Economy category powered by

General Government surplus at 3.4% of GDP in Jan-Nov '23

The general government recorded a €1,000.7m surplus, equal to 3.4% of the country’s GDP, in January-November 2023, according to the preliminary General Government fiscal results prepared by Cystat.

In January-November of 2022, there was a surplus of €636.8m (2.3% of GDP).

During the period of January-November 2023, total revenue increased by €1,227.9m (12.5%) and amounted to €11,064.3m, compared to €9,836.4m in the corresponding period of 2022.

In detail, taxes on production and imports increased by €457.3m (12.5%) and amounted to €4,128.5m, compared to €3,671.2m in 2022, of which net VAT revenue increased by €295m (11.8%) and amounted to €2,791m, compared to €2,496m in 2022. Revenue from taxes on income and wealth increased by €387.7m (17.2%) and amounted to €2,636.7m, compared to €2,249m in 2022.

Social contributions increased by €356.3m (12.9%) and amounted to €3,124.6m, compared to €2,768.3m in 2022. Current transfers increased by €49m (25.4%) and amounted to €242.2m, compared to €193.2m in 2022. Revenue from the sale of goods and services increased by €61.6m (9%) and amounted to €748.1m, compared to €686.5m in 2022.

On the contrary, property income decreased by €17.8m (-15.8%) to €94.6m, from €112.4m in 2022. Capital transfers decreased by €66.2m (42.5%) to €89.6m, from €155.8m in 2022.

During the period of January-November 2023, total expenditure increased by €864m (9.4%) and amounted to €10,063.6m, compared to €9,199.6m in the corresponding period of 2022.

In detail, social benefits increased by €259.2m (7.1%) and amounted to €3,935m, compared to €3,675.8m in 2022. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €346.7 m (12.9%) and amounted to €3,041.9m, compared to €2,695.2m in 2022.

Subsidies increased by €37.3m (35.3%) and amounted to €143.1m, compared to €105.8m in 2022. Current transfers increased by €136.9m (27.7%) and amounted to €632.2m, compared to €495.3m in 2022.

The capital account increased by €113.9m (14.5%) and amounted to €897m, compared to €783.1m in 2022. In detail, gross capital formation increased by €110.7m (17.9%) and amounted to €729.4 m, compared to €618.7m in 2022 and other capital expenditure increased by €3.2m (2%) and amounted to €167.6m, compared to €164.4m in 2022.

On the contrary, intermediate consumption decreased by €29.1m (-2.7%) to €1,032.7m, from €1,061.8m in 2022. Interest payable decreased by €0.9m (-0.2%) to €381.7m, from €382.6m in 2022.

Read More

Christodoulides' stern message on the Tax Reform - "By 1 January, no exceptions"
Alexandros Josephides: Cypriot shipowners are concerned about the Strait of Hormuz
Seafood and oil prices climb sharply in May, fresh vegetable prices drop
Finance Minister to discuss Cyprus' Presidency priorities and bilateral cooperation in Athens
National Hydrogen Strategy submitted to Cabinet for approval, Energy Minister says
Marina Hadjimanolis: A Strait of Hormuz closure would undoubtedly have ripple and immediate effects
Another step taken in CSE's path to privatisation
How a blocked Strait of Hormuz could impact Europe, including Cyprus
Keravnos highlights importance of EU defence funding at ECOFIN Council
Oil price spike amid Middle East crisis expected but temporary, Energy Minister says