Greece’s Ministry of National Economy and Finance reports a Jan–Jul 2025 central government cash surplus of EUR 2.188bn against a budgeted deficit

Greece’s Ministry of National Economy and Finance published provisional state budget execution data on a modified cash basis showing a surplus of EUR 2.188bn for January to July 2025, versus a target deficit of EUR 1.961bn and a deficit of EUR 0.139bn in the same period of 2024. The primary result on the same basis was a surplus of EUR 7.959bn, exceeding the target primary surplus of EUR 3.599bn and the EUR 5.665bn primary surplus recorded a year earlier. The ministry highlighted timing effects that do not affect the general government result in fiscal terms, including EUR 2.208bn of delayed transfer payments and EUR 0.605bn of delayed payments for defence procurement programmes, as well as EUR 0.342bn of tax revenues that are counted fiscally in 2024. Excluding these items, the overperformance of the primary result versus budget targets was estimated at EUR 1.203bn. Net revenues reached EUR 42.858bn, EUR 0.822bn above target, despite the non-receipt of a planned EUR 1.350bn concession payment related to Egnatia Odos, with remaining procedural steps expected to be completed in the coming months; tax revenues totalled EUR 40.556bn, EUR 2.273bn above target, while expenditure was EUR 40.671bn, EUR 3.326bn below target, largely due to the same payment timing shifts. The release also noted that these figures relate to the central administration rather than the whole general government and that the cash result differs from the fiscal result. A detailed allocation across revenue categories is to be provided with the final bulletin.