[InTime News]
Greece’s state budget recorded a primary surplus of €3.64 billion in the January-May period, exceeding the official target by €2.4 billion, according to provisional execution data the Finance Ministry released on Monday.
The result compares with a target of €1.24 billion for the same period, while the primary surplus stood at €5.34 billion in the corresponding period of 2025. The primary balance overshoot on a modified cash basis, in comparison to the budget targets, is €234 million.
That excludes: €31 million relating to time differentiation of payments of defense programs, €473 million relating to time shift of investment payments and €64 million relating to time differentiation of current transfers to general government entities – which do not affect the general government’s result in fiscal terms, as well as €135 million from the second installment of the price for granting the license to operate a casino in Elliniko – which is recorded during the concession years – along with €884 million of the early Recovery Fund revenues and €574 million of the early Public Investments Program (PIP) revenues. In May, the state budget net revenue amounted to €5.03 billion, €406 million higher than the monthly target. Tax revenue amounted to €5.45 billion, or €375 million higher against the target. Tax refunds were €834 million, or €25 million higher than the target. PIP revenue amounted to €208 million, or €113 million above target.
