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The January-June 2026 results show that the primary surplus exceeded the government\u2019s target of \u20ac1.953 billion by \u20ac2.527 billion. However, after excluding payment timing adjustments and special fiscal accounting entries, the improvement compared with the target stands at \u20ac159 million.<\/p>\n
The state budget balance recorded a deficit of \u20ac941 million during the first half of the year, significantly lower than the projected deficit of \u20ac3.136 billion included in the 2026 Budget\u2019s introductory report. In the same period of 2025, the state budget recorded a deficit of \u20ac564 million.<\/p>\n
The adjusted cash-based primary result reached a surplus of \u20ac4.48 billion, compared with a targeted surplus of \u20ac1.953 billion and a surplus of \u20ac4.519 billion during the same period in 2025.<\/p>\n
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.<\/p>\n
Revenues exceed targets<\/span><\/em><\/p>\n Net state budget revenues reached \u20ac35.995 billion between January and June 2026, exceeding the target by \u20ac1.063 billion.<\/p>\n However, the original budget target included the collection of \u20ac1.258 billion from the Recovery and Resilience Facility in June. Most of this amount (\u20ac884 million) was collected earlier in April, while the remaining \u20ac374 million is expected later in the year.<\/p>\n Excluding Recovery Fund revenues, net receipts exceeded the target by \u20ac1.437 billion.<\/p>\n Tax revenues reached \u20ac33.919 billion, including:<\/p>\n Excluding these extraordinary amounts, tax revenues reached \u20ac33.478 billion, exceeding the target by \u20ac679 million or 2.1%.<\/p>\n Revenue refunds totalled \u20ac4.129 billion, \u20ac351 million above the target, mainly due to the \u20ac306 million VAT refund linked to the Egnatia Odos concession.<\/p>\n Public Investment Programme revenues reached \u20ac2.745 billion, exceeding the target by \u20ac90 million.<\/p>\n June results affected by timing of Recovery Fund payment<\/span><\/em><\/p>\n In June alone, state budget net revenues reached \u20ac5.777 billion, falling \u20ac1.469 billion below the monthly target because the budget forecast included the \u20ac1.258 billion Recovery Fund payment that had largely arrived earlier in April.<\/p>\n Excluding the Recovery Fund amount, June revenues were \u20ac211 million below target, mainly due to lower Public Investment Programme revenues.<\/p>\n Tax revenues in June reached \u20ac5.888 billion, exceeding the target by \u20ac508 million or 9.4%.<\/p>\n Government spending below budget target<\/span><\/em><\/p>\n State budget expenditure during January-June 2026 totalled \u20ac36.936 billion, \u20ac1.132 billion below the target of \u20ac38.068 billion.<\/p>\n However, spending increased by \u20ac1.991 billion compared with the same period in 2025.<\/p>\n Regular budget payments were \u20ac1.147 billion below target, while major transfers included:<\/p>\n Investment expenditure reached \u20ac5.796 billion, exceeding the budget target by \u20ac15 million and increasing by \u20ac745 million compared with the same period in 2025.<\/p>\n \u00a0<\/p>\n\n
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