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 – September of 2025 presented a surplus of 2,308 million Euros, against the target of a deficit of 1,581 million Euros that has been incorporated for the same period of 2025 in the 2025 Budget introductory report and a surplus of 1,568 million Euros for the same period of 2024. The State Budget Primary Balance on a modified cash basis amounted to a surplus of 9,355 million Euros, against the primary surplus target of 5,209 million Euros and the primary surplus of 8,735 million Euros performed at the same period of the previous year. It is noted that an amount of 2,073 million Euros which refers to the time differentiation of ordinary budget transfers and an amount of 650 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 1,081 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 – September 2025, State Budget net revenues amounted to 54,565 million Euros, showing an increase of 460 million Euros or 0.9% 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 1,810 million Euros or 3.4% against the target mainly due to the increased tax revenues.
Tax revenues before tax refunds amounted to 52,819 million Euros, 2,185 million Euros or 4.3% 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.
Tax refunds amounted to 6,764 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 5,979 million Euros, 353 million Euros higher against the target (5,626 million Euros), which is included in the 2025 Budget introductory report.
Considering the above, net tax revenues after tax refunds in the period January – September 2025 appear to be increased by 1,832 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 revenues amounted to 2,874 million Euros, 571 million Euros lower than the target (3,445 million Euros), which is included in the 2025 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 September 2025 the State Budget net revenues amounted to 6,107 million Euros, 277 million Euros higher than the monthly target.
Tax revenues amounted to 6,300 million Euros, 144 million Euros or 2.3% higher 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.
Tax refunds amounted to 583 million Euros, 332 million Euros lower than the target (915 million Euros) due to the increased tax refunds of the previous month as a result of the clearance of tax returns.
PIB revenues amounted to 182 million Euros, 178 million Euros lower than the target (360 million Euros).
State Budget expenditures for the period of January – September of 2025 amounted to 52,257 million Euros, 3,429 million Euros lower than the target (55,686 million Euros), which is included in the 2025 Budget introductory report. They were also increased in comparison to the respective period of 2024 by 2,927 million Euros.
In the Ordinary Budget the payments are shown decreased, compared to the target, by 3,291 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 2,073 million Euros and the military procurement cash payments by 650 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 952 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 463 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 282 million Euros and
- the grant to universities of 146 million Euros.
Investment expenditure amounted to 8,186 million Euros and it is 138 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 948 million Euros. The RRF expenditure in the period January – September 2025 amounted to 2,629 million Euros, showing an increase of 240 against the target.
STATE BUDGET EXECUTION MONTHLY BULLETIN SEPTEMBER 2025 (preliminary)