In January 2025, state budget revenues amounted to €5.974 billion, which represents a 7.3% increase compared to the target included in the Budget 2025 explanatory report. It is important to note that the majority of tax revenues for January impact the fiscal year 2024.
Additionally, according to the preliminary data from the state budget’s execution, based on modified cash accounting, there is a surplus in the state budget balance of €780 million for the period of January 2025, exceeding the target of €200 million for the same period in 2025, as included in the Budget 2025 explanatory report, and a surplus of €1.093 billion for the corresponding period of 2024.
The primary surplus, based on modified cash accounting, amounted to €2.002 billion, compared to the target of a primary surplus of €1.400 billion and a primary surplus of €2.282 billion for the same period in 2024. It is noted that €418 million related to the deferral of regular budget grants and €202 million related to the deferral of payments from the Public Investment Program do not affect the fiscal result. Excluding these amounts, the primary result of the Central Government is close to the target.
It is emphasized that the primary result in fiscal terms differs from the result in cash terms. Furthermore, the aforementioned results refer to the primary outcome of the Central Government, not the entire General Government, which includes the financial results of legal entities and local government sectors.
In January 2025, the total net revenues of the state budget amounted to €6.013 billion, showing a decrease of €84 million or 1.38% compared to the target for the same period in the Budget 2025 explanatory report. It should be noted that this amount includes, both in revenues (under "Sales of goods and services") and in tax refunds (VAT), €784.8 million related to transactions required to complete the new Concession Agreement of the Attica Tollway, which pertains to the year 2024 and is fiscally neutral.
The exact distribution of state budget revenue categories will be provided in the final report. Tax refunds amounted to €1.207 billion, which includes the VAT refund of €784.8 million from the new Concession Agreement of the Attica Tollway, as previously mentioned. Excluding this amount, tax refunds amounted to €423 million, which is €93 million less than the target of €515 million, as outlined in the Budget 2025 explanatory report.
The total revenue from the Public Investment Program (PIP) amounted to €95 million, a decrease of €585 million compared to the target of €680 million, as set out in the Budget 2025 explanatory report.
State budget expenditures for the period of January 2025 amounted to €5.233 billion, showing a decrease of €664 million compared to the target of €5.897 billion in the Budget 2025 explanatory report. These expenditures are also €391 million lower than the corresponding period in 2024, mainly due to the deferral of PIP payments by €365 million.
Regarding the Ordinary Budget, payments were lower than the target by €540 million. Excluding the difference of €105 million in the allocation credits, which do not correspond to payments but rather to transfers of credits between categories used for payments, the difference in payments compared to the target is €435 million. This difference is primarily attributed to the deferral of grants to hospitals and regional health authorities by €418 million, which do not impact the fiscal result.
Payments for investment expenditures amounted to €735 million, which is €123 million less than the target outlined in the Budget 2025 explanatory report. At the same time, these payments were lower than the corresponding period in 2024 by €213 million.
It should be noted that, at the beginning of the fiscal year, agencies prioritize credits for settling unpaid obligations from previous years, as well as obligations related to multi-year commitments.
