The budget recorded a primary surplus of €7,589 million on a modified cash basis in the first nine months, against a target of €5,129 million and a primary surplus of €9,449 million for the same period in 2025, according to provisional data.
Excluding €695 million relating to the rescheduling of payments under the Public Investment Programme (PIP), €385 million relating to the rescheduling of payments for defence procurement programmes and €905 million relating to the rescheduling of transfer payments to General Government entities — none of which affect the General Government result in fiscal terms — as well as €135 million from the second instalment of the fee for the concession of a licence to operate a casino at Ellinikon, which is recorded for fiscal purposes over the life of the concession, the outperformance against the budget targets for the primary balance on a modified cash basis amounts to €340 million.
It should be noted that the primary balance in fiscal terms differs from the result on a cash basis. In addition, the figures above relate to the primary balance of Central Government, not the General Government as a whole, which also includes the fiscal results of legal entities and the sub-sectors of local authorities and social security funds.
Note: January 2026 revenue includes amounts from the transactions required to complete the Concession Agreement for the financing, operation, maintenance and exploitation of the Egnatia Odos motorway and its three (3) connecting road links for 35 years, which was ratified by Law 5260/2025 (A’ 229).
Specifically:
- €306 million, representing 24% VAT on the transaction price, was paid by the concessionaire to the Greek State and recorded under “Taxes”, with an equal amount in tax refunds.
- The same amount of €306 million was subsequently paid to the Greek State again and recorded under “Sales of goods and services”.
In the period from January to September 2026, net state budget revenue totalled €57,834 million, €2,525 million above the target set for the corresponding period in the introductory report to the 2026 Budget. However, the target in the report included the receipt in June of €1,258 million from the Recovery and Resilience Facility (RRF), of which €884 million was received earlier, in April, while the remaining €374 million is expected to be received during the current year.
Excluding the amount from the RRF, net revenue was €2,899 million above target.
Tax revenue totalled €56,072 million and included: (a) €306 million from the Egnatia Odos Concession Agreement, as noted above; and (b) €135 million from the second instalment of the fee for the concession of a licence to operate a casino at Ellinikon, which had been expected to be received at the end of 2025. Excluding these amounts, tax revenue totalled €55,631 million, up €1,532 million, or 2.8%, against the target.
The precise allocation among the state budget’s revenue categories will be made when the final bulletin is issued.
Revenue refunds totalled €6,727 million, €520 million above the target of €6,206 million set in the introductory report to the 2026 Budget, mainly due to the €306 million VAT refund under the Egnatia Odos Concession Agreement, as noted above.
Revenue from the Public Investment Programme (PIP) totalled €3,518 million, €278 million above the target of €3,240 million set in the introductory report to the 2026 Budget.
In September 2026, net state budget revenue totalled €6,483 million, €194 million above the monthly target.
Tax revenue totalled €6,591 million, €179 million, or 2.8%, above target. Revenue refunds totalled €626 million, €79 million above the target of €548 million.
Revenue from the Public Investment Programme (PIP) totalled €94 million, €26 million below the target of €120 million.
Spending
State Budget spending in the period from January to September 2026 totalled €57,672 million, €465 million above the target of €57,206 million set in the introductory report to the 2026 Budget, mainly due to the acceleration of payments under the RRF. Spending was also €5,412 million higher than in the same period of 2025.
Under the Regular Budget, payments were €1,105 million below target.
Notable transfers and payments included:
- A grant of €1,544 million to the National Organization for Healthcare Services Provision,
- A grant of €1,994 million to the Organization for Welfare Benefits and Social Solidarity,
- A grant of €917 million to the National Central Health Procurement Authority (EKAPY) to procure medicines, products and health services on behalf of public hospitals,
- Transfers of €1,022 million to hospitals and primary healthcare,
- Grants totalling €327 million to public transport operators (OASA, OASTH and OSE),
- A grant of €131 million to Information Society for FUEL PASS payments,
- A payment of €136 million for the subsidy on road diesel,
- Emergency financial support of €232 million for families with children.
Investment spending totalled €10,395 million, €1,571 million above the target set in the introductory report to the 2026 Budget, due to the acceleration of projects under the Recovery and Resilience Facility. It was also €2,209 million higher than in the same period of 2025.