Greek Primary Surplus of €8.6bln at End of 2024

The Greek state posted a primary surplus of €8.6bln at the end of 2024, surpassing the €4.6bln target.

Based on the budget execution data for Jan.–Dec. 2024, the state budget recorded a €300mln surplus, compared to the target of a deficit of €3.6bln, as outlined in the 2025 Budget Report, and a deficit of €3.76bln for the same period in 2023.

The primary result on a modified cash basis settled at a surplus of €8.629bln, compared to a target of €4.635bln and a primary surplus of €3.92bln for the same period in 2023. A significant part of the disparity from the target stems from increased cash revenues from the Public Investment Program (PIP) by €612 million, as well as from the deferral of defense program payments to 2025 and under execution of transfers to Social Security Funds (OKA), which amounted to €740mln and €1.907bln, respectively. These factors did not affect the result in fiscal terms. Without these amounts, the positive difference in the primary surplus relative to the target is €735mln, of which €467mln is due to an overachievement in tax revenues after refunds.

In previous budget execution reports, in October, a net amount of €3.241bln was collected from the new Concession Agreement for Attiki Odos, which was fully recorded under “Sales of Goods and Services.” The Concession Agreement stipulated that the amount included VAT (amounting to €784.8 million), and therefore, this amount should have been recorded under “Taxes.”

To properly implement the terms of the Concession Agreement, in December, an amount of €784.8 million was transferred from “Sales of Goods and Services” to “Taxes.”

State budget expenses for Dec.-Jan. 2024 amounted to €73.741mln lower by €2.749mln against the revised €76.490mln included in the introductory report of the 2025 budget.