The Greek state budget showed an impressive primary surplus of 5.175 billion euros in the first three months of 2026, which is more than double the planned figure of 2.298 billion euros. However, as the Ministry of National Economy and Finance emphasizes, this result is largely due to one-time transfers and early revenues, which distort the overall picture.

 Key figures and factors:

Primary surplus: 5.175 billion euros, compared to the forecast of 2.298 billion euros. For comparison, in the same period in 2025, this figure was 5.148 billion euros, demonstrating some stability at a high level.
One-time payments and time shifts: The Ministry explains the significant excess of the target indicators by a number of one-time operations. These include advance payments for weapons and investment programs, transfers to public administration bodies, as well as revenues from the Recovery Fund and the Public Investment Program.
Basic surplus: If we exclude the above-mentioned factors, the basic surplus is estimated to be much more modest at 358 million euros, which is still a positive result.
Early receipts: The overall result was improved by the early receipt of the seventh tranche of the Economic Recovery Fund, which was scheduled to be received only in June 2026, amounting to 884 million euros. Additionally, an additional 461 million euros was received from the European Investment Fund.
Specific transactions: The January figures also include transactions related to the 35-year concession agreement for the construction of the Egnatia motorway.
General budget revenues: From January to April 2026, the net revenues of the state budget reached 25.165 billion euros, exceeding the target by 2.1 billion euros. Tax revenues amounted to 22.743 billion euros, but according to the Ministry, this does not include the one-time revenues from the Egnatia motorway and casino concession.
Conclusions:
While the initial budget surplus of Greece in the first quarter of 2026 looks quite encouraging, it is important to analyze it taking into account all factors. Early revenues and one-time transactions, while contributing to the growth of indicators, do not reflect a sustainable trend towards increasing budget revenues. Nevertheless, the exceeding of the targets, even taking into account the adjustments, indicates the continued budgetary discipline and efficiency in managing public finances.

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