Greece's Ministry of National Economy and Finance publishes January 2026 budget execution showing EUR 2,288 million surplus

Greece's Ministry of National Economy and Finance released January 2026 state budget execution data on a modified cash basis, showing a state budget balance surplus of EUR 2,288 million versus a EUR 543 million surplus target and EUR 758 million in January 2025. The primary balance also overperformed, with a surplus of EUR 3,511 million compared with a EUR 1,751 million target (January 2025: EUR 1,980 million). Most of the primary surplus overshoot is linked to deferred spending: excluding EUR 1,272 million of postponed transfers to general government entities and EUR 379 million of deferred investment payments that do not affect the general government result in fiscal terms, the excess over target is estimated at EUR 109 million. Net revenues were EUR 6,138 million, EUR 35 million (0.6%) above target, while expenditures were EUR 3,851 million, EUR 1,709 million below target, including investment payments of EUR 427 million, EUR 379 million under target. Tax revenues totalled EUR 6,118 million, including EUR 306 million related to the Egnatia Motorway concession VAT transaction, which was accompanied by an equal VAT refund; excluding this amount, tax revenues were EUR 5,812 million, EUR 324 million below target, mainly due to weaker VAT and excise collections on energy products. VAT receipts were EUR 3,136 million, excise revenues EUR 393 million and income tax revenues EUR 2,059 million. The ministry noted that the figures relate to the central government and that the primary balance in fiscal terms differs from the cash-based result.