Greece recorded a primary budget surplus of €5.77 billion ($6.75 billion) in the first seven months of 2026, beating the government’s target as revenues remained stronger than projected.
The January-July result compared with a target of €4.417 billion ($5.17 billion) and a considerably larger primary surplus of €7.939 billion ($9.29 billion) in the same period of 2025.
On a modified cash basis, the overall state budget posted a deficit of €344 million ($402 million), narrower than the projected €1.323 billion ($1.55 billion) shortfall. In the corresponding period last year, the budget recorded a surplus of €2.168 billion ($2.54 billion).
Greece’s primary surplus remains above target
Part of the outperformance reflected timing differences in government payments and extraordinary revenue.
After adjustments for €510 million ($597 million) in the timing of Public Investment Program payments, €406 million ($475 million) in transfers to General Government entities, and €135 million ($158 million) from the second installment of the Ellinikon casino operating license, the primary result exceeded the budget target by €302 million ($353 million).
The figures concern the Central Government primary balance rather than the General Government as a whole and differ from the primary balance calculated under fiscal accounting rules.
Greece’s net revenues reach €45.26 billion
State budget net revenues totaled €45.258 billion ($52.95 billion) from January through July, €2.026 billion ($2.37 billion) higher than projected in the 2026 budget.
The revenue target included €1.258 billion ($1.47 billion) from the European Union’s Recovery and Resilience Facility. Of that amount, Greece received €884 million ($1.03 billion) ahead of schedule in April, while the remaining €374 million ($438 million) is expected later in the year.
Excluding RRF receipts, net revenues were €2.4 billion ($2.81 billion), or 5.7 percent, above target.
Tax revenues reached €42.794 billion ($50.07 billion), including €306 million ($358 million) related to the Egnatia Motorway concession agreement and €135 million ($158 million) from the Ellinikon casino license.
Without those extraordinary amounts, tax receipts stood at €42.353 billion ($49.55 billion), €990 million ($1.16 billion), or 2.4 percent, higher than projected.
VAT revenues totaled €17.74 billion ($20.76 billion) and, excluding the Egnatia-related payment, exceeded the target by €739 million ($865 million). Income tax receipts reached €15.073 billion ($17.64 billion), €294 million ($344 million) more than projected.
Property tax revenue came to €1.86 billion ($2.18 billion), €55 million ($64 million) above target, while excise duties totaled €3.964 billion ($4.64 billion), falling €224 million ($262 million) short of projections.
July revenues outpace forecast
Net state budget revenues reached €9.246 billion ($10.82 billion) in July alone, €946 million ($1.11 billion) higher than the monthly target.
Tax receipts totaled €8.97 billion ($10.49 billion), exceeding projections by €406 million ($475 million), or 4.7 percent. VAT generated €3.163 billion ($3.70 billion), while income tax receipts amounted to €4.156 billion ($4.86 billion).
Public Investment Program revenues reached €418 million ($489 million), compared with a target of €55 million ($64 million), a difference of €363 million ($425 million). July receipts also included €234 million ($274 million) from the Modernisation Fund that had not been included in the original 2026 budget projections.
Greece’s primary surplus supported by accelerating investment spending
State budget expenditure reached €45.602 billion ($53.35 billion) in the January-July period, €1.046 billion ($1.22 billion) above the €44.556 billion ($52.13 billion) target and €4.916 billion ($5.75 billion) higher than a year earlier.
Investment spending totaled €7.602 billion ($8.89 billion), surpassing the target by €855 million ($1 billion) and increasing by €1.471 billion ($1.72 billion) from the corresponding period of 2025. Faster implementation of projects financed through the Recovery and Resilience Facility largely drove the increase.
Major government transfers included €1.243 billion ($1.45 billion) to Greece’s National Organization for Health Care Services Provision (EOPYY), €1.818 billion ($2.13 billion) to welfare agency (OPEKA- Organization of Welfare Benefits and Social Solidarity), and €915 million ($1.07 billion) to the National Central Health Procurement Authority for medicines, products and health services for public hospitals.
A further €801 million ($937 million) went to hospitals and primary health care services, while €244 million ($285 million) went to public transport operators. Other payments included €131 million ($153 million) for Fuel Pass measures, €110 million ($129 million) for diesel subsidies, and €220 million ($257 million) in extraordinary financial support for families with children.
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