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.