Hellenic Republic · Ελληνική ΔημοκρατίαGovernment Budget
Fiscal Year 2024
Revenue by Source
Max = €33.5B (Social Contributions) · Total €117.1BExpenditure by Function
Max = €32.5B (Pensions) · Total €114.2BHistoric Surplus: First Since 2007
Greece recorded a general government surplus of €2.91 billion (1.2% of GDP) in 2024 — the first headline surplus since 2007, before the global financial crisis triggered the worst sovereign debt collapse in European history. The primary surplus (excluding interest) was even stronger at €11.1 billion (4.7% of GDP), far exceeding the 2.2% target set by creditors. This turnaround from a deficit of 15% of GDP in 2009 reflects fifteen years of painful fiscal consolidation, structural reforms, pension cuts, and three international bailout programmes totalling over €280 billion in loans.
Surplus 1.2% · primary 4.7% · first since 2007Debt: €364.9B — Still Europe's Highest at 154% of GDP
Despite the surplus, Greece carries the EU's highest debt-to-GDP ratio at 154.2%, down from a 2020 peak of 213% but still more than double the Maastricht 60% ceiling. The structure of the debt is what makes it manageable: around 76% is owed to official European creditors (EFSF, ESM, bilateral eurozone loans) at very low fixed interest rates, with maturities extending to 2070. Net interest payments are €8.2B (3.5% of GDP) — high in absolute terms but relatively affordable due to concessional rates averaging roughly 1.5%.
Debt: 154.2% GDP · €364.9B · EU's highestPensions: A Structural Burden at ~13–14% of GDP
Greece spends more on pensions relative to GDP than any other EU country. Old-age and survivor pensions together account for over 13% of GDP, driven by an ageing population (23.3% of citizens are over 65) and a historically over-generous pension system. The 2010–2016 reforms cut pension benefits sharply — by up to 40% for some recipients — and raised the statutory retirement age to 67. The ESA-funded pension fund (EFKA) disburses to over 2.5 million pensioners.
Pensions: ~13–14% GDP · over 2.5M recipientsDefence: 2.4% of GDP — NATO's 3rd Highest Spender
Greece consistently ranks among NATO's top spenders by GDP share (alongside the US and Poland), reflecting its geopolitical position vis-à-vis Turkey. The 2024 state budget allocated €6.1 billion to the Ministry of National Defence, of which approximately €2.6 billion covered equipment procurement — including Rafale fighter jets from France, Belharra frigates, and armoured vehicle upgrades.
Defence: 2.4% GDP · €6.1B · NATO 3rd highestTax Evasion: Greece's Chronic Revenue Drain
Despite the record surplus, Greece loses an estimated €20–25 billion annually to tax evasion and the shadow economy — roughly 8–10% of GDP. The informal economy is estimated at around 20% of GDP by the OECD. The independent tax authority AADE has made significant progress through mandatory e-invoicing (myDATA), POS-receipt requirements, and digital-labour-card tracking in hospitality and construction sectors.
Shadow economy ~20% GDP · AADE digital enforcementTourism: The Revenue Engine Behind the Surplus
Tourism directly accounts for roughly 25–30% of Greek GDP and is the primary driver behind the 2024 fiscal overperformance. Greece welcomed a record ~33 million international arrivals in 2024, generating over €20 billion in tourism receipts. This boosts VAT, hospitality taxes, income tax, and social contributions — while also pulling in GDP numbers that reduce debt ratios.
~33M arrivals · €20B+ receipts · 25–30% GDPPrimary sources: Hellenic Statistical Authority (ELSTAT) — Fiscal Data for 2021–2024, ESA2010, Second EDP Notification 2025 (October 2025); European Commission — Economic Forecast for Greece (Autumn 2025); Greek Ministry of Economy & Finance — State Budget 2024 Execution Reports; OECD — Revenue Statistics 2024: Greece; Eurostat — Government Finance Statistics (2024); NATO — Defence Expenditure Data 2024.
Methodology: All headline fiscal figures (total revenue €117.1B, total expenditure €114.2B, surplus €2.9B, primary surplus €11.1B, debt €364.9B) are official ELSTAT ESA2010 general government consolidated data as reported in the October 2025 EDP notification to Eurostat. GDP: €236,736M (ELSTAT, 2024). Social security contributions (employer 22.29% + employee 13.87%) are the largest revenue source. VAT: standard 24%, reduced 13% and 6%. Currency: Euro (€). All figures are calendar year 2024.