Preliminary General Government fiscal results indicate surplus for 3Q

A surplus of €720m for the period of July-September 2023 has been indicated in the preliminary General Government fiscal results.

According to a press release by CySTAT, the preliminary General Government fiscal results indicate a surplus of €720m for the period of July-September 2023, as compared to a surplus of €774.1m recorded during the period of July-September 2022.

The press release says that during the period of July-September 2023, total revenue increased by €133.4m (+4,0%) and amounted to €3,461.8m, compared to €3,328.4m in the corresponding period 2022.

More specefically, taxes on production and imports increased by €22.5m (+1,9%) and amounted to €1,217.2m, compared to €1,194.7m in the third quarter of 2022, of which net VAT revenue decreased by €6.5m (-0,8%) to €820.7m, from €827.2m in the corresponding quarter of 2022.

Social contributions increased by €95.9m (+12,7%) and amounted to €852m, compared to €756.1m in the third quarter of 2022. Revenue from taxes on income and wealth increased by €56.8m (+5,8%) and amounted to €1,038.7m, compared to €981.9m in the corresponding quarter of 2022. Revenue from the sale of goods and services increased by €39.4m (+20,7%) and amounted to €229.8m, from €190.4m in the third quarter of 2022.

On the contrary, capital transfers decreased by €61.3m (-62,1%) to €37.4m, from €98.7m in the corresponding quarter of 2022. Property income receivable decreased by €18.9m (-41,2%) to €26.9m, from €45.8m in the third quarter of 2022. Other current transfers decreased by €1.1m (-1,8%) to €59.8m, from €60.9m in the corresponding quarter of 2022.

Regarding expenditure, it says that during the period of July-September 2023, total expenditure increased by €187.5m (+7,3%) and amounted to €2,741.8m, from €2,554.3m in the corresponding period of 2022.

Specifically, social transfers increased by €72.2, (+7,4%) and amounted to €1,042,1m, compared to €969.9m in the third quarter of 2022. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €98.9m (+13,4%) and amounted to €835.2m, compared to €736.3m in the corresponding quarter of 2022. Subsidies increased by €7m (+31,0%) and amounted to €29.6m, compared to €22.6m in the third quarter of 2022. Other current expenditures increased by €43.8m (+40,9%) and amounted to €150.7m, compared to €106.9m in the corresponding quarter of 2022.

The capital account decreased by €4.7m (-1,6%) to €284.6m (€239,1 mln capital formation and €45.5m capital transfers), from €289.3m (€238.6m capital formation and €50.7m capital transfers) in the third quarter of 2022.

CySTAT also says that property income payable decreased by €1.8m (-1,6%) to €116.5m, from €118.3m in the corresponding quarter of 2022. Intermediate consumption decreased by €27.9m (-9,0%) to €283.1m, from €311m in the third quarter of 2022.