ELSTAT published on 21 October the 2022-2025 fiscal data from the second Excessive Deficit Procedure notification, submitted to Eurostat. General government recorded a 2025 surplus of 4.935 billion euros, or 2.0% of GDP, compared with 1.4% in 2024. Consolidated debt fell to 362.995 billion euros, or 145.4% of GDP, from 153.5% a year earlier. The primary surplus reached 5.1% of GDP, while Eurostat reported a euro area deficit of 3.0% and debt of 87.7% of GDP for 2025.
What it means: The data confirm that Greece continues to post some of the best fiscal results in the euro area, unlike the area average, which remains in deficit. The eight-point fall in debt as a share of GDP in one year reflects both the surpluses and growth in nominal GDP, which is also affected by inflation. For businesses, the fiscal picture has practical consequences. First, it feeds into the country's assessment by credit rating agencies, which in turn affects borrowing costs for the state and, indirectly, for banks and companies that issue bonds. Second, fiscal space determines how many support measures and tax cuts can be applied without breaching EU expenditure rules, such as those in the Thessaloniki fair bill. Third, the high revenue partly reflects better tax collection through digital tools, such as linking cash registers to POS terminals, myDATA and electronic invoicing, which expands in November. Interest spending eased slightly to 7.842 billion euros, which leaves more resources for investment.
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