Greece recorded a primary surplus of €4.48 billion during the first six months of 2026, significantly exceeding the budget target, according to preliminary state budget execution data released by the Ministry of National Economy and Finance.
The January-June 2026 results show that the primary surplus exceeded the government’s target of €1.953 billion by €2.527 billion. However, after excluding payment timing adjustments and special fiscal accounting entries, the improvement compared with the target stands at €159 million.
The state budget balance recorded a deficit of €941 million during the first half of the year, significantly lower than the projected deficit of €3.136 billion included in the 2026 Budget’s introductory report. In the same period of 2025, the state budget recorded a deficit of €564 million.
The adjusted cash-based primary result reached a surplus of €4.48 billion, compared with a targeted surplus of €1.953 billion and a surplus of €4.519 billion during the same period in 2025.
The General Accounting Office noted that the primary result calculated under fiscal accounting rules differs from the cash-based outcome. The figures also refer to the central government and do not include the full General Government balance, which covers legal entities, social security funds and local authorities.
Revenues exceed targets
Net state budget revenues reached €35.995 billion between January and June 2026, exceeding the target by €1.063 billion.
However, the original budget target included the collection of €1.258 billion from the Recovery and Resilience Facility in June. Most of this amount (€884 million) was collected earlier in April, while the remaining €374 million is expected later in the year.
Excluding Recovery Fund revenues, net receipts exceeded the target by €1.437 billion.
Tax revenues reached €33.919 billion, including:
- €306 million from the Egnatia Odos concession agreement.
- €135 million from the second instalment for the concession of the casino operating licence at Elliniko.
Excluding these extraordinary amounts, tax revenues reached €33.478 billion, exceeding the target by €679 million or 2.1%.
Revenue refunds totalled €4.129 billion, €351 million above the target, mainly due to the €306 million VAT refund linked to the Egnatia Odos concession.
Public Investment Programme revenues reached €2.745 billion, exceeding the target by €90 million.
June results affected by timing of Recovery Fund payment
In June alone, state budget net revenues reached €5.777 billion, falling €1.469 billion below the monthly target because the budget forecast included the €1.258 billion Recovery Fund payment that had largely arrived earlier in April.
Excluding the Recovery Fund amount, June revenues were €211 million below target, mainly due to lower Public Investment Programme revenues.
Tax revenues in June reached €5.888 billion, exceeding the target by €508 million or 9.4%.
Government spending below budget target
State budget expenditure during January-June 2026 totalled €36.936 billion, €1.132 billion below the target of €38.068 billion.
However, spending increased by €1.991 billion compared with the same period in 2025.
Regular budget payments were €1.147 billion below target, while major transfers included:
- €1.201 billion to the National Organisation for Healthcare Services Provision (EOPYY).
- €1.354 billion to the Welfare Benefits and Social Solidarity Organisation.
- €915 million to the National Central Health Procurement Authority for medicines and healthcare supplies.
- €683 million to hospitals and primary healthcare services.
- €244 million to transport organisations including OASA, OASTH and OSE.
- €131 million to Information Society SA for Fuel Pass payments.
- €45 million for diesel fuel subsidies.
- €220 million in emergency financial support for families with children.
Investment expenditure reached €5.796 billion, exceeding the budget target by €15 million and increasing by €745 million compared with the same period in 2025.