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 – May of 2025 presented a surplus of 1,883 million Euros, against the target of a deficit of 2,475 million Euros that has been incorporated for the same period of 2025 in the 2025 Budget introductory report and a deficit of 535 million Euros for the same period of 2024. The State Budget Primary Balance on a modified cash basis amounted to a surplus of 5,351 million Euros, against the primary surplus target of 1,055 million Euros and the primary surplus of 3,197 million Euros performed at the same period of the previous year. It is noted that an amount of 1,993 million Euros which refers to the time differentiation of payments from ordinary budget and an amount of 499 million Euros which refers to the time differentiation of investment expenditure, 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 1,462 million Euros. It is noted that this amount includes the collection of part of the income tax that was estimated to be collected in the following months, due to the fact that the tax return submission platform was made available as early as mid-March.
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 – May 2025, State Budget net revenues amounted to 28,977 million Euros, showing an increase of 1,640 million Euros or 6% 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.
Tax revenues amounted to 27,050 million Euros, 1,773 million Euros or 7% higher against the target, mainly due: a) to the better performance in collecting the current year’s taxes (VAT, excise taxes etc.), and the better performance of the previous year’s income taxes collected in installments until the end of February 2025 and b) the earlier collection of part of the Personal Income Tax (PIT) that had been expected to be collected in the coming months, due to the fact that the tax return submission platform was made available as early as mid-March.
Tax refunds amounted to 3,819 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 3,035 million Euros, 349 million Euros higher against the target (2,686 million Euros), which is included in the 2025 Budget introductory report.
PIB total revenues amounted to 1,725 million Euros, 154 million Euros lower than the target (1,880 million Euros), which is included in the 2025 Budget introductory report.
Particularly, in May 2025 the State Budget net revenues amounted to 5,918 million Euros, 1,411 million Euros higher than the monthly target mainly due to the collection of fifth installment from Recovery and Resilience Fund (RRF), amounting to 1,346 million Euros, which was estimated to be collected in April.
Tax revenues amounted to 5,041 million Euros, 412 million Euros or 8.9% higher against the target.
Tax refunds amounted to 778 million Euros, 301 million Euros higher than the target (478 million Euros).
PIB revenues amounted to 104 million Euros, 11 million Euros lower than the target (115 million Euros).
State Budget expenditures for the period of January – May of 2025 amounted to 27,094 million Euros, 2,718 million Euros lower than the target (29,812 million Euros), which is included in the 2025 Budget introductory report. Τhey were also decreased in comparison to the respective period of 2024 by 325 million Euros.
In the Ordinary Budget the payments are shown decreased, compared to the target, by 2,218 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 the by 1,539 million Euros and the military procurement cash payments by 455 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 588 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 290 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 124 million Euros and
- the grant to universities of 113 million Euros.
Investment expenditure amounted to 3,729 million Euros and it is 499 million Euros lower than the target, which has been included in the introductory report of the 2025 Budget. At the same time, it is decreased compared to the corresponding payments of 2024 by 685 million Euros.
State Budget Execution for the period of January – May of 2025