Greece Records €6.53 Billion Primary Surplus Through August

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Greece recorded a €6.53 billion primary surplus in the first eight months of 2026, as stronger tax revenues, particularly from VAT and income tax, provided a significant boost to the state budget.

Final budget execution figures released by the Ministry of National Economy and Finance show that regular tax revenues exceeded the eight-month target by €1.353 billion, excluding extraordinary receipts from the Egnatia Odos concession agreement and the second instalment for the operating licence of the Ellinikon casino.

The General Accounting Office noted that, after excluding these special receipts and amounts linked to payment timing differences, the primary result exceeded the target by €219 million.

Budget performance through August

Net state budget revenues reached €51.351 billion between January and August, exceeding the target by €2.331 billion.

The comparison was affected by the timing of payments from the Recovery and Resilience Facility. The budget target included €1.258 billion in June, but €884 million arrived earlier, in April, while the remaining €374 million is expected later in 2026. Excluding Recovery Fund receipts, net revenues exceeded the target by €2.705 billion.

Tax receipts totalled €49.481 billion, although this figure included €306 million from the Egnatia Odos concession and €135 million from the second payment for the Ellinikon casino licence.

Excluding those two amounts, tax revenues reached €49.040 billion, exceeding the target by €1.353 billion, or 2.8%.

VAT generated the largest surplus. Receipts reached €20.544 billion and, excluding the €306 million linked to the Egnatia Odos concession, exceeded the target by €905 million.

Income tax revenues reached €17.681 billion, €439 million above target. Personal income tax accounted for most of the increase, exceeding the target by €433 million. Corporate income tax was €9 million below target, while other income taxes rose by €15 million.

Excise duty revenues, however, fell €230 million below target to €4.662 billion. Property tax revenues reached €1.978 billion, exceeding the target by €62 million.

Social contribution revenues stood at €36 million, €4 million below target. Transfer revenues reached €4.493 billion, €67 million below target, although receipts from the Public Investment Programme within this category exceeded the target by €98 million.

Revenue from sales of goods and services reached €1.404 billion. Excluding €306 million from the Egnatia Odos concession, the figure stood at €1.098 billion, €273 million above target.

Other current revenues reached €2.036 billion, exceeding the target by €487 million. Public Investment Programme revenues accounted for €312 million of this amount, €207 million above target.

August tax revenues

In August alone, net state budget revenues reached €6.093 billion, exceeding the monthly target by €305 million.

Tax revenues reached €6.687 billion, €363 million or 5.7% above target. VAT receipts reached €2.804 billion, €166 million above the target.

Income tax revenues reached €2.607 billion, exceeding the target by €146 million. Personal income tax accounted for an €87 million increase, while other income taxes also rose by €87 million. Corporate income tax, meanwhile, fell €29 million below target.

Excise duties generated €698 million, €6 million below target, while property tax revenues reached €117 million, €8 million above target.

Social contributions totalled €5 million, €1 million below target. Transfer revenues reached €275 million, €159 million below target, with Public Investment Programme receipts within the category falling €176 million below target.

Revenue from sales of goods and services reached €88 million, €17 million above target, while other current revenues stood at €169 million, €32 million above target.

Revenue refunds totalled €1.130 billion in August, €53 million below the €1.183 billion target. Public Investment Programme revenues reached €250 million, €160 million below target.

Spending and support measures

State budget expenditure reached €51.825 billion in the first eight months of 2026, exceeding the €50.630 billion target by €1.195 billion. Spending also increased by €5.331 billion compared with the same period in 2025.

Regular budget payments were €204 million below target, while investment spending reached €9.038 billion, €1.399 billion above target, mainly because authorities accelerated projects funded through the Recovery and Resilience Facility. Investment spending also increased by €1.998 billion compared with 2025.

Major transfers and payments included €1.544 billion in funding for the National Organisation for the Provision of Health Services (EOPYY) and €1.842 billion for the Organisation of Welfare Benefits and Social Solidarity.

The budget also included €131 million for the Information Society organisation to fund the Fuel Pass, €135 million for the diesel subsidy and €232 million in emergency financial support for families with children.

A further €915 million went to the National Central Health Procurement Authority for medicines, healthcare products and services for public hospitals. Transfers to hospitals and primary healthcare reached €979 million, while subsidies for public transport operators OASA, OASTH and OSE totalled €300 million.

The General Accounting Office stressed that payment timing differences do not affect the General Government result in fiscal terms. It also noted that the €135 million casino payment had originally been expected at the end of 2025 but appears in the accounts during the concession period.

The figures refer to the primary result of Central Government on a modified cash basis, rather than the General Government as a whole. The fiscal result differs from the cash result, while General Government also includes legal entities and the local government and social security sectors.

Revenue refunds during the eight-month period reached €6.100 billion, €442 million above the €5.659 billion target, largely because of the €306 million VAT refund linked to the Egnatia Odos concession.

Public Investment Programme revenues reached €3.424 billion, exceeding the €3.120 billion target by €304 million.

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