According to the preliminary data available for the execution of the State Budget on a modified cash basis, the State Budget balance for the period January-February 2026 presented a surplus of 902 million Euros, against the target of a deficit of 97 million Euros that has been incorporated for the same period of 2026 in the 2026 Budget introductory report and a surplus of 709 million Euros for the same period of 2025. The State Budget Primary Balance on a modified cash basis amounted to a surplus of 2,994 million Euros, against the primary surplus target of 1,957 million Euros and the primary surplus of 2,802 million Euros performed at the same period of the previous year.
Excluding an amount of 126 million Euros relating to time differentiation of payments of defense programs, an amount of 591 million Euros relating to time differentiation of PIB, as well as, an amount of 200 million euros relating to the time differentiation of payments in other capital transfers, which do not affect the General Government’s result in fiscal terms, the over execution in the primary balance on a modified cash basis, in comparison to the budget targets is estimated at 120 million euros.
It is noted that the Primary Balance in fiscal terms differs in comparison to the result in cash terms. Additionally, the aforementioned concerns the Primary Balance of the Central Administration and not of the whole of the General Government, which also includes the fiscal results of legal entities and the sub-sectors of LGs and SSFs.
Note: In the revenues of January 2026, the amounts from the transactions required from the completion of the Concession Agreement for Services for the financing, operation, maintenance and exploitation of the Egnatia Motorway and its three (3) vertical road axes, for a period of 35 years, which was ratified by Law 5260/2025 (Government Gazette A’ 229) were recorded.
Specifically:
- an amount of 306 million Euros relating to VAT 24% on the transaction fee, was paid from the concessionaire to the State revenues, recorded in the category of “Taxes”, and was accompanied by an equal tax refund.
- Subsequently, the same amount of 306 million Euros, was returned to the State revenues and recorded in the category of “Sales of goods and services”.
For the period of January – February 2026, State Budget net revenues amounted to 11,990 million Euros, showing a decrease of 124 million Euros against the target of the corresponding period, which is included in the 2026 Budget introductory report.
Tax revenues amounted to 11,856 million Euros, and include the amount of 306 million Euros, from the Concession Agreement for Egnatia Odos, as mentioned above. Excluding this amount, the tax revenues amounted to 11,550 million Euros, 310 million Euros or 2.6% lower against the target, mainly due to the reduced collection, by 204 million Euros of taxes (VAT and Excise taxes) corresponding to energy products.
Tax refunds amounted to 1,468 million Euros, 300 million Euros higher against the target (1,168 million Euros), which is included in the 2026 Budget introductory report, due to the refund VAT amounting 306 million Euros from the Concession Agreement for Egnatia Odos, as mentioned above.
PIB revenues amounted to 715 million Euros, 120 million Euros lower than the target (835 million Euros), which is included in the 2026 Budget introductory report.
A more precise allocation among the revenue categories of the State Budget will take place when the final Bulletin is issued.
Particularly in February 2026, the State Budget net revenues amounted to 5,851 million Euros, 159 million Euros lower than the monthly target.
Tax revenues amounted to 5,738 million Euros, 14 million Euros or 0.2% higher against the target that has been incorporated in the 2026 Budget introductory report.
Tax refunds amounted to 672 million Euros, 4 million Euros lower than the target (676 million Euros).
PIB revenues amounted to 576 million Euros, 129 million Euros lower than the target (705 million Euros).
State Budget expenditures for the period January-February 2026 amounted to 11,088 million Euros, 1,122 million Euros lower than the target (12,211 million Euros), which is included in the 2026 Budget introductory report. They were also increased in comparison to the respective period of 2025 by 54 million Euros.
In the Ordinary Budget, payments appear decreased by 217 million Euros compared to the target, which is mainly related to the time differentiation of payments for defense programs by 126 million euros and for other capital transfers by 200 million euros.
Investment expenditure amounted to 875 million Euros, decreased by 906 million Euros in comparison to the target, which has been included in the 2026 Budget introductory report. At the same time, it is decreased compared to the corresponding payments of 2025 by 464 million Euros.
It is noted that at the beginning of the fiscal year, the entities give priority to committing appropriations to service the payables of the previous years, as well as, in the context of multiannual obligations.
STATE BUDGET EXECUTION MONTHLY BULLETIN FEBRUARY 2026 (preliminary)