General Government surplus at €931.6 mln in first nine months 2023

The General Government of Cyprus recorded a surplus of €931.6 million (3.1% of GDP) for the period January-September 2023 compared to a surplus of €727.1 million (2.6% of GDP) for the period January-September 2022, according to preliminary General Government fiscal results, released by CySTAT.

According to CySTAT, the revenue and expenditure are analysed by category and these are classified between current and capital, respectively.

The data, it says, is collected from the Financial Information Management Automation System (FIMAS) for Central Government, Extra Budgetary Funds and Social Security Funds, the Budget execution of Municipalities and Communities, and the Budget execution of Semi-Government Organisations.

As explained, during the period of January-September 2023, total revenue increased by €899.1 million (+11.0%) and amounted to €9,050.2 million, compared to €8,151.1 million in the corresponding period of 2022.

Specifically, it is reported that taxes on production and imports increased by €286.1 million (+9.6%) and amounted to €3,262.1 million, compared to €2,976.0 million in 2022, of which net VAT revenue increased by €174.7 million (+8.8%) and amounted to €2,160.3 million, compared to €1,985.6 million in 2022.

It is added that revenue from taxes on income and wealth increased by €290.5 million (+14.5%) and amounted to €2,295.8 million, compared to €2,005.3 million in 2022.

Social contributions increased by €344.8 million (+15.4%) and amounted to €2,580.5 million, compared to €2,235.7 million in 2022. Current transfers increased by €53.7 million (+35.5%) and amounted to €204.8 million, compared to €151.1 million in 2022.

It is further noted that revenue from the sale of goods and services increased by €14.2 million (+2.7%) and amounted to €548.4 million, compared to €534.2 million in 2022.

On the contrary, property income decreased by €22.2 million (-22.7%) to €75.6 million, from €97.8 million in 2022, while, capital transfers decreased by €68.0 million (-45.0%) to €83.0 million, from €151.0 million in 2022.

According to CySTAT during the period of January-September 2023, total expenditure increased by €694.6 million (+9.4%) and amounted to €8,118.6 million, compared to €7,424.0 million in the corresponding period of 2022.

In detail, social benefits increased by €258.9 million (+8.6%) and amounted to €3,267.8 million, compared to €3,008.9 million in 2022. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €263.2 million (+12.0%) and amounted to €2,462.1 million, compared to €2,198.9 million in 2022.

It is added that subsidies increased by €63.3 million and amounted to €124.1 million, compared to €60.8 million in 2022. Current transfers increased by €85.8 million (+21.2%) and amounted to €490.3 million, compared to €404.5 million in 2022.

The capital account increased by €65.1 million (+11.0%) and amounted to €656.7 million, compared to €591.6 million in 2022.

In detail, gross capital formation increased by €111.8 million (+25.2%) and amounted to €556.0 million, compared to €444.3 million in 2022 and other capital expenditure fell by €46.7 million (-31.7%) to €100.7 million, from €147.4 million in 2022.

Intermediate consumption decreased by €26.1 million (-3.1%) to €810.6 million, from €836.7 million in 2022.

It is noted that interest payable decreased by €15.6 million (-4.8%) to €307.0 million, from €322.6 million in 2022.

(Source: CNA)