Greece's Ministry of National Economy and Finance publishes provisional January 2026 budget execution showing EUR 2.287bn surplus and EUR 3.510bn primary surplus

Greece's Ministry of National Economy and Finance released provisional state budget execution data for January 2026, reporting a modified-cash surplus in the state budget balance of EUR 2,287 million versus a EUR 543 million target and EUR 758 million in January 2025. The primary balance on the same basis recorded a surplus of EUR 3,510 million against a EUR 1,751 million target and EUR 1,980 million a year earlier. After excluding deferred transfer payments to general government entities (EUR 1,272 million) and deferred investment-expenditure payments (EUR 379 million) that do not affect the general government fiscal result, the primary balance overperformance versus target was estimated at EUR 108 million. Net revenues totalled EUR 6,136 million, EUR 33 million (0.5%) above target, with tax revenues of EUR 6,207 million (EUR 71 million above target), Public Investment Program revenues of EUR 139 million (EUR 9 million above target), and refunds of EUR 795 million (EUR 304 million above target), driven by a EUR 306 million VAT refund linked to the Egnatia Motorway concession transactions. Expenditures were EUR 3,850 million, EUR 1,710 million below target and EUR 1,383 million below January 2025, mainly reflecting deferred transfers to CRDs; Ordinary Budget payments were EUR 1,331 million below target and investment payments were EUR 427 million, EUR 379 million below target. The ministry noted that the primary balance in fiscal terms differs from the cash result and that the figures cover central government rather than the whole general government. The exact distribution of revenues across state budget categories will be set out in the final bulletin.