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 of January – July of 2025 presented a surplus of 2,188 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 7,959 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 1,203 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 42,858 million Euros, showing an increase of 822 million Euros or 2.0% 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 amount, the net revenues are showing an over performance of 2,172 million Euros or 5.3% against the target mainly due to the increased tax revenues.
Tax revenues amounted to 40,556 million Euros, 2,273 million Euros or 5.9% 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.
A more precise allocation among the revenue categories of the State Budget will take place when the final Bulletin is issued.
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 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 8,477 million Euros, 338 million Euros higher than the monthly target.
Tax revenues amounted to 8,348 million Euros, 37 million Euros or 0.4% higher against the target.
Tax refunds amounted to 673 million Euros, 20 million Euros lower than the target (693 million Euros).
PIB 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 40,671 million Euros, 3,326 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 1,345 million Euros.
In the Ordinary Budget the payments are shown decreased, compared to the target, by 3,292 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.
State Budget Execution for the period of January – July of 2025