A primary surplus of 12.6 billion euros was recorded in the 11-month period from January to November, exceeding the forecast on which the state budget introductory report was based by €5 billion, according to a statement released by the National Economy and Finance Ministry on Wednesday.
Parliament passed the state budget introductory report in a vote on Tuesday evening.
However, as indicated in the statement, the surplus is attributed to coincidental factors and the timing of payments. In addition, the data are calculated on a cash basis, which is not the same as the fiscal basis, while receipts relating to 2024 are also included and are deducted from the revenues of the current budget.
Based on the data, however, in the first 11 months of 2025, net revenues amounted to €68.7 billion, exceeding the target by €2.26 billion, while expenditures amounted to €63.6 billion, reduced by €2.65 billion compared to the target.
The excess of revenues is mainly due to the collection of €2.109 billion from the Recovery Fund in November instead of December, while expenditures decreased, mainly due to the deferral of payments for transfers, equipment and investment expenditures.