Greece recorded a primary surplus of €3.510 billion in January, far above the target of €1.751 billion, according to provisional cash-based budget execution data released by the Ministry of National Economy and Finance. The January figure also exceeded the €1.980 billion primary surplus posted in the same period of 2025.
The state budget also delivered an overall surplus of €2.287 billion, beating the 2026 target of €543 million and surpassing the €758 million surplus recorded in January 2025.
However, the ministry noted that €1.65 billion of the result did not count toward the General Government outcome under fiscal terms. After excluding €1.272 billion in delayed transfer payments to general government bodies and €379 million in delayed investment payments, the surplus overperformance on a modified cash basis narrowed to €108 million.
The General Accounting Office said net state budget revenues reached €6.136 billion in January 2026, slightly above target by €33 million or 0.5%. Tax revenues totalled €6.207 billion, exceeding the target by €71 million or 1.2%.
Revenue refunds climbed to €795 million, up €304 million above the target, largely due to a €306 million VAT refund linked to the Egnatia Odos concession agreement.
The ministry said January revenues included transactions required to complete the 35-year Egnatia Odos concession, ratified under Law 5260/2025. It recorded €306 million in VAT as tax revenue, matched by an equal refund, and then recorded the same amount again under “sales of goods and services” after it returned to the state.
Public Investment Programme revenues came in at €139 million, beating the target by €9 million.
On the expenditure side, state budget spending totalled €3.850 billion, running €1.710 billion below target and €1.383 billion lower than January 2025. The ministry attributed the gap mainly to the delayed timing of transfers, including payments to social security bodies.
Regular budget payments fell €1.331 billion below target, mainly due to the €1.272 billion delay in transfer payments. Investment spending payments reached €427 million, falling €379 million below target and €309 million below January 2025.
The General Accounting Office said agencies typically prioritised settling unpaid obligations from previous years at the start of the financial year and stressed that cash-based results differed from fiscal outcomes. It also noted the figures reflected the Central Administration, not the full General Government, which also includes municipalities, legal entities, and social security funds.
