Greece’s Ministry of National Economy and Finance publishes November 2025 budget execution showing EUR 5.162bn Jan–Nov surplus

Greece’s Ministry of National Economy and Finance released its November 2025 bulletin on state budget execution on a modified cash basis, reporting a Jan–Nov 2025 state budget balance surplus of EUR 5.162bn versus an updated target of EUR 0.225bn and a surplus of EUR 4.375bn in the same period of 2024. The primary result was a surplus of EUR 12.678bn, above the target of EUR 7.695bn and EUR 12.011bn a year earlier. The revenue overperformance mainly reflected an early receipt on 26 November of EUR 2.109bn from the Recovery and Resilience Facility, which had been budgeted for December; excluding this inflow, net revenues were EUR 0.186bn above target. Expenditure for Jan–Nov totalled EUR 63.615bn, EUR 2.643bn below target, driven largely by timing effects in ordinary budget transfers to social security organisations and other general government entities (EUR 0.922bn) and defence procurement cash payments (EUR 0.554bn), alongside a EUR 0.609bn shortfall versus target in investment payments; after excluding these timing items, the primary surplus was estimated to exceed the budget target by about EUR 0.231bn. The ministry also noted that the cash-based central administration primary result differs from the fiscal-basis outcome for the general government. Because the Recovery and Resilience Facility tranche was brought forward into November, the ministry expects the revenue deviation versus target to be offset in the December 2025 bulletin.