State Budget 2026: The First in Euros, with Record Revenues and Expenditures

Just minutes ago, the Ministry of Finance published the draft state budget for 2026 – the first to be denominated in euros – along with the medium-term fiscal forecast for the period 2026–2028.

Revenues are set at €51.4 billion, while expenditure reaches almost €55.1 billion. Both revenues and spending are at record levels.

The projected deficit amounts to 3% of GDP, or €3.2 billion. Expenditure is planned at 45.8% of GDP, despite the rule that it should not exceed 40% of the country’s gross domestic product.

The government debt is expected to reach €37.6 billion (or 31.3% of GDP) in 2026.

The minimum level of the fiscal reserve as of 31 December 2026 is set at €2.4 billion.

According to the Ministry of Finance’s macroeconomic forecast, economic growth is expected to slow to 2.7% in 2026. Average annual inflation will remain close to 2025 levels, reaching around 3.5%.