According to the data available for the execution of the State Budget on a modified cash basis, the State Budget balance for the period of January 2026 presented a surplus of 2,288 million Euros, against the target of a surplus of 543 million Euros that has been incorporated for the same period of 2026 in the 2026 Budget introductory report and a surplus of 758 million Euros for the same period of 2025. The State Budget Primary Balance on a modified cash basis amounted to a surplus of 3,511 million Euros, against the primary surplus target of 1,751 million Euros and the primary surplus of 1,980 million Euros performed at the same period of the previous year.Excluding an amount of 1,272 million Euros relating to time differentiation of transfer payments to general government bodies, as well as, an amount of 379 million Euros relating to time differentiation of investment expenditure, 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 109 million euros. It is noted that State Budget net revenues were near the target, presenting an increase of 35 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 January 2026, State Budget net revenues amounted to 6,138 million Euros, showing an increase of 35 million Euros or 0.6% against the target of the corresponding period, which is included in the 2026 Budget introductory report.
More specifically, the major revenue categories of the State Budget are as follows:
I. Tax revenues amounted to 6,118 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 5,812 million Euros, 324 million Euros or 5.3% lower against the target, mainly due to the decreased revenues collection (VAT and Excise taxes) from the energy products.
Particularly for the main tax revenues categories we observe the following:• VAT revenues amounted to 3,136 million Euros, 257 million Euros higher against the target. It is noted that excluding the amount of 306 million Euros of the aforementioned Concession Agreement VAT revenues are lower against the target by 49 million Euros.
• Excise tax revenues amounted to 393 million Euros, 154 million Euros lower against the target.
• Property tax revenues amounted to 90 million Euros, 8 million Euros lower against the target.
• Income tax revenues amounted to 2,059 million Euros, 43 million Euros lower against the target from which the PIT revenues are increased by 14 million Euros, while the CIT revenues are decreased by 26 million Euros and the Other Income Tax revenues are decreased by 31 million Euros, against the target.
II. Social Contributions amounted to 5 million Euros in line with the target.
III. Transfers amounted to 56 million Euros, 116 million Euros lower against the target which is included in the 2026 Budget introductory report. An amount of 46 million Euros, comes from PIB revenues, which is 57 million Euros lower against the target.
IV. Sales of goods and services amounted to 479 million Euros and include the amount of 306 million Euros, from the Concession Agreement for Egnatia Odos, as mentioned above. Excluding this amount, the revenues amounted to 173 million Euros, 77 million Euros higher against the target which is included in the 2026 Budget introductory report.
V. Other current revenues amounted to 276 million Euros, 89 million Euros higher against the target which is included in the 2026 Budget introductory report. An amount of 93 million Euros, out of 276 million Euros, comes from PIB revenues. which is 66 million Euros higher against the target.
Tax refunds amounted to 795 million Euros, and include the amount of 306 million Euros from the Concession Agreement for Egnatia Motorway, as mentioned above. Excluding this amount, tax refunds amounted to 489 million Euros, 3 million Euros lower against the target (492 million Euros), which is included in the 2026 Budget introductory report.
PIB total revenues amounted to 139 million Euros, 9 million Euros higher than the target (130 million Euros), which is included in the 2026 Budget introductory report.
State Budget expenditures for the period of January 2026 amounted to 3,851 million Euros, 1,709 million Euros lower than the target (5,560 million Euros), which is included in the 2026 Budget introductory report. They were also decreased in comparison to the respective period of 2025 by 1,382 million Euros, mainly due to the time differentiation in transfers to SSFs.
In the Ordinary Budget, payments appear decreased by 1,330 million Euros compared to the target, which is mainly related to the time differentiation of transfer payments to General Government entities by 1,272 million Euros.
Investment expenditure amounted to 427 million Euros, decreased by 379 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 309 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_JANUARY 2026
THE PRESS OFFICE