The tax revenues in the state budget show an improved picture at the end of the first quarter, with the March figures boosting the overall fiscal outcome.

According to provisional state budget execution data, the state budget surplus in Q1 2026 was 1.469 billion, against a target deficit of 111 million. EUR 111 billion included in the 2026 Budget Report and a surplus of EUR 1.610 billion in the corresponding period of 2025.

The primary balance was a surplus of EUR 4.369 billion. EUR, compared to a target primary surplus of EUR2.732 billion and a primary surplus of EUR4.498 billion for the same period in 2025.

Excluding an amount of EUR208 million relating to a heterotaxis payments to armaments programmes, an amount of EUR 439 million related to the heterotiming of investment payments and an amount of EUR 464 million related to the heterotiming of capital grants and transfer payments to general government entities, which do not affect the outcome of the general government in budgetary terms, as well as an amount of EUR 135 million related to the heterotiming of capital grants and transfer payments to general government entities, which do not affect the outcome of the general government in budgetary terms. EUR 135 million from the second instalment of the price for the concession of the casino business licence in Hellenic, which in budgetary terms is recorded over the years of the concession, the excess in the primary balance on a modified cash basis over the budgetary targets amounts to EUR 391 million.

It is noted that the primary balance in budgetary terms differs from the balance in cash terms. In addition, the above refers to the primary result of the Central Administration and not to the total General Government, which includes the fiscal results of the Legal Entities and the sub-sectors of the OTAs and OCAs.

It should also be clarified that the total net revenues are not identical to the pure tax revenues from tax collections, as special transactions have been recorded in the quarter, such as the €306 million related to the Egnatia Highway Concession Contract and the €135 million related to the concession contract of the Egnatia Highway. EUR 135 million from the second tranche of the price for the concession of the casino business in Elliniko.

Net revenues

More specifically, according to data released by the Ministry of National Economy and Finance, in the period January-March 2026 the amount of net revenues of the state budget amounted to 18.508 billion. EUR 18.18 billion, exceeding by EUR 685 million compared to the target included for the corresponding period in the 2026 Budget Report.

Revenues of the Taxes category amounted to EUR 17.182 billion. However, they include an amount of €306 million from the Egnatia Odos Concession Contract and an amount of €135 million from the 2nd instalment of the price for the concession of the casino business license in Elliniko, which was projected to be collected at the end of 2025.

Excluding the above amounts, tax revenues amounted to €16.741 billion, down €133 million or 0.8% against the target.

For the main taxes in this category in particular, revenues from Taxes amounted to €7.402 billion, up €438 million against the target. It should be noted that, if the amount of EUR 306 million of the above concession contract is excluded, VAT revenue is EUR 132 million higher than the target. Revenues from VAT amounted to EUR 1.464 billion and are EUR 143 million lower than target. Property tax revenues amounted to EUR 1.030 billion and are EUR 15 million below target. Income tax revenue amounted to EUR 5,729 million and is EUR 41 million lower than target, of which Personal Income Tax is up by EUR 183 million. EUR 116 million, while the Income Tax on Legal Persons is decreased by EUR 116 million and other income taxes are decreased by EUR 108 million against the target.

Revenues of the Social Contributions category amounted to EUR 14 million, close to the target. Revenues of the category “Transfers” amounted to €1.834 billion, up €60 million against the target. An amount of EUR 1.754 billion in MFA revenue, which is EUR 82 million higher than the target. Revenue under the category “Sales of goods and services” amounted to EUR 650 million and includes EUR 306 million from the Egnatia Highway Concession Contract. Excluding this, these revenues amounted to EUR 344 million, an increase of EUR 71 million compared to the target. The revenue under the category “Other current revenue” amounted to EUR 756 million, an increase of EUR 124 million against the target, of which EUR 177 million in MFF revenue, an increase of EUR 119 million against the target.

Revenue recoveries amounted to €1.928 billion, up €185 million from the target of €1.744 billion, due to a VAT refund of €306 million from the Egnatia Highway Concession Contract. Total revenues of the Public Investment Programme amounted to EUR 1.931 billion, up EUR 201 million from the target of EUR 1.730 billion.

Specifically for the month of March 2026, total net revenues of the state budget amounted to EUR 6.522 billion, exceeding the target by EUR 812 million. EUR 812 million against the monthly target, mainly due to increased tax revenues after refunds of EUR 503 million, as well as increased PAYG revenues of EUR 321 million.

Revenues of the Taxes category amounted to EUR 5.402 billion in March, up EUR 388 million or 7.7% against the target. However, part of this increase of €135 million is due to the collection of the second instalment of the price for the concession of the casino business in Elliniko.

More specifically, VAT revenues came in at €1.915 billion, up against target by €87 million. Revenues from VAT amounted to €595 million and are up against the target by €80 million. Property tax revenue amounted to EUR 853 million and is EUR 6 million lower than the target. Income tax revenue amounted to EUR 1.336 billion and is EUR 49 million higher than target, of which Personal Income Tax is EUR 100 million higher than target. Personal Income Tax is increased by EUR 100 million, while Corporate Income Tax is decreased by EUR 32 million and Other Income Taxes are decreased by EUR 19 million.

Revenues of the Social Contributions category amounted to EUR 4 million, close to the target. Revenues in the category “Transfers” amounted to €1.154 billion, up €262 million against target. An amount of EUR 1.140 billion concerns MFF revenue, which is EUR 258 million higher than the target. Revenue in the category “Sales of goods and services” amounted to EUR 82 million, an increase of EUR 6 million compared to the target. Revenues in the category “Other current revenue” amounted to EUR 340 million, up EUR 42 million against the target, of which EUR 76 million is in the form of MFA revenues, up EUR 63 million against the target.

Revenue recoveries amounted to EUR 461 million, down EUR 115 million from the target of EUR 576 million. Total revenues of the Public Investment Budget amounted to €1.216 billion, up €321 million from the target of €895 million.

The State Budget expenditure for the January-March 2026 period amounted to €17.039 billion, down €895 million from the target of €17.934 billion. They are also up by EUR 953 million compared to the corresponding period of 2025.

In the Actual Budget, payments appear lower by EUR 455 million compared to the target, which is mainly related to a delay of EUR 208 million in payments for armament programmes. and to the timing of capital grants and transfer payments to general government agencies by EUR 464 million.

Transfers

Notable transfers include a grant to the National Health Services Agency of EUR 668 million. €672 million grant to the National Social Security Provident Benefits Agency, €289 million grant to the National Central Health Procurement Authority for the procurement of pharmaceuticals, products and health services on behalf of public hospitals, transfers to hospitals and primary health care of €148 million, and transfers to the National Health Care Services Agency of €168 million. EUR 148 million and grants to the transport operators OASA, OASΘ and OSE amounting to EUR 113 million.

Payments in the investment expenditure component amounted to EUR 2.069 billion, down by EUR 439 million compared to the target included in the 2026 Budget’s explanatory report. However, they are presented increased compared to the corresponding 2025 payments by €278 million.