Greece’s state budget remained resilient in April, the second month of the war in the Middle East, posting a primary surplus exceeding 5.1 billion euros and outperforming fiscal targets for the first four months of 2026.
According to preliminary Finance Ministry data, the state budget recorded a surplus of 1.88 euros billion between January and April, compared with a projected deficit of 909 million euros. The figure was also slightly above the 1.85 billion euros surplus recorded during the same period in 2025.
The primary surplus, calculated on a modified cash basis, reached 5.18 billion euros, comfortably ahead of the 2.3 billion euros target and marginally higher than last year’s level. After excluding one-off and timing-related items — including delayed defense and investment payments, early inflows from the Recovery and Resilience Facility (RRF), and advance public investment revenues — the underlying overperformance against budget targets stood at 358 million euros.
Net state budget revenues rose to 25.17 billion euros in the first four months of the year, surpassing projections by 2.1 billion euros. The improvement was driven largely by the early receipt of 884 million euros from the seventh tranche of the EU Recovery Fund, originally expected in June, along with stronger-than-anticipated public investment programme revenues.
Tax revenues totalled 22.74 billion euros, boosted by proceeds linked to the Egnatia Odos motorway concession and the second instalment from the casino licence at Hellinikon. Excluding these extraordinary items, tax revenues were broadly in line with expectations, slipping just 0.2% below target.
Meanwhile, state expenditures reached 23.29 billion euros, remaining 686 million euros below budget forecasts despite rising by more than 2 billion euros compared with the same period last year.
April alone delivered particularly strong results, with net revenues reaching 6.66 billion euros, significantly above monthly targets, reflecting both EU fund inflows and higher public investment receipts.
Source: tovima.com
