Budget: Primary surplus of €4.369 billion in Q1 2026

The primary surplus for the play January–March 2026 amounted to €4,369 million, compared to a people for a superior surplus of €2,732 million, according to the state budget execution information connected a modified currency basis, which was published.

The effect came from the outperformance of tax revenues and the containment of expenditures. Taxes amounted to €17.18 billion, higher by €308 cardinal than the people of €16.87 billion. A decisive publication came from VAT, which reached €7.4 cardinal compared to a people of €6.96 billion. Expenditures were constricted to €17.04 billion, little than the people of €17.93 billion. Net revenues amounted to €18.5 billion, exceeding the people by €685 million.

More specifically, according to authorities fund execution information connected a modified currency basis, for the play January–March 2026, a surplus of €1,469 cardinal is recorded successful the authorities fund balance, compared to the people of a shortage of €111 cardinal included for the aforesaid play of 2026 successful the explanatory study of the 2026 Budget, and compared to a surplus of €1,610 cardinal successful the aforesaid play of 2025. The superior effect connected a modified currency ground stood astatine a surplus of €4,369 million, compared to a people for a superior surplus of €2,732 cardinal and a superior surplus of €4,498 cardinal for the aforesaid play successful 2025.

Excluding an magnitude of €208 cardinal relating to the timing displacement of payments for armament programs, an magnitude of €439 cardinal relating to the timing displacement of concern payments, and an magnitude of €464 cardinal relating to the timing displacement of superior injections and transportation payments to wide authorities entities, which bash not impact the General Government effect successful statistical terms, arsenic good arsenic an magnitude of €135 cardinal from the 2nd installment of the information for the concession of a casino operating licence successful Ellinikon, which is recorded successful nationalist finances implicit the years of the concession, the excess successful the superior effect connected a modified currency ground compared to the fund targets amounts to €391 million.

It is noted that the superior effect successful statistical presumption differs from the effect successful currency terms. In addition, the supra refers to the superior effect of the Central Administration and not to the General Government arsenic a whole, which besides includes the fiscal results of Legal Entities and the sub-sectors of Local Government (OTA) and Social Security Organizations (OKA).

Note: In January 2026 revenues, the amounts from the required transactions for the completion of the Concession Agreement for the financing, operation, attraction and exploitation of the Egnatia Motorway and its 3 vertical axes for 35 years, which was ratified by Law 5260/2025 (A’ 229), were recorded.

Specifically:

• An magnitude of €306 cardinal relating to VAT astatine 24% connected the transaction worth was paid by the concessionaire to the Greek State, recorded nether the class “Taxes” and accompanied by an adjacent taxation refund.
• Subsequently, the aforesaid magnitude of €306 cardinal was paid again to the Greek State and recorded nether the class “Sales of goods and services.”

During the play January–March 2026, the level of nett revenues of the authorities fund amounted to €18,508 million, showing an summation of €685 cardinal compared to the people included for the aforesaid play successful the explanatory study of the 2026 Budget.

More specifically, revenues successful the main categories of the authorities fund are arsenic follows:

I. Taxes
Revenues successful the class “Taxes” amounted to €17,182 million, and include: (a) the magnitude of €306 cardinal from the Egnatia Motorway Concession Agreement, arsenic mentioned above, and (b) the magnitude of €135 cardinal from the 2nd installment of the information for the concession of a casino operating licence successful Ellinikon, which was expected to beryllium collected astatine the extremity of 2025. Excluding the supra amounts, taxation revenues amounted to €16,741 million, reduced by €133 cardinal oregon 0.8% compared to the target.

More specifically for the main taxes successful this category, the pursuing are observed:

• VAT revenues amounted to €7,402 cardinal and are higher than the people by €438 million. It is noted that if the €306 cardinal from the concession statement is excluded, VAT revenues are higher by €132 cardinal compared to the target.
• Excise taxation (E.F.K.) revenues amounted to €1,464 cardinal and are little than the people by €143 million.
• Property taxation revenues amounted to €1,030 cardinal and are little than the people by €15 million.
• Income taxation revenues amounted to €5,729 cardinal and are little than the people by €41 million, of which: Personal Income Tax is higher by €183 million, Corporate Income Tax is little by €116 million, and Other Income Taxes are little by €108 cardinal compared to the target.

II. Social Contributions
Revenues amounted to €14 million, adjacent to the target.

III. Transfers
Revenues amounted to €1,834 million, higher by €60 cardinal compared to the target. An magnitude of €1,754 cardinal relates to Public Investment Program (PIP) revenues, which are higher by €82 cardinal compared to the target.

IV. Sales of goods and services
Revenues amounted to €650 cardinal and see the magnitude of €306 cardinal from the Egnatia Concession Agreement, arsenic mentioned above. Excluding this, revenues amounted to €344 million, higher by €71 cardinal compared to the target.

V. Other existent revenues
Revenues amounted to €756 million, higher by €124 cardinal compared to the target. An magnitude of €177 cardinal relates to PIP revenues, which are higher by €119 cardinal compared to the target.

Revenue refunds amounted to €1,928 million, higher by €185 cardinal compared to the people (€1,744 million), owed to the VAT refund of €306 cardinal from the Egnatia Concession Agreement, arsenic mentioned above.

Total Public Investment Program (PIP) revenues amounted to €1,931 million, higher by €201 cardinal compared to the people (€1,730 million).

Specifically, successful March 2026, full nett authorities fund revenues amounted to €6,522 million, higher by €812 cardinal compared to the monthly target, chiefly owed to higher taxation revenues aft refunds by €503 million, arsenic good arsenic higher PIP revenues by €321 million.

More specifically, revenues successful the main categories are arsenic follows:

I. Taxes
Revenues amounted to €5,402 million, higher by €388 cardinal oregon 7.7% compared to the target. Part of this increase, €135 million, is owed to the receipt of the 2nd installment of the casino licence interest successful Ellinikon, arsenic mentioned above.

More specifically:

• VAT revenues amounted to €1,915 million, higher by €87 cardinal compared to the target.
• Excise taxation revenues amounted to €595 million, higher by €80 cardinal compared to the target.
• Property taxation revenues amounted to €853 million, little by €6 cardinal compared to the target.
• Income taxation revenues amounted to €1,336 million, higher by €49 cardinal compared to the target, of which Personal Income Tax is higher by €100 million, Corporate Income Tax is little by €32 million, and Other Income Taxes are little by €19 million.

II. Social Contributions
Revenues amounted to €4 million, adjacent to the target.

III. Transfers
Revenues amounted to €1,154 million, higher by €262 cardinal compared to the target. An magnitude of €1,140 cardinal relates to PIP revenues, which are higher by €258 cardinal compared to the target.

IV. Sales of goods and services
Revenues amounted to €82 million, higher by €6 cardinal compared to the target.

V. Other existent revenues
Revenues amounted to €340 million, higher by €42 cardinal compared to the target. An magnitude of €76 cardinal relates to PIP revenues, which are higher by €63 cardinal compared to the target.

Revenue refunds amounted to €461 million, little by €115 cardinal compared to the people (€576 million).

Total Public Investment Budget (PIP) revenues amounted to €1,216 million, higher by €321 cardinal compared to the people (€895 million).

State Budget expenditures for the play January–March 2026 amounted to €17,039 cardinal and are little by €895 cardinal compared to the people (€17,934 million) included successful the explanatory study of the 2026 Budget. They are besides higher compared to the aforesaid play of 2025 by €953 million.

On the broadside of the Ordinary Budget, payments look little by €455 cardinal compared to the target, chiefly owed to timing shifts successful defence procurement payments of €208 cardinal and timing shifts successful superior injections and transportation payments to wide authorities entities of €464 million, arsenic mentioned above.

Notable transfers see the following:
I. Grant to the National Organization for the Provision of Health Services amounting to €668 million,
II. Grant to the Organization for Welfare Benefits and Social Solidarity amounting to €672 million,
III. Grant of €289 cardinal to the National Central Authority for Health Procurement (E.K.A.P.Y.) for the procurement of pharmaceutical products, goods and wellness services for nationalist hospitals,
IV. Transfers to hospitals and Primary Health Care amounting to €148 million, and
V. Grants to transport organizations (OASA, OASTH and OSE) amounting to €113 million.

Investment expenditure payments amounted to €2,069 million, little by €439 cardinal compared to the people included successful the explanatory study of the 2026 Budget. However, they are higher compared to the corresponding payments of 2025 by €278 million.