General government records €918.7 m surplus in 2023

General government results for 2023 indicate a fiscal surplus of €918.7 m, according to CySTAT.

CySTAT announced the fiscal results for 2023, which have been audited and verified within the Excessive Deficit Procedure framework of the European Commission. The results for 2023 indicate a fiscal surplus of €918.7 m, which corresponds to 3.1% of GDP and a fiscal debt of €23,036.4 m, which corresponds to 77.3% of GDP.

Revenue

It says that in 2023, total revenue increased by €1,374.0 m (+11.9%) and amounted to €12,913.8 m, compared to €11,539.8 m in 2022. In detail, taxes on production and imports increased by €403.6 m (+10.0%) and amounted to €4,437.1 m, compared to €4,033.5 m in 2022, of which net VAT revenue increased by €273.1 m (+10.1%) and amounted to €2,978.8 m, compared to €2,705.7 m in 2022.

Social contributions increased by €451.7 m (+14.5%) and amounted to €3,573.7 m, compared to €3,122.0 m in 2022. Revenue from taxes on income and wealth increased by €340.7 m (+11.7%) and amounted to €3,264.9 m, compared to €2,924.2 m in 2022.

Other current transfers increased by €56.8 m (+22.3%) and amounted to €311.2 m, compared to €254.4 m in 2022. Property income receivable increased by €19.9 m (+17.4%) and amounted to €134.1 m, compared to €114,2 m in 2022.

Revenue from the sale of goods and services increased by €29.8 m (+3.7%) and amounted to €835.9 m, compared to €806.1 m in 2022. Capital transfers increased by €71.5 m (+25.1%) and amounted to €356.9 m, compared to €285.4 m in 2022.

Expenditure

In 2023, total expenditure increased by €1,213.3 m (+11.3%) and amounted to €11,995.1 m, from €10,781.8 m in 2022. Specifically, compensation of employees (including imputed social contributions and pensions of civil servants) increased by €408.0 m (+12.8%) and amounted to €3,587.2 m, compared to €3,179.2 m in 2022.

Social transfers increased by €320.9 m (+7.6%) and amounted to €4,532.6 m, compared to €4,211.7 m in 2022. Other current expenditure increased by €174.9 m (+26.9%) and amounted to €824.8 m, compared to €649.9 m in 2022. Property income payable increased by €20.9 m (+5.1%) and amounted to €431.5 m, compared to €410.6 m in 2022.

Subsidies increased by €24.3 m (+17.4%) and amounted to €163.6 m, compared to €139.3 m in 2022. Total capital expenditure increased by €307.9 m (+32.4%) and amounted to €1,258.4 m (€1,037.8 m gross capital formation and €220.6 m other capital expenditure), compared to €950.5 m (€728.7 m gross capital formation and €221.8 m other capital expenditure) in 2022. On the contrary, intermediate consumption decreased by €43.6 m (-3.5%) to €1,197.0 m, from €1,240.6 m in 2022.

(Source: CNA)