With an overperformance of €1.175 billion in the primary balance compared with the targets set in the budget, the January–September nine-month period “ran ahead” of expectations. The positive trend in tax revenues continued in September, led by VAT and Excise Duties, which indicate increased consumption volumes despite high prices.
Better tax collection has brought the primary surplus to a total of €9.45 billion in the January–September 2025 period. Specifically, in September, total net revenues of the state budget amounted to €6.204 billion, exceeding the monthly target by €373 million.
On the other hand, payments under the Public Investment Program and tax refunds recorded a relative shortfall compared with targets, contributing to the surplus accumulated through September.
According to the data on the execution of the state budget released by the Ministry of National Economy and Finance, for the period January–September 2025, a cash surplus of €2.401 billion is recorded, against a targeted deficit of €1.581 billion for the same period of 2025 as included in the explanatory report of the 2025 Budget, and a surplus of €1.568 billion in the corresponding period of 2024.
The primary balance—on a modified cash basis as well—amounted to a surplus of €9.449 billion, compared with a target of €5.209 billion and a primary surplus of €8.735 billion for the corresponding period of 2024.
As the Ministry clarifies in its announcement, an amount of €2.073 billion related to the timing difference of transfer payments of the ordinary budget, and an amount of €650 million related to timing differences in payments for defense procurement programs, do not affect the General Government result in fiscal terms.
Furthermore, it is clarified that an amount of €342 million in tax revenues from the first two months of the year is accounted for—fiscally—in 2024.
Excluding the above amounts, the overperformance in the primary balance on a cash basis compared with the budget targets is estimated at €1.175 billion.
According to the Ministry of National Economy and Finance, the primary balance in fiscal terms differs from the primary balance in cash terms. In addition, the above figures refer to the primary balance of the Central Administration and not to that of the General Government as a whole, which also includes the fiscal results of Legal Entities and the subsectors of Local Authorities (OTA) and Social Security Funds (OKA).
Overall, during the period January–September 2025, the net revenues of the state budget amounted to €54.661 billion, showing an overperformance of €557 million, or 1%, compared with the target included for the same period in the explanatory report of the 2025 Budget. It is noted that the total of net revenues includes, both in revenues (under “Sales of goods and services”) and in tax refunds (VAT), the amount of €784.8 million from transactions that had to take place in January 2025 for the completion of the new Concession Agreement for Attiki Odos, which relate to fiscal year 2024 and are fiscally neutral.
The increase in net revenues compared with the target is observed even though the budget target had included the collection in June of €1.350 billion from the Concession Agreement for the financing, operation, maintenance, and exploitation of the Egnatia Odos motorway and its three vertical road axes. This agreement was signed on March 29, 2024, between the Hellenic Republic and the Hellenic Republic Asset Development Fund (now HCAP) on the one hand, and the company “NEA EGNATIA ODOS S.A.” as the Concessionaire on the other. The next procedural steps leading to the payment of the consideration are expected to be completed in the coming months.
Excluding the above amount, net revenues show an increase of €1.907 billion or 3.6% compared with the target, mainly due to higher tax revenues.
More specifically, the revenues of the main categories of the state budget are as follows:
I. “Taxes” revenues (before refunds) amounted to €52.722 billion, up by €2.088 billion or 4.1% compared with the target, mainly due to stronger collections from current-year taxes (income taxes, VAT, excise duties, etc.) as well as higher collections of previous-year income taxes paid in installments up to the end of February 2025. It is noted that these figures refer to comparisons with budget targets, while the relevant estimates were updated in the preparation of the 2026 Draft State Budget, taking into account revenue execution.
In particular, for the main tax categories, the following are observed:
- VAT revenues amounted to €20.378 billion, exceeding the target by €645 million.
- Excise Duty revenues (E.F.K.) amounted to €5.525 billion, exceeding the target by €102 million.
- Property tax revenues amounted to €2.109 billion, exceeding the target by €64 million.
- Income tax revenues amounted to €19.796 billion, exceeding the target by €964 million, of which:
– Personal Income Tax increased by €757 million,
– Corporate Income Tax decreased by €133 million, and
– Other Income Taxes increased by €340 million compared with the target.
It is noted that, regarding personal income tax, part of the receipts appears front-loaded because the electronic filing system for tax returns became operational as early as mid-March.
II. “Social Contributions” revenues amounted to €46 million, in line with the target.
III. “Transfers” revenues amounted to €4.700 billion, €177 million below the target set in the 2025 Budget explanatory report. Of this, €1.346 billion was collected from the Recovery and Resilience Facility (RRF), in line with the target, while €2.684 billion came from Public Investment Program (PIP) revenues, €597 million below the target.
IV. “Sales of goods and services” revenues amounted to €1.802 billion and include €784.8 million from the new Attiki Odos Concession Agreement, while the target included €1.350 billion from the Egnatia Odos concession consideration, as previously noted. Excluding these amounts, revenues from “Sales of goods and services” stand at €1.017 billion, €257 million above target.
V. “Other current revenues” amounted to €2.078 billion, €35 million above target. Of this, €190 million concerns PIP revenues, €26 million above target.
Refunds of revenues amounted to €6.709 billion and include a VAT refund of €784.8 million related to the Attiki Odos concession, which fiscally affects 2024. Excluding this amount, tax refunds reached €5.924 billion, €298 million above the target (€5.626 billion).
Taking all the above into account, net tax revenues after refunds for January–September 2025 are €1.790 billion higher than the Budget target. As previously noted, €342 million of tax revenues from the first two months of the year are fiscally attributed to 2024.
Total PIP revenues amounted to €2.874 billion, €571 million below the target (€3.445 billion).
Specifically, in September 2025, total net revenues of the state budget amounted to €6.204 billion, €373 million above the monthly target.
The breakdown of major categories is as follows:
- “Taxes”: €6.203 billion, up €46 million or 0.8% versus target. Note: some income tax was collected earlier in the year, since the electronic filing platform opened in mid-March.
- VAT: €2.193 billion (+€138 million vs. target)
- Excise Duties: €668 million (+€20 million)
- Property taxes: €126 million (–€9 million)
- Income taxes: €2.490 billion (–€171 million), of which:
– Personal Income Tax: –€71 million
– Corporate Income Tax: –€94 million
– Other Income Taxes: –€5 million - “Social Contributions”: €5 million, in line with target.
- “Transfers”: €205 million, €169 million below target; €177 million from PIP, €176 million below target.
- “Sales of goods and services”: €62 million, €1 million below target.
- “Other current revenues”: €257 million, €110 million above target; includes €5 million from PIP, €2 million below target.
Refunds of revenues amounted to €528 million, €387 million below the monthly target (€915 million), due to increased tax refunds in the previous month following completion of income tax assessments.
Total PIP revenues were €182 million, €178 million below the target (€360 million).
State Budget Expenditures for January–September 2025 amounted to €52.260 billion, €3.426 billion below the target (€55.686 billion), though €2.929 billion higher than in the same period of 2024.
In the Ordinary Budget, payments were €3.288 billion below target, mainly due to timing differences in transfer payments to Social Security Funds (OKA) and other general government entities (€2.073 billion) and in payments for defense programs (€650 million). These amounts do not affect the General Government result in fiscal terms.
Notable transfers include:
- Transfers to hospitals and regional health units (YPE–PEDY): €952 million
- Transfer of €400 million to cover the cost of public service obligations in the electricity sector (ΥΚΩ), per Article 55 of Law 4508/2017
- Grant of €463 million to the National Central Health Procurement Authority (EKAPY) for the procurement of pharmaceuticals, products, and health services for public hospitals
- Grants to transport organizations (OASA, OASTH, OSE): €282 million
- Grants to Higher Education Institutions: €153 million
Investment expenditures amounted to €8.186 billion, €138 million below target but €948 million higher than in 2024.
Specifically, RRF expenditures for January–September 2025 amounted to €2.629 billion, €240 million above target.
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