Greece’s Ministry of National Economy and Finance published its provisional October 2025 monthly bulletin on state budget execution, showing that on a modified cash basis the central government recorded a EUR 3.087bn overall surplus and a EUR 10.298bn primary surplus for January to October 2025. Both results exceeded the corresponding budget targets (EUR 212m and EUR 7.192bn), while remaining below the surpluses recorded in the same period of 2024 (EUR 6.116bn overall and EUR 13.528bn primary). Net revenues reached EUR 60.957bn, EUR 1.681bn (2.7%) below target, mainly because the budget path assumed receipts that had not been collected, including a EUR 1.350bn concession fee related to the Egnatia Odos concession and a EUR 2.109bn sixth instalment from the Recovery and Resilience Facility. The bulletin also highlighted timing and classification effects, including EUR 784.8m linked to the Attiki Odos concession recorded in both revenue and VAT refunds (fiscally neutral and relating to 2024) and EUR 342m of tax revenues counted on a fiscal basis to 2024; after excluding the main one-offs and timing items, the primary balance overperformance versus target was estimated at EUR 1.427bn. Expenditure totalled EUR 57.871bn, EUR 4.556bn below target, with underspending largely attributed to deferred transfer payments (EUR 2.542bn) and armaments-related cash payments (EUR 904m), which the Ministry noted do not affect the general government balance in fiscal terms. The Ministry indicated that the EUR 2.109bn Recovery and Resilience Facility instalment was expected to be received shortly before year-end, while the remaining steps needed before payment of the Egnatia Odos concession fee were expected to be completed in the coming months.
Ministry of National Economy and Finance (Greece) 2025-11-17
Greece’s Ministry of National Economy and Finance reports EUR 3.087bn state budget surplus and EUR 10.298bn primary surplus for January to October 2025
Greece's Ministry of National Economy and Finance reported a EUR 3.087bn overall surplus and a EUR 10.298bn primary surplus for January to October 2025, surpassing budget targets but below 2024 figures. Net revenues were EUR 60.957bn, falling short of targets due to uncollected receipts, including a EUR 1.350bn concession fee and a EUR 2.109bn Recovery and Resilience Facility instalment. Expenditure was EUR 57.871bn, significantly under target due to deferred payments.