The primary surplus on a modified cash basis for the period January to May 2025 was €5.351 billion, according to state budget execution data. The result far exceeds the target of €1.055 billion and is also increased compared to the corresponding surplus of €3.197 billion in 2024. At the same time, tax revenues amounted to €27.050 billion, marking an increase of €1.773 billion or 7% compared to the target.
As reported by the Athens News Agency, the state budget balance shows a surplus of €1.883 billion, compared to a deficit target of €2.475 billion included in the 2025 budget report, and a deficit of €535 million in the same period in 2024.
Amounts of €1.993 billion and €499 million, respectively, concerning the deferral of payments in the regular budget and investment expenditures, do not affect the general government’s fiscal results. In addition, €342 million in tax revenues from the first two months is accounted for in the year 2024. Excluding these, the excess in the primary result over the target is estimated at €1.462 billion. This also includes part of personal income tax collected earlier, due to the earlier activation of the tax return submission platform in mid-March.
It is recalled that the primary result in fiscal terms differs from the cash result and concerns the central administration, not the general government as a whole, which also includes legal entities, local authorities and local self-government units.
Increase in total net revenue
The net revenue of the state budget for the period January to May 2025 amounted to €28.977 billion, an increase of €1.640 billion, or 6%, compared to the target. This amount includes the fiscally neutral figure of €784.8 million (sales and VAT refunds) related to transactions under the new Attica Motorway Concession Agreement, which are attributed to 2024.
Revenue refunds totalled €3.819 billion and included the previously mentioned amount. Excluding it, tax refunds amounted to €3.035 billion, an increase of €349 million compared to the target of €2.686 billion.
Total revenues of the public investment plan amounted to €1.725 billion, decreased by €154 million compared to the target of €1.880 billion.
Increase in tax revenues in May as well
In May 2025, net revenues of the state budget amounted to €5.918 billion, exceeding the monthly target by €1.411 billion, due to the collection of the fifth tranche of the Recovery and Resilience Fund (€1.346 billion), which had been scheduled for April.
Tax revenues in May were €5.041 billion, up by €412 million or 8.9% compared to the target. Revenue refunds amounted to €778 million, €301 million above the target of €478 million. Public investment plan revenues for the same month were €104 million, €11 million below the target of €115 million.
Reduction in expenditure compared to target
State budget expenditure for January to May 2025 amounted to €27.094 billion, €2.718 billion below the target of €29.812 billion and €325 million lower than in the same period in 2024.
Regular budget payments were reduced by €2.218 billion, mainly due to the postponement of transfers to OKA and other bodies (€1.539 billion) and payments for equipment programmes (€455 million), without affecting the fiscal result of the general government.
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