diff --git a/Python/ceval.c b/Python/ceval.c
index a4e5a32..b9a006b 100644
--- a/Python/ceval.c
+++ b/Python/ceval.c
@@ -2132,6 +2132,7 @@
                                              GLOBAL_NAME_ERROR_MSG, w);
                     break;
                 }
+                Py_INCREF(x);
             }
             else {
                 /* Slow-path if globals or builtins is not a dict */
@@ -2147,7 +2148,6 @@
                     }
                 }
             }
-            Py_INCREF(x);
             PUSH(x);
             DISPATCH();