Greece's Ministry of National Economy and Finance reports January–July 2025 state budget surplus of EUR 2.168bn and primary surplus of EUR 7.939bn

Greece's Ministry of National Economy and Finance published final state budget execution data for January to July 2025 on a modified cash basis, showing a EUR 2.168bn surplus versus a targeted deficit of EUR 1.961bn and a EUR 139m deficit in the same period of 2024. The modified cash primary balance recorded a EUR 7.939bn surplus, above the EUR 3.599bn target and compared with a EUR 5.665bn primary surplus a year earlier. Net state budget revenues totalled EUR 42.853bn, EUR 817m above target, with tax revenues of EUR 40.434bn outperforming by EUR 2.150bn, including income taxes up EUR 1.316bn and value added tax up EUR 357m versus target. The figures incorporate transactions of EUR 784.8m linked to completion of the Attiki Odos concession, recorded both in “Sales of goods and services” and VAT refunds and described as fiscally neutral and relating to 2024; the revenue targets also assumed receipt in June of a EUR 1.350bn payment for the Egnatia Odos concession that had not yet been collected. On the expenditure side, payments were EUR 40.685bn, EUR 3.311bn below target, mainly reflecting payment timing for regular-budget transfers (EUR 2.208bn) and armaments programmes (EUR 605m), which the ministry notes do not affect the general government balance in fiscal terms; EUR 342m of early-2025 tax revenues are also counted fiscally in 2024. Excluding these items, the ministry estimates the primary balance overperformance against budget targets at EUR 1.183bn, while noting that these results relate to central government rather than the full general government. The ministry expects the remaining steps leading to payment of the EUR 1.350bn Egnatia Odos concession price to be completed in the coming months.