General government surplus at €1.43 billion or 4.2% of GDP by October 2024

The preliminary General Government fiscal results, prepared by CySTAT, indicate a surplus of €1,431.8m (4.2% of GDP) for the period of January-October 2024, as compared to a surplus of €664.8m (2.1% of GDP) that was recorded during the period of January-October 2023.

Revenue

According to CySTAT, total revenue, in the period January-October 2024, increased by €721.6m (+6.6%) to €11,686.7m, compared to €10,965.1 million in the corresponding period of 2023.

In detail, taxes on production and imports increased by €227.3m (+6,2%) and amounted to €3,893m, compared to €3,665.7m in 2023, of which net VAT revenue increased by €187.2m (+7,6%) and amounted to €2,660.8m, compared to €2,473.6m in 2023.

Revenue from taxes on income and wealth increased by €399.7m (+16,0%) and amounted to €2,896.4m, compared to €2,496.7m in 2023. Property income increased by €41.1m (+48,2%) and amounted to €126.5m, compared to €85.3m in 2023.

Revenue from the sale of goods and services increased by €189.3m (+29,9%) and amounted to €822.7m, compared to €633.4m in 2023. Social contributions increased by €24.9m (+0,7%) and amounted to €3,611.3m, compared to €3,586,4m in 2023.

On the contrary, current transfers decreased by €109.6m (-29,1%) to €266.9m, from €376.5m in 2023. Capital transfers decreased by €51.1m (-42,2%) to €69.9m, from €121.0m in 2023.

Expenditure

During the period of January-October 2024, total expenditure decreased by €45.4m (-0,4%) to €10,254.9m, from €10,300.2m in the corresponding period of 2023.

In detail, intermediate consumption increased by €109,5m (+11,2%) and amounted to €1,086.6m, compared to €977.1m in 2023. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €209.9m (+7,6%) and amounted to €2,973.3m, compared to €2,763.4m in 2023.

Social benefits increased by €342.6m (+8,8%) and amounted to €4,255,3m, compared to €3,912.7m in 2023. Interest payable increased by €23.4m (+7,0%) and amounted to €358.8m, compared to €335.4m in 2023.

On the contrary, subsidies decreased by €22.7m (-16,7%) to €113.3m, from €136m in 2023. Current transfers decreased by €323.8m (-32,9%) to €660.1m, from €983.9m in 2023.

The capital account decreased by €384.4m (-32,2%) to €807.5m, from €1,191.9m in 2023, of which gross capital formation increased by €8.8m (+1.3%) and amounted to €675.3m, compared to €666.5m in 2023 and other capital expenditure decreased by €393.1m (-74,8%) to €132.2m, from €525.3m in 2023.

For the Local Government sub-sector, estimates have been produced due to non-submission of sufficient data by the competent authorities.

(Source: CNA)