The primary surplus, on a modified cash basis, stood at 5.148 billion euros in January-April 2025 against a target for a primary surplus of 1.973 billion euros and a primary surplus of 3.282 billion euros for the same period in 2024. At the same time, tax revenues appear to have increased by 1.361 billion euros or 6.6% compared to the target, mainly due to the better performance in the collection of taxes this year (VAT, corporate income tax, etc.).

Specifically, according to the state budget execution data, on a modified cash basis, a surplus of 1,850 million euros was recorded in January-April 2025, against a target for a deficit of 1,357 million euros, which has been included in the 2025 Budget presentation report, as well as a deficit of 250 million euros in the corresponding period of 2024.

The primary result on a modified cash basis was a surplus of 5.148 billion euros, compared to a target for a primary surplus of 1.973 billion euros and a primary surplus of 3.282 billion euros for the same period in 2024.