Macro · Athens
Greece primary surplus hits €3.65bn, triple the target, as VAT boosts revenues
Greece's central government primary surplus more than tripled its target in the first five months of 2026, reaching €3.65bn against a €1.24bn goal, as value‑added tax receipts climbed to €12.34bn, partly reflecting elevated consumer prices.
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In brief
Five‑month surplus nearly triples the €1.24bn target, with the budget balance swinging to a €103m surplus from a planned deficit of €2.18bn.
VAT collections reached €12.34bn, €650m above target, fueled by elevated consumer prices; core tax revenues rise 0.6% above plan.
Special consumption levies fell €224m short, while corporate income tax also missed its mark, partially offset by strong personal income tax.
Adjusted for early RRF and investment payments, the primary surplus overshoot narrows to €246m.
Surplus more than triples target
The Ministry of National Economy and Finance reported a primary surplus of €3.65bn for the January–May 2026 period, far above the official target of €1.24bn. On a modified cash basis, the balance of the central government budget showed a surplus of €103m, compared to a planned deficit of €2.18bn. The same period in 2025 yielded a primary surplus of €5.34bn. Net revenues reached €30.22bn, outperforming the target by €2.53bn, largely due to the early collection of the seventh Recovery and Resilience Facility (RRF) tranche of €884m in April and higher than programmed public investment revenues.
VAT lifts tax intake to €28bn
Total tax revenues amounted to €28.03bn, or €27.59bn stripping out one‑off items from the Egnatia concession (€306m) and a casino licence payment in Elliniko (€135m). The adjusted figure still exceeds the target by €171m, or 0.6%. Value‑added tax collections were the main engine, bringing in €12.34bn, a €650m overshoot versus the plan. Even without the concession‑related VAT element, the outperformance stood at €344m. The ministry attributed the VAT strength to high consumer prices that pushed up nominal spending.
- VAT
- 650 € million
- Special Consumption Tax
- -224 € million
- Property Tax
- 31 € million
- Income Tax
- 7 € million
- Social Contributions
- -2 € million
Data from the article text
Mixed picture across other taxes
Property taxes added €1.51bn, €31m ahead of target. Income taxes came in at €8.85bn, a marginal €7m above goal, but the headline masked a €211m overshoot in personal income tax offset by a €105m shortfall in corporate income tax and a €99m deficit in other income categories. Special consumption taxes fell short: €2.58bn, or €224m below target, suggesting softer demand for heavily taxed goods. Social contributions were essentially flat at €23m.
One‑off factors and the underlying trend
Several timing effects distorted the headline surplus. Excluding scheduled shifts in defence payments, investment outlays, and general‑government transfers, as well as the €884m early RRF receipt and €574m in early public investment cash, the primary surplus outperformance narrowed to €246m on a modified cash basis. The ministry stressed that the fiscal‑accounting measure differs from the cash‑based result. These are central‑administration figures, not the general‑government aggregate that includes local authorities and social funds.
- 2025 Actual
- 5.343 € billion
- 2026 Target
- 1.243 € billion
- 2026 Actual
- 3.65 € billion
Data from the article text
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Sources and context
- Ειδήσεις - νέα - Το Βήμα OnlineΠροϋπολογισμός: Στα 3,65 δισ. το πρωτογενές πλεόνασμα το πρώτο πεντάμηνο του 2026
- iefimerida.grΠροϋπολογισμός 2026: Πλεόνασμα 3,6 δισ. ευρώ το πρώτο πεντάμηνο -"Άντεξαν" τα δημόσια έσοδα παρά την ενεργειακή κρίση
- H KαθημερινήΠροϋπολογισμός: Ποιοι φόροι υπεραπέδωσαν στο πεντάμηνο
- NewsITΠροϋπολογισμός: Πρωτογενές πλεόνασμα 3,6 δισ. ευρώ στο πεντάμηνο Ιανουαρίου - Μαΐου, με έσοδα από φόρους 28 δισ. ευρώ
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