General Government records €424.5m surplus in H1

Preliminary General Government fiscal results indicate a surplus of €424.5m (1.3% of GDP) for the first half of 2024, as compared to a surplus of €62m (0.2% of GDP) during the same period last year, according to Cystat.

During the period January-June 2024, total revenue increased by €800.1m (+14.5%) and amounted to €6,313.2m, compared to €5,513.1m in the corresponding period of 2023. In detail, taxes on production and imports increased by €127.8m (+6.3%) and amounted to €2,147.6m, compared to €2,019.8 m in 2023, of which net VAT revenue increased by €88.4m (+6.6%) and amounted to €1,428.8m, compared to €1,340.4m in 2023.

Revenue from taxes on income and wealth increased by €224.9m (+18.8%) and amounted to €1,422.3m, compared to €1,197.4m in 2023. Social contributions increased by €286m (+16.5%) and amounted to €2,018.2m, compared to €1,732.2m in 2023. Property income increased by €18.7m (+36.3%) and amounted to €70.2m, compared to €51.5m in 2023. Current transfers increased by €27.6m (+19%) and amounted to €173.2m, compared to €145.6m in 2023. Revenue from the sale of goods and services increased by €137m (+43%) and amounted to €455.4m, compared to €318.4m in 2023. On the contrary, it adds, capital transfers decreased by €21.9m (-45.4%) to €26.3m, from €48.2m in 2023.

As regards expenditure, during the period of January-June 2024, total expenditure increased by €437.5m (+8%) and amounted to €5,888.7m, compared to €5,451.1m in the corresponding period of 2023.

In detail, intermediate consumption increased by €47.9m (+9.1%) and amounted to €576.7m, compared to €528.8m in 2023.

Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €203.8m (+12.5%) and amounted to €1,830.9m, compared to €1,627.1m in 2023. Social benefits increased by €170.2m (+7.7%) and amounted to €2,378.1m, compared to €2,207.9m in 2023. Current transfers increased by €80.7m (+21%) and amounted to €464.6m, compared to €383.9m in 2023.

General government fiscal accounts - €424.5m surplus in H1 to €226.4m, compared to €196m in 2023. The capital account decreased by €66.2 m (-16%) to €347.2m, from €413.4m in 2023, of which gross capital formation decreased by €67.2 m (-18.8%) to €290.9m, from €358.1m in 2023 and other capital expenditure increased by €1m (+1.8%) and amounted to €56.3m, compared to €55.3m in 2023. On the contrary, subsidies decreased by €29.2m (-31.1%) to €64.8m, from €94m in 2023.g