According to the state budget execution data, on a modified cash basis, for the period January–April 2026, the state budget balance shows a surplus of 1.887 billion compared to the target deficit of 909 million euros included for the corresponding period of 2026 in the explanatory report of the 2026 Budget and a surplus of 1,850 million euros for the corresponding period of 2025. The primary balance on a modified cash basis stood at a surplus of €5,185 million, compared to a target of a primary surplus of €2,298 million and a primary surplus of €5,148 million for the same period in 2025.
Excluding an amount of €197 million related to the deferral of payments for defense procurement programs, an amount of €593 million related to the deferral of investment payments, and an amount of €249 million relating to the deferral of capital injections and transfer payments to General Government entities, which do not affect the General Government’s fiscal balance, as well as an amount of 135 million euros from the second installment of the fee for the concession of a casino operating license at Elliniko, which is recorded in the budget over the duration of the concession, an amount of €884 million from early revenues of the TAA and an amount of €461 million relating to early cash revenues of the Public Investment Program, the excess in the primary balance on a modified cash basis relative to budget targets amounts to €368 million.
It should be noted that the primary balance on an accrual basis differs from the balance on a cash basis. Furthermore, the above figures pertain to the primary balance of the Central Administration and not to the 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.
Note: The January 2026 revenue figures include the amounts from the transactions required to finalize the Service Concession Agreement for the financing, operation, maintenance, and operation of the Egnatia Odos highway and its three (3) vertical road axes for 35 years, which was ratified by Law 5260/2025 (A’ 229).
Specifically:
an amount of €306 million, representing 24% VAT on the transaction price, was paid by the concessionaire to the Greek State, recorded under the “Taxes” category, and accompanied by a tax refund of the same amount.
Subsequently, the same amount of €306 million was paid again to the Greek State and recorded under the category “Sales of goods and services.”
During the period January–April 2026, net revenue for the state budget amounted to €25,175 million, representing an increase of €2,110 million compared to the target set for the corresponding period in the explanatory report of the 2026 Budget. This overperformance is mainly due to the collection, in April, of the seventh installment from the Recovery and Resilience Facility (RRF), amounting to €884 million, which had been projected to be received in June 2026, as well as to increased Public Investment Program (PIP) revenues of €461 million.
More specifically, revenues from the major categories of the state budget are as follows:
Revenues in the “Taxes” category amounted to €22,664 million and include: (a) the amount of €306 million from the Egnatia Motorway Concession Agreement, as mentioned above, and (b) the amount of €135 million from the second installment of the fee for the concession of a casino operating license at Elliniko, which was scheduled to be collected at the end of 2025. Excluding the above amounts, tax revenues amounted to €22,223 million, down by €118 million or 0.5% from the target.
Specifically, regarding the main taxes in this category, the following observations are made:
- VAT revenue amounted to €9,998 million, exceeding the target by €559 million. It should be noted that if the amount of €306 million from the above concession contract is excluded, VAT revenue is €253 million higher than the target.
- Excise tax revenues amounted to €2,024 million and are €181 million below the target.
- Revenues from property taxes amounted to €1,314 million, an increase of €20 million compared to the target.
- Income tax revenue amounted to €7,086 million, falling short of the target by €185 million, of which: Personal Income Tax increased by €51 million, while Corporate Income Tax decreased by €112 million and Other Income Taxes decreased by €124 million compared to the target.
Revenues in the “Social Contributions” category amounted to €18 million, a decrease of €2 million compared to the target.
Revenues in the "Transfers" amounted to €3,129 million, an increase of €1,207 million compared to the target, mainly due to the earlier collection of €884 million from the Recovery and Resilience Facility, as mentioned above. In addition, €2,098 million relates to Public Investment Program (PIP) revenues, which are €313 million higher than the target.
Revenues in the “Sales of goods and services” category amounted to €989 million and include €306 million from the Egnatia Motorway Concession Agreement, as mentioned above. Excluding this, the above revenue amounted to €683 million, an increase of €262 million compared to the target.
Revenues in the “Other current revenues” category amounted to €976 million, an increase of €218 million compared to the target. An amount of €213 million relates to Public Investment Program (PIP) revenues, which are €148 million higher than the target.
Revenue refunds amounted to €2,601 million, an increase of €206 million over the target (€2,395 million) included in the explanatory report of the 2026 Budget, due to a VAT refund of €306 million from the Egnatia Motorway Concession Agreement, as mentioned above.
Total revenues from the Public Investment Program (PIP) amounted to €2,311 million, an increase of €461 million compared to the target (€1,850 million) included in the explanatory report of the 2026 Budget.
Specifically, in April 2026, total net revenue for the state budget amounted to €6,667 million, an increase of €1,425 million compared to the monthly target, mainly due to the collection in April of €884 million from the Recovery and Resilience Facility, as mentioned above, as well as increased Public Investment Program (PIP) revenues of €260 million.
More specifically, revenues from the major categories of the state budget are as follows:
Revenues in the “Taxes” category amounted to €5,482 million, an increase of €15 million, or 0.3%, compared to the target.
Specifically, regarding the main taxes in this category, the following is observed:
- VAT revenue amounted to €2,595 million, an increase of €121 million compared to the target.
- Excise tax revenue amounted to €560 million, falling short of the target by €37 million.
- Revenues from property taxes amounted to €284 million, exceeding the target by €35 million.
- Income tax revenue amounted to €1,356 million, falling short of the target by €144 million, of which Personal Income Tax decreased by €132 million, corporate income tax increased by €4 million, and other income taxes decreased by €15 million.
- Revenues in the “Social Contributions” category amounted to €4 million, close to the target.
- Revenues in the “Transfers” category amounted to €1,295 million, an increase of €1,146 million compared to the target. The amount of 884 million euros relates to revenue from the TAA, as mentioned above, while 344 million euros relates to revenue from the Public Investment Program (PIP), which is 231 million euros higher than the target.
- Revenue in the “Sales of goods and services” category amounted to €338 million, an increase of €191 million compared to the target.
- Revenue in the “Other current revenue” category amounted to €221 million, an increase of €94 million compared to the target. An amount of €36 million relates to Public Investment Program (PIP) revenue, which is €29 million higher than the target.
- Revenue refunds amounted to €673 million, an increase of €21 million over the target (€652 million).
- Total revenue from the Public Investment Program (PIP) amounted to €380 million, an increase of €260 million compared to the target (€120 million).
State Budget expenditures for the period January–April 2026 amounted to €23,288 million, representing a decrease of €685 million compared to the target (€23,974 million) included in the explanatory report of the 2026 Budget. Furthermore, they are €2,079 million higher than in the corresponding period of 2025.
In the Regular Budget section, payments are shown to be €92 million lower than the target.
Notable transfers include the following:
- The grant to the National Organization for the Provision of Health Services in the amount of €825 million,
- The grant to the Social Security Welfare Benefits Agency amounting to €869 million,
- The grant of 424 million euros to the National Central Health Procurement Authority (EKAPY) for the procurement of pharmaceuticals, health products, and services on behalf of public hospitals,
- Transfers to hospitals and Primary Health Care totaling €494 million,
- Grants to public transportation agencies (OASA, OASTH, and OSE) totaling €141 million,
- A subsidy to the Information Society amounting to €131 million for the payment of the FUEL PASS.
Payments under the investment expenditure section amounted to €2,938 million, a decrease of €593 million compared to the target included in the explanatory report of the 2026 Budget. However, they are €327 million higher than the corresponding payments in 2025.