Greece Surpasses Fiscal Targets in 2024 Driven by Strong Tax Revenues

16:38 27/1/2025 - Πηγή: Dikaiologitika

Revenues stood at €81.337 billion, representing a €1.126 billion increase over projections.

Greece’s state budget closed 2024 with a primary surplus of €8.7 billion, the Ministry of Finance announced on Monday. The figure marks a notable fiscal achievement as the country continues its post-crisis economic recovery.

According to official data, the state

budget’s net revenues reached €74.11 billion, exceeding the annual target by €1.221 billion, or 1.68%. This boost was attributed to higher-than-expected income from the Public Investment Program (PIP), which added €612 million, and taxes after refunds, which increased by €411 million. Additionally, €206 million was collected in October through a one-off levy on electricity suppliers.

Overall revenues for 2024 amounted to €82.122 billion, a total that includes funds from the new concession agreement for the Attiki Odos toll road. Excluding this agreement, revenues stood at €81.337 billion, representing a €1.126 billion increase over projections. Tax revenues contributed €68.787 billion, or €67.217 billion without the toll road agreement, exceeding the target by €316 million.
Breaking down tax revenues, VAT collections totaled €26.346 billion, or €25.561 billion without the toll road funds, reflecting a €244 million increase. Excise tax revenues rose to €7.251 billion, while property taxes reached €2.467 billion, up by €34 million. Income tax revenues climbed to €23.992 billion, driven largely by corporate income tax growth of €221 million and other income taxes rising by €70 million.

On the spending side, state expenditures reached €73.742 billion, which was €2.749 billion below the updated target but €2.977 billion higher than in 2023. Key factors in the increase included higher public sector wages, which rose by €831 million, and investment spending, which grew by €2.113 billion. However, regular budget payments fell by €2.913 billion, primarily due to reduced defense procurement spending and lower transfers to social security funds, down by €740 million and €1.907 billion, respectively.

The fiscal performance underscores Greece’s progress in improving public finances while supporting investment and managing costs. The surplus positions the country as a stronger player within the eurozone, signaling fiscal stability alongside growth initiatives.

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