State Budget: Primary Surplus of €12.7 Billion

The state budget for the period of January – November 2025 showed a significant outperformance of targets, with the primary surplus amounting to €12.7 billion.

Net revenues reached €68.8 billion, exceeding the target by approximately €2.3 billion, with VAT and income tax being the main sources of the outperformance.

Total expenditures amounted to €63.6 billion, which is €2.6 billion lower than planned, due to payment deferrals and slower execution of investment and other credits.

According to the state budget execution data, on a modified cash basis, there is a surplus in the state budget balance of €5.162 million.

Regarding the observed difference against the revenue targets, it is noted that it is mainly due to the collection of €2.109 million from the Recovery and Resilience Facility.