Greece’s state budget produced a primary surplus of 12.7 billion euros in the January to November 2025 period, marking a continued improvement in the country’s fiscal performance. Net revenues rose to 68.8 billion euros, surpassing expectations by about 2.3 billion euros due to strong VAT and income tax inflows. Total expenditures reached 63.6 billion euros over the same period.
Budget execution data shows that the modified cash balance recorded a surplus of 5.162 billion euros, significantly above the target of 225 million euros included in the 2026 draft budget. The primary surplus on the same basis stood at 12.678 billion euros, over the 7.695 billion euro goal and higher than the figure reported a year earlier. A large part of this outperformance stems from the early arrival of 2.109 billion euros from the Recovery and Resilience Facility, originally scheduled for December.
Excluding this early installment, net revenues still exceeded the target by 186 million euros. Reduced spending in the regular budget also contributed to the improved balance, with delays in payments to social security funds, general government bodies and defense procurement creating temporary undershooting worth several hundred million euros. Investment outlays were likewise lower than anticipated by 609 million euros.
Major tax categories contributed strongly to revenue growth, with VAT intake hitting 25.671 billion euros and income tax reaching 24.117 billion euros, both above forecast. Property taxes brought in 2.331 billion euros, also exceeding target, while excise duties at 6.720 billion euros fell short. Transfers amounted to 7 billion euros, supported by the early RRF payment, though Public Investment Program revenues were slightly below expectations.
November alone recorded net revenues of 7.857 billion euros, which was far higher than projected due to the receipt of the RRF tranche. Without that inflow, monthly revenues still topped the target by 119 million euros. Spending for the first 11 months of 2025 came to 63.615 billion euros, falling 2.643 billion euros below target but remaining 1.270 billion euros higher than the previous year mainly because of increased transfers and RRF related disbursements.
Significant allocations during the period included 1.164 billion euros for hospitals and primary healthcare, 400 million euros for energy utility subsidies, 557 million euros for the national health procurement authority, 328 million euros for transport operators and 154 million euros for universities. Investment spending reached 10.483 billion euros, remaining under target but surpassing last year’s level.
