Greece’s Ministry of National Economy and Finance reports H1 2025 budget deficit of EUR 564 million and primary surplus of EUR 4.519 billion beating targets

Greece’s Ministry of National Economy and Finance published central government budget execution results on a modified cash basis for January–June 2025, showing a budget deficit of EUR 564 million versus a target deficit of EUR 2.795 billion and a primary surplus of EUR 4.519 billion versus a target of EUR 2.235 billion. The ministry highlighted that the modified cash outcome differs from the fiscal (general government) result and that the figures relate to central government only. Net revenues totalled EUR 34.381 billion, EUR 484 million (1.4%) above target, despite the budget assumption that a EUR 1.350 billion concession payment for the Egnatia Odos motorway would be received in June. Excluding this not-yet-received amount, net revenues were EUR 1.834 billion (5.6%) above target, driven mainly by tax receipts, with “Taxes” at EUR 32.208 billion, EUR 2.236 billion (7.5%) above target, including earlier-than-planned collection of personal income tax after the tax return filing application went live in mid-March. Expenditure for January–June was EUR 34.945 billion, EUR 1.746 billion below target, largely reflecting timing effects including EUR 792 million of delayed transfer payments and EUR 433 million of delayed defence procurement payments; together with EUR 342 million of early-2025 tax revenues counted fiscally in 2024, these timing items were presented as not affecting the general government result in fiscal terms. The remaining procedural steps to completion of the Egnatia Odos concession payment are expected to be finalised in the coming months.