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 – August of 2025 presented a surplus of 1,964 million Euros, against the target of a deficit of 1,381 million Euros that has been incorporated for the same period of 2025 in the 2025 Budget introductory report and a surplus of 1,044 million Euros for the same period of 2024. The State Budget Primary Balance on a modified cash basis amounted to a surplus of 8,499 million Euros, against the primary surplus target of 4,929 million Euros and the primary surplus of 7,567 million Euros performed at the same period of the previous year. It is noted that an amount of 1,895 million Euros which refers to the time differentiation of ordinary budget transfers and an amount of 540 million Euros which refers to the time differentiation of military procurement, do not affect the General Government outcome in fiscal terms. In addition, an amount of 342 million Euros in tax revenues from the first two months is fiscally accounted for in the year 2024. Excluding the aforementioned amounts, the surplus in the primary result on a modified cash basis, compared to the budget targets, is estimated at 793 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.
For January – August 2025, State Budget net revenues amounted to 48,458 million Euros, showing an increase of 184 million Euros or 0.4% against the target of the corresponding period, which is included in the 2025 Budget introductory report. It is noted that State Budget net revenues include the amount of 784.8 million Euros, both in revenues (under the category of “Sales of goods and services”) and in Tax Refunds (VAT), from transactions required to be made in January 2025, for the completion of the new Concession Agreement for Attica Motorway, which concern the year 2024 and are fiscally neutral. The increase of State Budget net revenues against the target is observed, despite the fact that the target of the Budget introductory report includes the collection, in June, of the amount of 1,350 million Euros from the Concession Agreement for the financing, operation, maintenance and exploitation of the Egnatia Motorway and its three (3) vertical road axes, which was signed on March 29th 2024 between, on the one hand, the Hellenic Republic and HRADF (now HCAP) and on the other hand, the company “NEA EGNATIA ODOS S.A” as the Concessionaire. The subsequent steps of the process until the payment of the fee are expected to be completed within the next months. Accordingly, with the exceptions of the above amounts, the net revenues are showing an over performance of 1,534 million Euros or 3.3% against the target mainly due to the increased tax revenues.
More specifically, the major revenue categories of the State Budget are as follows:
I.Tax revenues before tax refunds amounted to 46,519 million Euros, 2,042 million Euros or 4.6% higher against the target, mainly due to the better performance in collecting the current year’s taxes (income taxes, VAT, excise taxes, etc) as well as, the better performance of the previous year’s income taxes collected in installments until the end of February 2025.
Particularly for the main tax revenues categories we observe the following:
- VAT revenues amounted to 18,185 million Euros, 507 million Euros higher against the target.
- Excise tax revenues amounted to 4,857 million Euros, 83 million Euros higher against the target.
- Property tax revenues amounted to 1,983 million Euros, 73 million Euros higher against the target.
- Income tax revenues amounted to 17,306 million Euros, 1,135 million Euros higher against the target, from which: the PIT revenues are increased by 828 million Euros, the CIT revenues are decreased by 38 million Euros and the Other Income Tax revenues are increased by 345 million Euros against the target. It is noted that regarding personal income tax, part of the collections is frontloaded due to the earlier, from mid-March, activation of the platform for submitting tax returns.
II.Social Contributions amounted to 41 million Euros in line with the target.
III.Transfers amounted to 4,495 million Euros, 8 million Euros lower against the target, which is included in the 2025 Budget introductory report. An amount of 1,346 million Euros collected from the Recovery and Resilience Facility (RRF) in line with the target, whereas an amount of 2,507 million Euros, comes from PIB revenues, which is 422 million Euros lower against the target.
IV.Sales of goods and services amounted to 1,740 million Euros and include the amount of 784.8 million Euros from the new Concession Agreement for Attica Motorway, while the target had included the amount of 1,350 million Euros, from the exploitation of the Egnatia Motorway, as mentioned above. Excluding these amounts, the revenues to the “Sales of goods” category amounted to 955 million Euros, increased by 259 million Euros against the target.
V.Other current revenues amounted to 1,822 million Euros, 75 million Euros lower against the target which is included in the 2025 Budget introductory report. An amount of 185 million Euros, out of 1,822 million Euros, comes from PIB revenues increased by 29 million Euros against the target.
Tax refunds amounted to 6,181 million Euros and include the amount of 784.8 million Euros from the new Concession Agreement for Attica Motorway, as mentioned above, which fiscally affects the year 2024. Excluding this amount, tax refunds amounted to 5,396 million Euros, 685 million Euros higher against the target (4,711 million Euros), which is included in the 2025 Budget introductory report.
Considering the above, net tax revenues after tax refunds in the period January – August 2025 appear to be increased by 1,357 million Euros against the target. As mentioned above, an amount of 342 million Euros of tax revenues in the first two months is fiscally counted in the year 2024.
PIB total revenues amounted to 2,692 million Euros, 393 million Euros lower than the target (3,085 million Euros), which is included in the 2025 Budget introductory report.
Particularly, in August 2025 the State Budget net revenues amounted to 5,605 million Euros, 634 million Euros lower than the monthly target, mainly due to the increased tax refunds – from the clearance of tax returns – which had been estimated for the following month.
More specifically, the major revenue categories of the State Budget are as follows:
I.Tax revenues amounted to 6,086 million Euros, 109 million Euros or 1.8% lower against the target. It is noted that part of the income tax was front-loaded collected in the previous months, due to the fact that the platform for the submission of tax returns was made available already from mid-March.
Particularly for the main tax revenues categories we observe the following:
- VAT revenues amounted to 2,481 million Euros, 150 million Euros higher against the target.
- Excise tax revenues amounted to 699 million Euros, 5 million Euros lower against the target.
- Property tax revenues amounted to 113 million Euros, 17 million Euros lower against the target.
- Income tax revenues amounted to 2,378 million Euros, 181 million Euros lower against the target of which PIT is reduced by 79 million Euros against the target, CIT is decreased by 97 million euros and Other Income Taxes are decreased by 5 million Euros.
II.Social Contributions amounted to 6 million Euros in line with the target.
III.Transfers amounted to 375 million Euros, 158 million Euros lower against the target which is included in the 2025 Budget introductory report. An amount of 306 million Euros comes from PIB revenues, which is 217 million Euros lower against the target.
IV.Sales of goods and services amounted to 20 million Euros, against a zero monthly target.
V.Other current revenues amounted to 180 million Euros, 57 million Euros higher against the target which is included in the 2025 Budget introductory report. An amount of 34 million Euros, out of 180 million Euros, comes from PIB revenues, which is 27 million Euros higher against the target.
Tax refunds amounted to 1,135 million Euros, 433 million Euros higher than the target (702 million Euros).
PIB revenues amounted to 340 million Euros, 190 million Euros lower than the target (530 million Euros).
State Budget expenditures for the period of January – August of 2025 amounted to 46,494 million Euros, 3,161 million Euros lower than the target (49,655 million Euros), which is included in the 2025 Budget introductory report. They were also increased in comparison to the respective period of 2024 by 2,405 million Euros.
In the Ordinary Budget the payments are shown decreased, compared to the target, by 3,054 million Euros, a fact which is mainly justified by the time differentiation of the transfers both to SSFs and the other entities of general government by 1,895 million Euros and the military procurement cash payments by 540 million Euros. The aforementioned amounts do not affect the General Government outcome in fiscal terms.
Noteworthy transfers are the following:
- the transfers to hospitals and YPE-PEDY of 897 million Euros,
- the transfer of 400 million Euros to cover the cost of Public Service Obligation (PSO) in the electricity sector, in accordance with the provisions of article 55 of Law 4508/2017 (Government Gazette A’ 200),
- the grant to National Centralized Health Procurement Authority (EKAPY) of 377 million Euros for purchasing medicine and other health products and services for the public hospitals,
- the grants to transportation entities (OASA, OASTH and OSE) of 251 million Euros and
- the grant to universities of 145 million Euros.
Investment expenditure amounted to 7,040 million Euros and it is 106 million Euros lower than the target, which has been included in the introductory report of the 2025 Budget. At the same time, it is increased compared to the corresponding payments of 2024 by 491 million Euros.
State Budget Execution for the period of January – August of 2025