Greece recorded a primary budget surplus of €7.554 billion in the January-September 2026 period, exceeding the government’s target of €5.129 billion, as stronger-than-expected tax revenues, particularly from value-added tax (VAT) and income tax, boosted public finances, according to final execution data released by the Ministry of National Economy and Finance.
However, after adjusting for delayed payments and special receipts, the primary surplus exceeded the target by a more modest €305 million. Regular tax revenues, excluding special receipts, surpassed the target by €1.426 billion, or 2.6%.
The primary surplus for the same period in 2025 stood at €9.449 billion.
State Budget Records Overall Surplus
Greece’s state budget recorded an overall surplus of €127 million in the first nine months of 2026, compared with a targeted deficit of €1.897 billion. The budget had recorded a surplus of €2.401 billion in the corresponding period of 2025.
Read more: Primary Surplus Beats Target Through September
The adjusted primary surplus reflects several timing differences and exceptional receipts. These included €695 million in delayed payments under the Public Investment Programme, €385 million in delayed defence procurement payments and €905 million in delayed transfers to General Government entities.
The calculation also excludes €135 million from the second instalment of the concession fee for the operating licence of a casino at Ellinikon.
The ministry noted that payment timing differences do not affect the General Government result under national accounting rules. The casino receipt had been expected at the end of 2025, although fiscal accounting records the revenue over the concession period.
Net Revenue Exceeds Target by €2.5 Billion
Net state budget revenue reached €57.811 billion during the nine-month period, exceeding the budget target by €2.501 billion.
The comparison reflects the timing of payments from the Recovery and Resilience Facility. The budget had projected a €1.258 billion receipt in June. The government received €884 million earlier, in April, while it expects to collect the remaining €374 million before the end of 2026.
Excluding the Recovery and Resilience Facility amount, net revenue exceeded the target by €2.876 billion.
Tax revenue totalled €55.967 billion, including €306 million from the Egnatia Odos concession agreement and €135 million from the Ellinikon casino licence. Excluding these two special receipts, tax revenue reached €55.526 billion, surpassing the target by €1.426 billion, or 2.6%.
VAT and Income Tax Drive Revenue Growth
VAT generated the largest positive deviation from the budget target. Revenue reached €23.062 billion, exceeding the target by €1.093 billion after excluding the €306 million associated with the Egnatia Odos concession.
Income tax revenue totalled €20.171 billion, beating the target by €360 million. Personal income tax receipts exceeded expectations by €408 million, while corporate income tax revenue fell €58 million short of the target. Other income taxes contributed a further €10 million above target.
Excise duty revenue reached €5.326 billion, falling €239 million below the target. Property tax receipts totalled €2.1 billion, exceeding expectations by €63 million.
The results point to stronger consumption-tax receipts amid higher prices, alongside increased income-tax revenue associated with rising incomes.
Other Revenue Categories
Social contribution revenue reached €40 million, falling €5 million short of the target.
Transfer revenue totalled €4.764 billion, exceeding the target by €79 million. Public Investment Programme receipts within this category were €72 million above target.
Revenue from sales of goods and services reached €1.465 billion. Excluding €306 million from the Egnatia Odos concession, the total stood at €1.159 billion, exceeding the target by €274 million.
Other current revenue reached €2.3 billion, beating the target by €518 million. This included €319 million from the Public Investment Programme, €206 million above the corresponding target.
Revenue refunds totalled €6.727 billion, exceeding the budgeted €6.206 billion by €520 million. The ministry attributed much of the difference to a €306 million VAT refund linked to the Egnatia Odos concession agreement.
September Revenue Results
In September alone, net state budget revenue reached €6.460 billion, exceeding the monthly target by €170 million.
Tax revenue totalled €6.486 billion, beating the target by €74 million, or 1.1%. VAT receipts reached €2.518 billion, exceeding expectations by €188 million.
Income tax revenue stood at €2.490 billion, falling €79 million below target. Personal income tax receipts missed the target by €25 million, corporate income tax by €49 million and other income taxes by €5 million.
Excise duty revenue reached €665 million, €8 million below target, while property tax receipts totalled €123 million, broadly in line with expectations.
Social contributions generated €4 million, €1 million below target. Transfer revenue reached €271 million, exceeding expectations by €146 million, although Public Investment Programme receipts within this category fell €26 million short of target.
Revenue from sales of goods and services reached €61 million, broadly in line with the target, while other current revenue totalled €264 million, exceeding expectations by €31 million.
Revenue refunds reached €626 million, €79 million above the target of €548 million. Total Public Investment Programme revenue stood at €94 million, €26 million below target.
State Spending Rises by €5.4 Billion Year on Year
State budget expenditure reached €57.683 billion in the first nine months of 2026, exceeding the target of €57.206 billion by €477 million. Spending also increased by €5.423 billion compared with the corresponding period of 2025.
Regular budget payments came in €1.094 billion below target. By contrast, investment expenditure reached €10.395 billion, exceeding the target by €1.571 billion as the government accelerated projects funded through the Recovery and Resilience Facility. Investment spending also rose by €2.209 billion year on year.
Major transfers and payments included €1.544 billion for the National Organisation for Healthcare Services Provision (EOPYY) and €1.994 billion for the Organisation of Welfare Benefits and Social Solidarity (OPEKA).
The government also allocated €131 million to Information Society S.A. for Fuel Pass payments, €136 million for diesel fuel subsidies and €232 million in extraordinary financial support for families with children.
Further expenditure included €917 million for the National Central Health Procurement Authority to purchase medicines, products and healthcare services for public hospitals, as well as €1.032 billion in transfers to hospitals and primary healthcare services.
Subsidies to public transport operators OASA, OASTH and OSE totalled €327 million.
Ministry Clarifies Scope of Budget Figures
The Ministry of National Economy and Finance stressed that the figures cover the primary balance of Central Government on a modified cash basis, rather than the entire General Government sector.
The cash-based result differs from the fiscal result. General Government includes Central Government, legal entities, local government organisations and social security organisations.
(Source: AMNA)