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 – July of 2025 presented a surplus of 2,168 million Euros, against the target of a deficit of 1,961 million Euros that has been incorporated for the same period of 2025 in the 2025 Budget introductory report and a deficit of 139 million Euros for the same period of 2024. The State Budget Primary Balance on a modified cash basis amounted to a surplus of 7,939 million Euros, against the primary surplus target of 3,599 million Euros and the primary surplus of 5,665 million Euros performed at the same period of the previous year. It is noted that an amount of 2,208 million Euros which refers to the time differentiation of ordinary budget transfers and an amount of 605 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 1,183 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 – July 2025, State Budget net revenues amounted to 42,853 million Euros, showing an increase of 817 million Euros or 1.9% against the target of the corresponding period, which is included in the 2025 Budget introductory report. It is noted that this amount includes 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. This increase 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 2,167 million Euros or 5.3% against the target mainly due to the increased tax revenues.
More specifically, the major revenue categories of the State Budget are as follows:
Ι. Tax revenues amounted to 40,434 million Euros, 2,150 million Euros or 5.6% higher against the target. This overperformance is due to the better performance in collecting the current year’s taxes, 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 15,704 million Euros, 357 million Euros higher against the target.
- Excise tax revenues amounted to 4,158 million Euros, 87 million Euros higher against the target.
- Property tax revenues amounted to 1,870 million Euros, 90 million Euros higher against the target.
- Income tax revenues amounted to 14,928 million Euros, 1,316 million Euros higher against the target, from which: the PIT revenues are increased by 907 million Euros, the CIT revenues are increased by 59 million Euros and the Other Income Tax revenues are increased by 350 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 35 million Euros in line with the target.
III. Transfers amounted to 4,120 million Euros, 149 million Euros higher 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 2,200 million Euros, comes from PIB revenues, which is 205 million Euros lower against the target.
IV. Sales of goods and services amounted to 1,667 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 882 million Euros, increased by 270 million Euros against the target.
V. Other current revenues amounted to 1,642 million Euros, 132 million Euros lower against the target which is included in the 2025 Budget introductory report. An amount of 151 million Euros, out of 1,642 million Euros, comes from PIB revenues increased by 2 million Euros against the target.
Tax refunds amounted to 5,045 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 4,260 million Euros, 252 million Euros higher against the target (4,008 million Euros), which is included in the 2025 Budget introductory report.
PIB total revenues amounted to 2,352 million Euros, 203 million Euros lower than the target (2,555 million Euros), which is included in the 2025 Budget introductory report.
Particularly, in July 2025 the State Budget net revenues amounted to 8,472 million Euros, 333 million Euros higher than the monthly target.
More specifically, the major revenue categories of the State Budget are as follows:
Tax revenues amounted to 8,226 million Euros, 85 million Euros or 1.0% lower against the target.
Particularly for the main tax revenues categories we observe the following:
- VAT revenues amounted to 2,818 million Euros, 41 million Euros higher against the target.
- Excise tax revenues amounted to 727 million Euros, 6 million Euros lower against the target.
- Property tax revenues amounted to 172 million Euros, 30 million Euros lower against the target.
- Income tax revenues amounted to 3,847 million Euros, 91 million Euros lower against the target, of which:
(a) Personal Income Tax is reduced by 188 million euros against the target, which is due to the increased collection of PIT amounts in previous months due to the earlier, from mid-March, activation of the platform for submitting tax returns,
(b) Corporate Income Tax is increased by 16 million euros and
(c) Other Income Taxes are increased by 81 million euros.
II. Social Contributions amounted to 5 million Euros in line with the target.
III. Transfers amounted to 548 million Euros, 471 million Euros higher against the target which is included in the 2025 Budget introductory report. An amount of 400 million Euros comes from PIB revenues, which is 357 million Euros higher against the target.
IV. Sales of goods and services amounted to 126 million Euros, 8 million Euros lower against the target.
V. Other current revenues amounted to 240 million Euros, 66 million Euros lower against the target which is included in the 2025 Budget introductory report. An amount of 29 million Euros, out of 240 million Euros, comes from PIB revenues, which is 17 million Euros higher against the target.
Tax refunds amounted to 673 million Euros, 20 million Euros lower than the target (693 million Euros).
PIB total revenues amounted to 429 million Euros, 374 million Euros higher than the target (55 million Euros).
State Budget expenditures for the period of January – July of 2025 amounted to 40,685 million Euros, 3,311 million Euros lower than the target (43,997 million Euros), which is included in the 2025 Budget introductory report. They were also increased in comparison to the respective period of 2024 by 1,359 million Euros.
In the Ordinary Budget the payments are shown decreased, compared to the target, by 3,277 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 2,208 million Euros and the military procurement cash payments by 605 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 726 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 208 million Euros and
- the grant to universities of 115 million Euros.
Investment expenditure amounted to 6,131 million Euros and it is 34 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 32 million Euros.