The General Government recorded a surplus of €567.1 million for the period January–March 2026, according to preliminary fiscal results announced Tuesday by the Statistical Service, with total revenue rising by 5.8%, compared to the corresponding quarter of 2025.

Specifically, total General Government revenue amounted to €3,819.6 million, compared to €3,611.9 million in the first quarter of 2025, marking an increase of €207.7 million.

During the same period, total expenditures increased by €241.2 million, an 8% rise compared to the first quarter of 2025, and amounted to €3,252.5 million, up from €3,011.3 million in the corresponding period last year.

As a result, the budget surplus fell to €567.1 million, compared to last year, when it had reached €600.6 million.

Revenues

The increase in revenue during the first quarter of 2026 stemmed primarily from social security contributions, income and wealth taxes, as well as taxes on production and imports.

Social security contributions increased by €96.6 million, up 8.2%, to €1,275.2 million, up from €1,178.6 million in the first quarter of 2025.

Revenues from income and wealth taxes increased by €107.8 million, marking a 10.9% increase, and totaled €1,093.7 million, compared to €985.9 million last year.

At the same time, taxes on production and imports increased by €36.9 million, representing a 3.4% rise, and reached €1,129.8 million, compared to €1,092.9 million in the corresponding quarter of 2025, of which net revenue from Value-Added Tax (VAT), after deducting refunds, increased by €40.1 million, representing a 5.5% increase, and amounted to €764.3 million, compared to €724.2 million in the first quarter of 2025.

Capital transfers increased by €0.6 million to €5 million, compared to €4.4 million in the corresponding quarter of 2025.

In contrast, decreases were recorded in revenue from the supply of goods and services, which fell by €19 million—a 7.2% decline—to €243.8 million.

A decrease was also recorded in property income receivable, which fell by €5.9 million—a 31.2% decline—to €13 million, while current transfers decreased by €9.3 million to €59.1 million.

Expenditures

As for expenses, the largest increase was recorded in social benefits, which totaled €1,361.4 million, representing an increase of €82.5 million, or 6.5%, compared to the first quarter of 2025.

Personnel compensation, including imputed social contributions and civil servant pensions, increased by €23.1 million, representing a 2.4% increase, and totaled €974.9 million.

Interim consumption increased by €25.8 million, a rise of 9.3%, and totaled €303.9 million.

Capital expenditures also showed a significant increase. The capital account increased by €48.3 million, marking a 21.6% increase, and reached €271.8 million, compared to €223.5 million in the corresponding quarter of 2025.

In contrast, subsidies decreased by €3.9 million, a 19.5% decline, and totaled €16.1 million, compared to €20 million in the corresponding quarter of 2025.

With regard to the subsectors of the General Government, the Central Government recorded a surplus of €245.9 million in the first quarter of 2026, compared to €312.2 million in the corresponding period of 2025. Social Security Organizations posted a surplus of €333.4 million, compared with €304.8 million in the first quarter of 2025, while local government recorded a deficit of €12.2 million, compared to a deficit of €16.4 million in the corresponding period last year.

Source: CNA