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-May 2026 presented a surplus of 91 million Euros, against the target of a deficit of 2,176 million Euros that has been incorporated for the same period of 2026 in the 2026 Budget introductory report and a surplus of 1,875 million Euros for the same period of 2025. The State Budget Primary Balance on a modified cash basis amounted to a surplus of 3,638 million Euros, against the primary surplus target of 1,243 million Euros and the primary surplus of 5,343 million Euros performed at the same period of the previous year.
Excluding: an amount of 31 million Euros relating to time differentiation of payments of defense programs, an amount of 473 million Euros relating to time differentiation of investment payments and an amount of 64 million Euros relating to time differentiation of current transfers to General Government entities, which do not affect the General Government’s result in fiscal terms, as well as, an amount of 135 million Euros from the 2nd installment of the price for granting the license to operate a casino in Elliniko, which is fiscally recorded during the concession years, an amount of 884 million Euros of the early RRF revenues and an amount of 574 million Euros of the early PIB revenues, the over execution in the primary balance on a modified cash basis, in comparison to the budget targets is 234 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 – May 2026, State Budget net revenues amounted to 30,203 million Euros, showing an increase of 2,516 million Euros against the target of the corresponding period, which is included in the 2026 Budget introductory report. This overperformance is mainly due to the collection, in April, of the seventh installment from Recovery and Resilience Facility (RRF), amounting 884 million Euros, which was estimated to be collected in June 2026, as well as, the increased PIB revenues by 574 million Euros.
Tax revenues amounted to 28,117 million Euros, and include: (a) the amount of 306 million Euros, from the Concession Agreement for Egnatia Odos, as mentioned above and (b) the amount of 135 million Euros from the 2nd installment of the payment for granting an operating license for a casino business in Elliniko, which had been scheduled to be collected at the end of 2025. Excluding the above amounts, tax revenues amounted to 27,676 million Euros, 258 million or 0.9% higher against the target.
Tax refunds amounted to 3,435 million Euros, 231 million Euros higher against the target (3,204 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 2,519 million Euros, 574 million Euros higher than the target (1,945 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 May 2026, the State Budget net revenues amounted to 5,028 million Euros, 406 million Euros higher than the monthly target.
Tax revenues amounted to 5,454 million Euros, 375 million Euros or 7.4% higher against the target.
Tax refunds amounted to 834 million Euros, 25 million Euros higher than the target (809 million Euros).
PIB revenues amounted to 208 million Euros, 113 million Euros higher than the target (95 million Euros).
State Budget expenditures for the period January-May 2026 amounted to 30,112 million Euros, 249 million Euros higher than the target (29,863 million Euros), which is included in the 2026 Budget introductory report. They were also increased in comparison to the respective period of 2025 by 3,018 million Euros.
In the Ordinary Budget, payments appear increased by 722 million Euros compared to the target.
Noteworthy transfers are the following:
I. The grant to the National Health Service Organization of 825 million Euros,
II.The grant to the Social Insurance Welfare Benefits Organization of 1,159 million Euros,
III.The grant to the National Centralized Health Procurement Authority (E.K.A.P.Y.) of 915 million Euros for purchasing medicine and other health products and services for the public hospitals,
IV.The transfers to hospitals and Primary Health Care of 520 million Euros,
V.The grants to the transportation entities (OASA, OASTH, and OSE) of 169 million Euros,
VI.The grant to Information Society of 131 million Euros for the payment FUEL PASS.
Investment expenditure amounted to 4,185 million Euros, decreased by 473 million Euros in comparison to the target, which has been included in the 2026 Budget introductory report. However, it is increased compared to the corresponding payments of 2025 by 456 million Euros.
It is noted that in May there was the expenditure for the participation of the Greek State in the share capital increases of PPC SA and DES ADMIE SA of the amounts of 1,289 million Euros and 259 million Euros respectively, which are fiscally neutral, since they are financial transactions and they are included in table 2.
STATE BUDGET EXECUTION MONTHLY BULLETIN_MAY 2026_(preliminary)