The Greek government recorded a modest contraction in its fiscal surplus during the January-April 2026 period, with figures falling to €593.4 million compared to €614 million in the corresponding period of 2025. This development comes as the surplus as a percentage of GDP slipped from 1.7% to 1.5%, according to preliminary data released by the Hellenic Statistical Authority.

Robust Revenue Growth Driven By Tax And Social Contributions

Total government revenue increased by 4% year-on-year to €4.995 billion from €4.801 billion. Income and wealth tax receipts rose by 10.3% to €1.292 billion, while social contributions increased by 8.3% to €1.687 billion. Revenue from taxes on production and imports climbed 2.9% to €1.533 billion, and net VAT receipts grew 5.4% to €1.047 billion. The figures point to continued strength in tax collection despite a softer fiscal balance.

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Offsetting Revenue Gains With Declines In Other Income Streams

Growth in tax revenues was partly offset by weaker performance in several other income categories. Revenue from interest and dividends declined by 27.8% to €61.2 million, while current transfers fell 31.2% to €87 million. Income from fees and services also decreased by 12% to €318.4 million.

Increased Expenditures Reflect Shifts In Spending Priorities

Government expenditure rose by 5.1% to €4.402 billion, compared with €4.187 billion in the corresponding period of 2025. Social benefits recorded the largest increase, rising 6.4% to €1.824 billion. Personnel costs increased by 1.9% to €1.295 billion, while interest payments climbed 19.2% to €177.3 million. Other current expenditures rose by 13.6% to €331.7 million, and intermediate consumption increased by 5.1% to €431.2 million.

Capital Spending And Subsector Results

Capital expenditure edged down 0.9% to €320 million. Gross fixed capital formation fell 3.5% to €244.3 million, while subsidies declined by 19.2% to €23.5 million. At the subsector level, the central government surplus narrowed to €166.8 million from €244 million a year earlier. Social Security Organizations improved their surplus to €436.4 million from €389.2 million, while local government deficits decreased to €9.8 million from €19.2 million. The figures suggest that while revenue growth remains resilient, rising spending pressures continue to weigh on Greece’s overall fiscal position.