According to the state budget execution data, on a modified cash basis, for the period January – September 2025, there is a surplus in the state budget balance amounting to 2,401 million euros against the target for a deficit of 1,581 million euros included for the corresponding period of 2025 in the introductory report of the 2025 Budget and surplus 1,568 million euros in the corresponding period of 2024.

The primary result on an adjusted cash basis came in at a surplus of €9,449 million, against a target of a primary surplus of €5,209 million and a primary surplus of €8,735 million for the same period in 2024.

It is noted that an amount of 2,073 million euros related to the deferral of transfer payments of the regular budget and an amount of 650 million euros related to the deferral of payments for equipment programs do not affect the result of the General Government in fiscal terms.

In addition, an amount of 342 million euros of tax revenue of the first two months is fiscally counted in the year 2024. Excluding the above amounts, the excess in the primary result on a modified cash basis, against the budget targets, is estimated at 1,175 million euros.

It is pointed out that the primary result in fiscal terms differs from the result in cash terms. In addition, the above refers to the primary result of the Central Administration and not to the whole of the General Government, which also includes the fiscal results of Legal Entities and the sub-sectors of OTAs and OKAs.

In the period January – September 2025, the amount of net revenues of the state budget amounted to 54,661 million euros, presenting an increase of 557 million euros or 1% compared to the target included for the corresponding period in the introductory report of the 2025 Budget.

It is noted that the amount of net income includes, both in the income (in the category “Sales of goods and services”) and in the tax refunds (VAT), the amount of 784.8 million euros from the transactions that were required to be done during the month of January 2025 for the completion of the new Attica Road Concession Agreement, which concern the year 2024 and are fiscally neutral.

The increase in net revenues against the target is observed, even though the target of the reporting report included the collection in June of the price of 1,350 million euros from the Service Concession Agreement for the financing, operation, maintenance and exploitation of the Egnatia Road motorway and the three (3) vertical road axes, which was signed on 29 March 2024, between the Greek State and TAIPED on the one hand (now EESYP) and the company “NEA EGNATIA ODOS SA” as Concessionaire on the other.

The next steps in the process until the payment of the price are expected to be completed in the coming months. Excluding the above amount, net income shows an increase of 1,907 million euros or 3.6% against the target, mainly due to increased tax revenues.

More specifically, the revenues of the major categories of the state budget are as follows:

Taxes before refunds amounted to €52,722 million, up €2,088 million or 4.1% on target, mainly due to better performance in the collection of current year’s taxes (income taxes, VAT, excise duties, etc.) and better performance of previous year’s income taxes collected in installments until the end of February 2025.

It is noted that the above concerns the comparison in relation to the objectives of the Budget, while during the preparation of the Draft State Budget 2026 the relevant estimates were updated, taking into account the execution of the revenues.

In particular, the following are observed for the main taxes of this category:

  • VAT revenues amounted to 20,378 million euros and are increased against the target by 645 million euros.
  • The revenues of the Social Insurance Institutions amounted to 5,525 million euros and are increased against the target by 102 million euros.
  • Real estate tax revenues amounted to 2,109 million euros and are increased against the target by 64 million euros.
  • Income tax revenues amounted to 19,796 million euros and are increased against the target by 964 million euros, of which: the Personal Income Tax is increased by 757 million euros, the Corporate Income Tax is reduced by 133 million euros and Other Income Taxes are increased by 340 million euros against the target.

It is noted that with regard to the personal income tax, part of the collections appear in advance, due to the fact that the application for the submission of tax returns was put into operation already in mid-March.

The revenues of the “Social Contributions” category amounted to 46 million euros, in line with the target.

The revenues of the “Transfers” category amounted to 4,700 million euros, reduced by 177 million euros compared to the target included in the introductory report of the Budget 2025. An amount of 1,346 million euros was collected from the Recovery and Resilience Fund in accordance with the target, while an amount of 2,684 million euros concerns PDE revenues, which are reduced by 597 million euros vs of the target.

The revenues of the “Sales of goods and services” category amounted to 1,802 million euros and include the amount of 784.8 million euros from the new Attica Road Concession Agreement, while the target includes the amount of 1,350 million euros from the price for the exploitation of the Egnatia Road, as mentioned above. If the above amounts are excluded, the revenues of the major category “Sales of goods and services” amount to 1,017 million euros, increased by 257 million euros compared to the target.

The income of the “Other current income” category amounted to 2,078 million euros, increased by 35 million euros compared to the target included in the introductory report of the Budget 2025. From the above collected amount of 2,078 million euros, an amount of 190 million euros concerns PDE income, which is increased by 26 million euros compared to the target.

Revenue refunds amounted to 6,709 million euros and incorporate the VAT refund amount of 784.8 million euros from the new Attica Road Concession Agreement, as mentioned above, which fiscally affects the year 2024. If this amount is excluded, tax refunds amounted to 5,924 million euros and are increased by 298 million euros compared to the target (5,626 million euros), which has been included in the introductory report of the 2025 Budget.

Taking into account the above, the net income from taxes after refunds in the period January – September 2025 appears increased by 1,790 million euros compared to the target of the Budget. As mentioned above, an amount of 342 million euros of tax revenue of the first two months is fiscally counted in the year 2024.

The total revenues of the PDE amounted to 2,874 million euros, reduced by 571 million euros from the target (3,445 million euros), which is included in the introductory report of the 2025 Budget.

In particular, in September 2025 the total net revenues of the state budget amounted to 6,204 million euros, increased by 373 million euros compared to the monthly target.

More specifically, the revenues of the major categories of the state budget are as follows:

The revenues of the “Taxes” category amounted to 6,203 million euros, increased by 46 million euros or 0.8% against the target. It is noted that part of the income tax was collected in advance in the previous months, due to the fact that the application for the submission of tax returns was launched in mid-March.

In particular, the following are observed for the main taxes of this category:

  • VAT revenues amounted to 2,193 million euros and are increased against the target by 138 million euros.
  • The revenues of EFCs amounted to 668 million euros and are increased against the target by 20 million euros.
  • Real estate tax revenues amounted to 126 million euros and are short of the target by 9 million euros.
  • Income tax revenues amounted to 2,490 million euros and are reduced against the target by 171 million euros, of which Personal Income Tax is reduced by 71 million euros, Corporate Income Tax is reduced by 94 million euros and Other Income Taxes are reduced by 5 million euros.

The revenues of the “Social Contributions” category amounted to 5 million euros, in line with the target.

The revenues of the “Transfers” category amounted to 205 million euros, reduced by 169 million euros compared to the target included in the introductory report of Budget 2025. An amount of 177 million euros concerns PDE revenues, which are reduced by 176 million euros compared to the target.

The revenue of the “Sales of goods and services” category amounted to 62 million euros, reduced by 1 million euros compared to the target included in the introductory report of the 2025 Budget.

The income of the “Other current income” category amounted to 257 million euros, increased by 110 million euros compared to the target included in the introductory report of the Budget 2025. Of the above collected amount of 257 million euros, an amount of 5 million euros concerns PDE income, which is reduced by 2 million euros compared to the target.

Revenue refunds came in at €528 million, down €387 million from the monthly target (€915 million) due to the increased tax refund of the previous month due to the clearance of tax returns.

The total revenues of the PDE amounted to 182 million euros, reduced by 178 million euros from the target (360 million euros).

The expenses of the State Budget for the period January – September 2025 amounted to 52,260 million euros and are presented reduced by 3,426 million euros against the target (55,686 million euros), which has been included in the introductory report of the 2025 Budget. They are also increased compared to the corresponding period of 2024 by 2,929 million euros.

In the section of the Regular Budget, payments are shown reduced compared to the target by 3,288 million euros, which is mainly due to the deferral of transfer payments to OKA and other general government bodies by 2,073 million euros and the cash payments of equipment programs by 650 million euros. It is noted that the aforementioned amounts do not affect the result of the General Government in fiscal terms.

Notable transfers are the following:

  • the transfers to hospitals and the Ministry of Health and Welfare of 952 million euros,
  • the transfer of 400 million euros to cover the cost of providing public utility services in the electricity sector (YKO), in accordance with the provisions of article 55 of Law 4508/2017 (A’ 200),
  • the grant of 463 million euros to the National Central Authority for Health Procurement (E.K.A.P.Y.) for the supply of pharmaceuticals, products and health services, on behalf of public hospitals,
  • the grants to the transport agencies (OASA, OASTH and OSE) amounting to 282 million euros and
  • the grant to Higher Education Institutions of 153 million euros.

Payments in the investment expenditure segment amounted to 8,186 million euros, reduced by 138 million euros in relation to the target, which is included in the introductory report of the 2025 Budget. At the same time, they are shown to be increased in relation to the corresponding payments in 2024 by 948 million euros. In particular, the expenditure of the Recovery and Resilience Fund in the period January-September 2025 amounted to 2,629 million euros, presenting an increase of 240 million euros against the target.