Greece’s state budget recorded a €5.77 billion primary surplus in the first seven months of 2026, comfortably exceeding the €4.42 billion target, according to budget execution data released this week.

The primary surplus was €1.35 billion above target, although after excluding timing differences and certain exceptional receipts, the underlying outperformance was €302 million.

The state budget balance showed a €344 million deficit between January and July, substantially better than the €1.32 billion deficit forecast for the period in the 2026 budget.

Net state budget revenues reached €45.26 billion, €2.03 billion above target.

Excluding the timing of €884 million in Recovery and Resilience Facility receipts, which had originally been expected in June but were collected earlier in April, net revenues were €2.40 billion, or 5.7 per cent, above target.

Tax revenues, excluding exceptional amounts, were €42.35 billion, €990 million or 2.4 per cent higher than projected.

Value-added tax revenues reached €17.74 billion, €739 million above target after excluding €306 million connected to the concession agreement for the Egnatia motorway.

Income tax revenues stood at €15.07 billion, €294 million above target, with personal income tax receipts €346 million higher and corporate income tax €20 million higher than forecast.

Excise duty revenues, however, were €224 million below target at €3.96 billion, while property tax revenues reached €1.86 billion, €55 million above expectations.

Transfers generated €4.22 billion, €91 million above target, including €2.89 billion in public investment programme receipts.

Revenues from the sale of goods and services reached €1.32 billion, while other current revenues stood at €1.87 billion, €455 million above target.

The figures include several exceptional or timing-related items which affect the comparison with the budget targets.

A €135 million second instalment from the concession fee for a casino operating licence at Elliniko, originally expected at the end of 2025, was received during the period.

The figures also include €306 million in VAT connected to the concession of the Egnatia motorway and three connecting road axes for 35 years.

The €306 million was initially paid to the state as VAT, recorded as tax revenue and accompanied by an equal tax refund, before the same amount was recorded again under sales of goods and services.

After excluding the €510 million timing difference involving public investment programme payments, €406 million in delayed transfers to general government bodies and the €135 million casino concession payment, the primary surplus was €302 million above the budget target.

The government stressed that the primary result on a fiscal basis differs from the cash-based result, while the figures cover central government rather than the entire general government sector.

Spending reached €45.60 billion in the first seven months, €1.05 billion above the €44.56 billion target and €4.92 billion higher than in the same period of 2025.

Regular budget payments were €191 million above target, with significant allocations including €1.24 billion to the National Organisation for the Provision of Health Services, €1.82 billion to the Organisation of Welfare Benefits and Social Solidarity, and €915 million to the National Central Health Procurement Authority for medicines and healthcare supplies.

A further €801 million was transferred to hospitals and primary healthcare, while €244 million went to public transport organisations.

The government also spent €131 million through the Information Society for the Fuel Pass scheme, €110 million on diesel subsidies and €220 million in emergency financial support for families with children.

Investment spending was particularly strong, reaching €7.60 billion, €855 million above target and €1.47 billion higher than in the corresponding period of 2025.

The increase was attributed mainly to the acceleration of projects funded through the Recovery and Resilience Facility.

In July alone, net state budget revenues reached €9.25 billion, €946 million above the monthly target.

The July performance was supported by public investment programme receipts that were €363 million above target and a €234 million payment from the Modernisation Fund that had not been included in the 2026 budget forecast.

Tax revenues for the month reached €8.97 billion, €406 million or 4.7 per cent above target, while VAT receipts were €167 million higher than expected.

Income tax receipts were €147 million above target, including a €145 million increase in corporate income tax.

Overall public investment programme revenues reached €418 million in July, €363 million above the €55 million target.

The government said the figures demonstrate stronger-than-expected budget performance despite significantly higher investment spending, with the acceleration of recovery-funded projects contributing to both the increase in expenditure and the broader improvement in economic activity.