The budget recorded a primary surplus on a modified cash basis of €7,554 million, against a target of €5,129 million, according to final figures for the first nine months. The primary surplus was €9,449 million in the same period of 2025.
Excluding €695 million relating to the timing of payments under the Public Investment Programme (PIP), €385 million relating to the timing of payments for defence procurement programmes and €905 million relating to the timing of transfer payments to General Government entities — none of which affect the General Government balance in fiscal terms — as well as €135 million from the second instalment of the consideration for the concession of a casino operating licence at Ellinikon, which is recorded in fiscal accounts over the years of the concession, the surplus over the budget target for the primary balance on a modified cash basis amounts to €305 million.
The accompanying announcement notes that the primary balance in fiscal terms differs from the balance in cash terms. 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 local government and social security subsectors.
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 vertical road axes for 35 years, ratified by Law 5260/2025 (Government Gazette A’ 229).
Specifically:
- VAT of 24% on the transaction consideration, amounting to €306 million, was paid by the concessionaire to the Greek State and recorded under ‘Taxes’, accompanied by an equal tax refund.
- The same amount of €306 million was then paid to the Greek State again and recorded under ‘Sales of goods and services’.
In January-September 2026, net revenue in the state budget totalled €57,811 million, €2,501 million above the target set for the same period in the 2026 Budget’s introductory report. However, the target in the report included the receipt of €1,258 million from the Recovery and Resilience Facility (RRF) in June. Of this amount, €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 €2,876 million above target.
More specifically, revenue in the main categories of the state budget was as follows:
Tax revenue totalled €55,967 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 consideration for the concession of a casino operating licence at Ellinikon, which had been expected to be received at the end of 2025. Excluding these amounts, tax revenue stood at €55,526 million, up €1,426 million, or 2.6%, against the target.
The main taxes in this category were as follows:
- VAT revenue totalled €23,062 million. Excluding the €306 million from the concession agreement mentioned above, VAT revenue was €1,093 million above target.
- Excise duty revenue totalled €5,326 million, €239 million below target.
- Property tax revenue totalled €2,100 million, €63 million above target.
- Income tax revenue totalled €20,171 million, €360 million above target. Personal income tax was €408 million higher, other income taxes were €10 million higher, while corporate income tax was €58 million lower.
Revenue in the ‘Social contributions’ category totalled €40 million, €5 million below target.
Revenue in the ‘Transfers’ category totalled €4,764 million, €79 million above target. Of this amount, €3,199 million was PIP revenue, €72 million above the corresponding target.
Revenue in the ‘Sales of goods and services’ category totalled €1,465 million, including €306 million from the Egnatia Odos concession agreement mentioned above. Excluding this amount, revenue in the category stood at €1,159 million, €274 million above target.
Revenue in the ‘Other current revenue’ category totalled €2,300 million, €518 million above target. PIP revenue accounted for €319 million of this amount, €206 million above the corresponding target.
Revenue refunds totalled €6,727 million, €520 million above the target of €6,206 million included in the 2026 Budget’s introductory report, mainly because of the €306 million VAT refund relating to the Egnatia Odos concession agreement, as noted above.
Total revenue under the Public Investment Programme (PIP) was €3,518 million, €278 million above the target of €3,240 million included in the 2026 Budget’s introductory report.
In September 2026, net revenue in the state budget totalled €6,460 million, €170 million above the monthly target.
More specifically, revenue in the main categories of the state budget was as follows:
Revenue in the ‘Taxes’ category totalled €6,486 million, €74 million, or 1.1%, above target. The main taxes in this category were as follows:
- VAT revenue totalled €2,518 million, €188 million above target.
- Excise duty revenue totalled €665 million, €8 million below target.
- Property tax revenue totalled €123 million, close to target.
- Income tax revenue totalled €2,490 million, €79 million below target. Personal income tax was €25 million lower, corporate income tax was €49 million lower and other income taxes were €5 million lower.
Revenue in the ‘Social contributions’ category totalled €4 million, €1 million below target.
Revenue in the ‘Transfers’ category totalled €271 million, €146 million above target. Of this amount, €87 million was PIP revenue, €26 million below the corresponding target.
Revenue in the ‘Sales of goods and services’ category totalled €61 million, close to target.
Revenue in the ‘Other current revenue’ category totalled €264 million, €31 million above target. PIP revenue accounted for €7 million, in line with the corresponding target.
Revenue refunds totalled €626 million, €79 million above the target of €548 million.
Total revenue under the Public Investment Programme (PIP) was €94 million, €26 million below the target of €120 million.
Expenditure
State budget expenditure in January-September 2026 totalled €57,683 million, €477 million above the target of €57,206 million included in the 2026 Budget’s introductory report, mainly because RRF payments were brought forward. It was also €5,423 million higher than in the same period of 2025.
Under the Regular Budget, payments were €1,094 million below target.
Notable transfers and payments included:
- A grant of €1,544 million to the National Organisation for the Provision of Health Services,
- A grant of €1,994 million to the Organisation for Welfare Benefits and Social Security,
- A grant of €917 million to the National Central Health Procurement Authority (E.K.A.P.Y.) for the procurement of pharmaceutical products, goods and health services on behalf of public hospitals,
- Transfers of €1,032 million to hospitals and primary healthcare,
- Grants of €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 road diesel subsidy,
- One-off financial support of €232 million for families with children.
Investment expenditure totalled €10,395 million, €1,571 million above the target included in the 2026 Budget’s introductory report, reflecting the acceleration of projects under the Recovery and Resilience Facility. It was also €2,209 million higher than in the same period of 2025.