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 – December of 2025 presented a surplus of 17 million Euros, against the revised target of a deficit of 2,586 million Euros that has been incorporated for the same period of 2025 in the 2026 Budget introductory report and a surplus of 369 million Euros for the same period of 2024. The State Budget Primary Balance on a modified cash basis amounted to a surplus of 8,006 million Euros, against the primary surplus target of 5,327 million Euros and the primary surplus of 8,698 million Euros performed at the same period of the previous year.
Excluding an amount of 1,930 million Euros relating to under-execution and time differentiation of transfer payments to general government bodies and cash payments for military procurement programs, which do not affect the General Government’s result in fiscal terms, the overexecution in the primary balance on a modified cash basis, in comparison to the budget targets is estimated at 749 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 December 2025, a cash inflow of 1.3 billion Euros had been projected, relating to 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, with no fiscal impact for the year 2025. The fiscal impact, according to ESA, of the above transaction was projected to commence from the year 2026 onwards, with an estimated amount of EUR 38.6 million per year.
Indeed, in December 2025 the Concession Agreement was completed, which was ratified by Law 5260/2025 (Government Gazette A’ 229). The consideration for the transaction was set at 1,275 million Euros and is subject to VAT at 24%, i.e. 306 million Euros, which will be refunded to the concessionaire.
Thus, on 31/12/2025, an amount of 759 million Euros was remitted to the Special Account for the Management of Public Debt, resulting after the withholding of:
- an amount of 306 million Euros relating to VAT, which was paid to the State (tax) revenues within January 2026,
- an amount of 180 million Euros which, in accordance with the concession agreement, will be allocated to the modernization of tunnels, and
- an amount of 30 million Euros for the settlement of the transaction costs (0.5% fee to HCAP and other expenses related to the transaction). Any remaining balance from the 30 million Euros, following settlement will be paid to the Hellenic State.
For the period of January – December 2025, State Budget net revenues amounted to 76,940 million Euros, showing a decrease of 921 million Euros or 1.2% against the target of the corresponding period, which is included in the 2026 Budget introductory report. This underperformance is mainly due: a) to the above-described difference between projected and actual revenues, by 591 million Euros, from the Egnatia Motorway concession agreement, without however having any fiscal impact; and b) to the decreased PIB revenues, by 692 million Euros.
Tax revenues amounted to 71,967 million Euros, 451 million Euros or 0.6% higher against the target of the corresponding period, which is included in the 2026 Budget introductory report.
Tax refunds amounted to 8,419 million Euros, 55 million Euros lower against the target (8,474 million Euros), which is included in the 2026 Budget introductory report.
PIB revenues amounted to 3,523 million Euros, 692 million Euros lower than the target (4,215 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 December 2025, the State Budget net revenues amounted to 8,163 million Euros, 3,216 million Euros lower than the monthly target, mainly due to: a) to the fact that the target of the Budget introductory report in December includes the sixth installment from Recovery and Resilience Facility (RRF), amounting to 2,109 million Euros, which finally collected in November b) the reduced PIB revenues and c) the difference between projected and actual revenues, by 591 million euros, from the Egnatia Motorway concession agreement, as mentioned above.
Tax revenues amounted to 7,085 million Euros, 205 million Euros or 3% higher against the target that has been incorporated in the 2026 Budget introductory report.
Tax refunds amounted to 602 million Euros, 105 million Euros lower than the target (707 million Euros).
PIB revenues amounted to 482 million Euros, 666 million Euros lower than the target (1,147 million Euros).
State Budget expenditures for the period of January – December of 2025 amounted to 76,922 million Euros, 3,524 million Euros lower than the target (80,447 million Euros), which is included in the 2026 Budget introductory report. They were also increased in comparison to the respective period of 2024 by 3,181 million Euros, mainly due to the increase in transfers to SSFs and the expenditure of RFF.
In the Ordinary Budget, payments appear decreased by 3,535 million Euros compared to the target, which is mainly related to the under-execution and time differentiation of transfer payments to General Government entities by 1,225 million Euros and the military procurement cash payments by 705 million Euros.
Noteworthy transfers are the following:
- the transfers to hospitals and Primary Health Care of 1,696 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 638 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 422 million Euros and
- the grant to universities of 173 million Euros.
Investment expenditure amounted to 14,611 million Euros, increased by 11 million Euros in comparison to the target, which has been included in the 2026 Budget introductory report. At the same time, it is increased compared to the corresponding payments of 2024 by 1,296 million Euros.
STATE BUDGET EXECUTION – MONTHLY BULLETIN – DECEMBER 2025 (preliminary)
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