Greek budget primary surplus reaches €5.73B in first seven months of 2026

Primary surplus and overall balance

Greece recorded a primary budget surplus of €5.725 billion on a modified cash basis between January and July 2026, according to preliminary execution data published by the Ministry of National Economy and Finance. The outcome exceeded the seven-month target of €4.417 billion by 29%, though it fell short of the €7.939 billion primary surplus achieved in the same period of 2025. Total state budget balance showed a deficit of €389 million for the period, compared to a targeted deficit of €1.323 billion and a surplus of €2.168 billion in 2025. Accounting adjustments, including €510 million in deferred Public Investment Program payments, €406 million in delayed transfers to general government entities, and €135 million from the second concession fee installment for the Elliniko casino, adjusted the underlying primary surplus outperformance to €256 million against targets.

July tax performance and tourism drivers

Monthly fiscal performance in July accelerated state collections as economic activity peaked during the summer tourism season. Net budget revenue for July reached €9.195 billion, exceeding the monthly target by €895 million. Tax revenues alone totaled €9.092 billion, which was €528 million (or 6.2%) higher than the monthly target set in the budget. The monthly surge reflected strong receipts from Value Added Tax (VAT) and personal income tax payments. The initial installment of the annual income tax came due in July, alongside lump-sum settlements by taxpayers securing discounts of between 2% and 4% for early full payment. Revenue refunds in July reached €842 million against a €698 million monthly target.

Seven-month revenue totals and concession fees

Across the full January to July 2026 period, net state budget revenue reached €45.207 billion, an increase of €1.975 billion over the budget projection. Total tax receipts across direct and indirect taxes stood at €42.916 billion. Tax refunds across the seven months approached €5 billion, running roughly €500 million above initial projections. The seven-month revenue figure incorporated extraordinary concession collections, led by €306 million from the 24% VAT on the 35-year concession agreement for the Egnatia Odos motorway and its vertical axes. When excluding the Egnatia Odos transaction and the €135 million Elliniko casino concession payment, tax revenue stood at €42.475 billion, surpassing targets by €1.112 billion (or 2.7%).

State expenditure and fiscal parameters

Budget spending also ran above projections during the first seven months of 2026. Total state budget expenditure reached €45.596 billion, exceeding the budgeted target of €44.556 billion by €1.040 billion. Compared to the first seven months of 2025, state expenditure increased by €4.911 billion. The Ministry of National Economy and Finance noted that cash-based primary results reflect the central government scope rather than the general government standard, which includes local authorities, social security funds, and public legal entities. Higher nominal prices across goods and services combined with tourism turnover expanded the taxable base and supported fiscal performance through July.