The state budget for the period of January to April 2025 shows a **surplus** of €1,850 million. This contrasts with the projected deficit of €1,357 million noted in the 2025 Budget explanatory report, as well as a deficit of €250 million for the same period in 2024. These figures are based on modified cash accounting principles.
The primary balance, also calculated on a modified cash basis, indicated a surplus of **€5,148 million**. This is significantly higher than the targeted primary surplus of €1,973 million and the €3,282 million surplus reported for the same period in 2024. Notably, €2,053 million stemming from delays in regular budget payments and €736 million related to stalled investment expenditures do not influence the fiscal outcome for the **General Government**. Additionally, €342 million of tax revenue earmarked for the first half of the year was budgeted for 2024. When excluding these figures, the surplus over the primary budget target is approximately €44 million.
During January to April 2025, net revenue for the State Budget totaled €23,059 million, reflecting an increase of €229 million or 1% compared to the target set in the 2025 Budget explanatory report. This total includes €784.8 million in revenue (under “Sales of goods and services”) and tax refunds (VAT) related to January 2025 transactions tied to the new Concession Contract for Attica Highway, which pertain to 2024 and are budget neutral. This growth occurs despite the explanatory report anticipating the collection of the fifth installment from the Recovery and Resilience Fund (RDF) in April, totaling €1,346 million, which was actually collected on May 2, 2025. Excluding this amount, net revenue reflects an increase of €1,575 million or 7.3% above the target.
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