Greece’s Ministry of National Economy and Finance published state budget execution figures for August 2025, showing that the central government recorded a surplus of EUR 1.964 billion on a modified cash basis in January–August 2025, versus a target deficit of EUR 1.381 billion. The primary balance was a surplus of EUR 8.499 billion against a target of EUR 4.929 billion, and both outcomes were higher than in January–August 2024 when the budget surplus was EUR 1.044 billion and the primary surplus EUR 7.567 billion. The Ministry noted that the cash result reflects timing shifts in transfer payments (EUR 1.895 billion) and defence procurement payments (EUR 540 million) that do not affect the general government balance in fiscal terms, and that EUR 342 million of tax revenues collected early in 2025 is recorded fiscally in 2024. Excluding these items, the primary balance overperformance versus budget targets is estimated at EUR 793 million. Net revenues totalled EUR 48.458 billion, EUR 184 million above target, with tax revenues before refunds at EUR 46.519 billion, EUR 2.042 billion above target, including VAT of EUR 18.185 billion (+EUR 507 million) and income taxes of EUR 17.306 billion (+EUR 1.135 billion), with personal income tax receipts described as front-loaded after the mid-March launch of the tax return filing application. The revenue outturn incorporated EUR 784.8 million of transactions linked to the new Attiki Odos concession that were booked in both “sales of goods and services” and VAT refunds and described as fiscally neutral and attributable to 2024, while the budget target had assumed receipt in June of a EUR 1.350 billion upfront fee from the Egnatia Odos concession. In August alone, net revenues were EUR 5.605 billion, EUR 634 million below the monthly target, mainly due to higher-than-budgeted tax refunds related to tax return clearances. The Ministry expects the remaining steps in the Egnatia Odos concession process to be completed in the coming months ahead of payment of the EUR 1.350 billion fee.
Ministry of National Economy and Finance (Greece) 2025-09-25
Greece’s Ministry of National Economy and Finance publishes August 2025 budget execution showing EUR 1.964 billion surplus and EUR 8.499 billion primary surplus for January–August
Greece's Ministry of National Economy and Finance reported a central government surplus of EUR 1.964 billion for January–August 2025, surpassing the target deficit of EUR 1.381 billion. The primary balance showed a surplus of EUR 8.499 billion, exceeding the target of EUR 4.929 billion. The Ministry attributed these results to timing shifts in transfer and defence procurement payments and noted that tax revenues were EUR 2.042 billion above target.