2.8%. The detailed breakdown of state budget revenue by category will be provided in the final report.

Revenue refunds amounted to €6.727 billion, exceeding the target of €6.206 billion included in the explanatory report accompanying the 2026 budget by €520 million. This was mainly attributable to a €306 million VAT refund associated with the Egnatia Odos concession agreement, as noted above.

Revenue from the Public Investment Programme (PIP) amounted to €3.518 billion, exceeding the target of €3.240 billion by €278 million.

September Revenue Performance

In September 2026 alone, total net state budget revenue reached €6.483 billion, exceeding the monthly target by €194 million.

Tax revenue amounted to €6.591 billion, exceeding the target by €179 million, or 2.8%.

Revenue refunds totalled €626 million, exceeding the target of €548 million by €79 million.

Revenue from the Public Investment Programme amounted to €94 million, falling €26 million short of the target of €120 million.

State Budget Expenditure

State budget expenditure totalled €57.672 billion in the January–September 2026 period, exceeding the target of €57.206 billion included in the explanatory report accompanying the 2026 budget by €465 million. The variance was mainly attributable to the acceleration of payments under the Recovery and Resilience Facility.

Expenditure also increased by €5.412 billion compared with the corresponding period of 2025.

Within the Ordinary Budget, payments were €1.105 billion below the target.

Notable transfers and payments included:

• A grant of €1.544 billion to the National Organisation for Healthcare Services Provision (EOPYY).
• A grant of €1.994 billion to the Organisation for Welfare Benefits and Social Solidarity (OPEKA).
• A grant of €917 million to the National Central Health Procurement Authority (EKAPY) for the procurement of pharmaceutical products, medical supplies and healthcare services on behalf of public hospitals.
• Transfers of €1.022 billion to hospitals and primary healthcare facilities.
• Subsidies totalling €327 million to public transport and railway operators OASA, OASTH and OSE.
• A grant of €131 million to Information Society S.A. to fund FUEL PASS payments.
• A payment of €136 million for the diesel fuel subsidy.
• Emergency financial assistance of €232 million for families with children.

Investment Expenditure Increases

Investment expenditure reached €10.395 billion, exceeding the target set out in the explanatory report accompanying the 2026 budget by €1.571 billion. The increase was attributed to the acceleration of projects financed through the Recovery and Resilience Facility.

Investment expenditure was also €2.209 billion higher than in the corresponding period of 2025.