Greece’s Ministry of National Economy and Finance reports January–November 2025 state budget surplus of EUR 5.131bn and primary surplus of EUR 12.646bn above target

Greece’s Ministry of National Economy and Finance published provisional state budget execution data on a modified cash basis for January–November 2025, showing a central administration budget balance surplus of EUR 5.131bn versus an updated surplus target of EUR 225m. The primary result was a surplus of EUR 12.646bn versus a target primary surplus of EUR 7.695bn. Net revenues totalled EUR 68.742bn, exceeding the target by EUR 2.259bn, mainly due to the receipt on 26 November of EUR 2.109bn from the Recovery and Resilience Facility that had been forecast for December; excluding this receipt, net revenues were EUR 150m (0.2%) above target. Total expenditures were EUR 63.611bn, EUR 2.647bn below target, with regular budget payments down EUR 2.038bn largely due to timing effects in transfers to social security organisations and other general government entities (EUR 922m) and cash payments for defence procurement programmes (EUR 554m), alongside a EUR 609m timing effect in investment spending; excluding these items, the overperformance in the primary result versus budget targets was estimated at EUR 195m. The ministry also noted that cash-basis and fiscal-basis primary results differ, and that the figures relate to the central administration rather than the full general government. The ministry indicated that the revenue deviation versus target should be offset in the December 2025 bulletin because the Recovery and Resilience Facility receipt was brought forward, and that the detailed allocation across revenue categories will be finalised in the definitive bulletin.