At EUR 3,638 billion, the Bank was granted a loan of EUR 3,638 billion. primary surplus State budget in the five months of January – May 2026, with revenue of taxes totaling EUR 28,117 billion.
The primary surplus exceeded the budget target by 2,395 billion euros, while tax revenues were higher by 699m euros than the programming of the same period.
A surplus of EUR 91 million was recorded in the overall balance of the state budget, against a deficit target of EUR 2.176 billion. A total surplus of EUR 1,875 billion and a primary surplus of EUR 5.343 billion had occurred in the corresponding five months of 2025.
Following the removal of time-delays in revenue and payments, as well as exceptional receipts, the primary effect over the objective is limited to EUR 234 million. The calculation excludes, inter alia, early receipts of EUR 884 million from the Recovery Fund and EUR 574 million from the Public Investment Programme.
The performance of tax revenue
The five-month tax revenues include 306m euros VAT from the concession agreement of Egnatia Road and 135m euros from the second installment of the price to grant casino license to the Greek.
Without these two amounts, tax receipts were set at EUR 27,676 billion and exceeded the target by EUR 258 million or 0.9%.
More powerful was tax performance in May. Tax revenues amounted to 5,454 billion euros, increased by 375 million euros or 7.4% compared to the monthly target.
The total net income in May reached EUR 5,028 billion and was higher by EUR 406 million than programming. Revenue refunds amounted to EUR 834 million, exceeding the target by EUR 25 million.
Over the whole five months, the net revenue of the state budget amounted to EUR 30,203 billion, exceeding EUR 2,516 billion. Revenue refunds were set at EUR 3,435 billion, increased by EUR 231 million compared to the target.
Expenditure and investment payments
State budget expenditure amounted to EUR 30,112 billion, increased by EUR 249 million from the target and EUR 3.018 billion from the corresponding period of 2025.
On the part of the regular budget, payments exceeded the target by EUR 722 million. On the contrary, investment expenditure was set at €4.185 billion and was below 473 million from programming.
The payments of the Public Investment Programme showed a delay of 589m euros, while the expenditure of the Recovery Fund was higher by 116m euros than the target.
The financial transactions of May recorded a further EUR 1,289 billion for the public's participation in PPC's share capital increase and EUR 259 million for DS IPTO. These amounts are fiscally neutral and do not affect the outcome of the state budget.
