Greece posts higher-than-expected primary balance performance

The state budget balance of Greece presented a surplus of 1,887 million euros in January-April 2026 against the target of a deficit of 909 million euros that has been incorporated for the same period of 2026 in the 2026 budget introductory report and a surplus of 1,850 million euros for the same period of 2025, according to the data available for the execution of the State Budget on a modified cash basis.

The state budget primary balance on a modified cash basis amounted to a surplus of 5,185 million euros, against the primary surplus target of 2,298 million euros and the primary surplus of 5,148 million euros performed at the same period of the previous year, CE Report quotes ANA-MPA.

Excluding an amount of 197 million euros relating to time differentiation of payments of defense programs, this does not affect the general government’s fiscal result.

An additional 593 million euros relates to time differentiation of investment payments, which also has no impact on the fiscal outcome.

A further 249 million euros concerns time differentiation of capital and current transfers to general government entities, which likewise does not affect the fiscal result.

There is also an amount of 135 million euros from the second installment of the price for granting the license to operate a casino in Elliniko, which is fiscally recorded during the concession years.

An additional 884 million euros comes from early RRF revenues, along with 461 million euros from early PIB revenues.

After all adjustments, the over-execution in the primary balance on a modified cash basis compared to budget targets amounts to 368 million euros.

It is noted that the primary balance in fiscal terms differs in comparison to the result in cash terms.