Greece Posts €4.5 Billion Primary Surplus in H1 2025

Greece recorded a primary surplus of €4.52 billion in the first half of 2025, significantly surpassing the budget target of €2.24 billion, the Finance Ministry announced Friday. The figure also exceeded the €2.91 billion surplus posted in the same period last year, CE Report quotes Athens-Macedonia

The total state budget deficit for January–June stood at €564 million, well below the projected €2.8 billion deficit. Net revenues reached €34.38 billion—€484 million above target—driven by strong tax collections, particularly from income tax and VAT. Excluding one-off items and time-adjusted transactions, the overperformance of revenues is estimated at €1.83 billion.

Tax revenues amounted to €32.2 billion, up by €2.24 billion or 7.5% from projections. This included early personal income tax payments due to the earlier launch of the tax return platform. Income tax revenues alone exceeded the target by €1.41 billion.

Expenditures during the same period reached €34.95 billion, €1.75 billion below target, largely due to delayed payments for military procurements and public sector transfers, which do not impact the general government’s fiscal position.

Despite delays in expected revenues from the Egnatia Motorway concession deal, Greece’s fiscal performance shows continued improvement, reflecting robust tax collection and disciplined spending.