Total net revenues were €6.204 billion, exceeding the target by €373 million. VAT revenues reached €2.193 billion (+€138 million vs target) and excise duties €668 million (+€20 million vs target).
January–September 2025 (Cumulative)
Total net revenues amounted to €54.661 billion, exceeding the target by €557 million (1%). The primary balance reached €9.449 billion, versus a target of €5.209 billion, and the fiscal surplus on a cash basis was €2.401 billion, compared to a planned deficit of €1.581 billion and a €1.568 billion surplus in the same period of 2024. Timing adjustments related to transfers (€2.073 billion), defense payments (€650 million), and early 2025 tax revenues (€342 million) explain part of the difference; excluding these, the surplus exceeded the primary balance target by €1.175 billion.
Total tax revenues before refunds were €52.722 billion (+€2.088 billion vs target, +4.1%), with VAT at €20.378 billion (+€645 million), excise duties €5.525 billion (+€102 million), property taxes €2.109 billion (+€64 million), and income taxes €19.796 billion (+€964 million; individuals +€757 million, corporations -€133 million, other income taxes +€340 million). Social contributions totaled €46 million (on target). Transfers amounted to €4.700 billion (-€177 million), including €1.346 billion from the Recovery and Resilience Fund (on target) and €2.684 billion from the public investment program (-€597 million). Sales of goods and services totaled €1.802 billion, including €784.8 million from Attiki Odos concession (fiscal-neutral for 2024). Other current revenues were €2.078 billion (+€35 million). Tax refunds reached €6.709 billion; excluding the Attiki Odos adjustment, refunds were €5.924 billion (+€298 million), leaving net tax revenues after refunds €1.790 billion above target.
In September 2025, tax revenues totaled €6.203 billion (+€46 million), with VAT €2.193 billion (+€138 million), excise duties €668 million (+€20 million), property taxes €126 million (-€9 million), and income taxes €2.490 billion (-€171 million; individuals -€71 million, corporations -€94 million, other income taxes -€5 million). Social contributions were €5 million (on target), transfers €205 million (-€169 million), sales of goods/services €62 million (-€1 million), other current revenues €257 million (+€110 million), tax refunds €528 million (-€387 million), and public investment program revenues €182 million (-€178 million).
Total expenditures for January–September 2025 amounted to €52.260 billion, €3.426 billion below target and €2.929 billion above 2024. Regular budget payments were €3.288 billion below target due to timing of transfers and defense payments, including notable allocations to hospitals (€952 million), electricity services (€400 million), EKAPY health supplies (€463 million), public transport (€282 million), and higher education institutions (€153 million). Investment spending reached €8.186 billion, €138 million below target and €948 million above 2024, with Recovery and Resilience Fund disbursements at €2.629 billion (+€240 million vs target).
In summary, revenues slightly exceeded targets, expenditures were below target due to timing, and both primary and cash balances performed significantly better than planned.
