General government surplus at 3.1% of GDP in first ten months of this year

The general government recorded a surplus of €918.9 mn or 3.1% of GDP for the period of January-October 2023, according to preliminary fiscal results released by CySTAT.

In the same period of 2022, there was a surplus of €691.5 mn or 2.5% of GDP.

Revenue

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According to the preliminary figures during the period of January-October 2023, total revenue increased by €1,059.8 mn (11.8%) and amounted to €10,033 mn, compared to €8,973.2 mn in the corresponding period of 2022.

In detail, taxes on production and imports increased by €387.4 mn (11.7%) and amounted to €3,697.2 mn, compared to €3,309.8 mn in 2022, of which net VAT revenue increased by €266.9 mn (12%) and amounted to €2,497.2 mn, compared to €2,230.3 mn in 2022.

Revenue from taxes on income and wealth increased by €346.1 mn (16.3%) and amounted to €2,467.5 mn, compared to €2,121.4 mn in 2022.

Social contributions increased by €372.5 mn (15%) and amounted to €2,859.8 mn, compared to €2,487.3 mn in 2022.

Current transfers increased by €43.4 mn (25.1%) and amounted to €216.2 mn, compared to €172.9 mn in 2022.

Revenue from the sale of goods and services increased by €0.1 mn and amounted to €623.3 mn, compared to €623.2 mn in 2022.

On the contrary, property income decreased by €22.7 mn (21.6%) to €82.4 mn, from €105.1 mn in 2022.

Capital transfers decreased by €67 mn (43.6%) to €86.6 mn, from €153.6 mn in 2022.

Expenditure

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During the period of January-October 2023, total expenditure increased by €832.4 mn (10.1%) and amounted to €9,114.1 mn, compared to €8,281.7 mn in the corresponding period of 2022.

In detail, social benefits increased by €286.2 mn (8.6%) and amounted to €3,621.9 mn, compared to €3,335.7 mn in 2022.

Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €300.9 mn (12.3%) and amounted to €2,749.8 mn, compared to €2,448.9 mn in 2022.

Subsidies increased by €53.5 mn (64.8%) and amounted to €136 mn, compared to €82.5 mn in 2022.

Current transfers increased by €115 mn (25.9%) and amounted to €559.6 mn, compared to €444.6 mn in 2022.

The capital account increased by €122.2 mn (17.9%) and amounted to €803.2 mn, compared to €681.1 mn in 2022.

In detail, gross capital formation increased by €130.2 mn (24.5%) and amounted to €660.8 mn, compared to €530.6 mn in 2022 and other capital expenditure decreased by €8 mn (5.3%) to €142.4 mn, from €150.4 mn in 2022.

On the contrary, intermediate consumption fell by €42 mn (4.4%) to €910.4 mn compared to €952.4 mn in 2022.

Interest payable decreased by €3.3 mn (1%) to €333.2 mn, from €336.5 mn in 2022.

(Source: CNA)