Economy category powered by

Preliminary General Government fiscal results indicate a surplus of €1,507.8m for 2024

The preliminary General Government fiscal results indicate a surplus of €1,507.8m for 2024.

According to CySTAT, the preliminary General Government fiscal results, which are also prepared by CySTAT, indicate a surplus of €1,507.8m (4.5% of GDP) for the period of January-December 2024, as compared to a surplus of €631.5m (2% of GDP) that was recorded during the period of January-December 2023.

Revenue

During the period of January-December 2024, total revenue increased by €1,073.7m (+7.8%) and amounted to €14,835.5m, compared to €13,761.8m in the corresponding period of 2023.

In detail, taxes on production and imports increased by €244.4m (+5.5%) and amounted to €4,686.8m, compared to €4,442.4m in 2023, of which net VAT revenue increased by €166.2m (+5.6%) and amounted to €3,145m, compared to €2,978.8m in 2023. Revenue from taxes on income and wealth increased by €545.2m (+16.7%) and amounted to €3,810.1m, compared to €3,264.9m in 2023.

Property income increased by €6.1m (+4.4%) and amounted to €143.6m, compared to €137.5m in 2023. Revenue from the sale of goods and services increased by 240m (+28.1%) and amounted to €1,093.4m, compared to €853.4m in 2023. Social contributions increased by €119.5m (+2.7%) and amounted to €4,500m, compared to €4,380.5m in 2023. Current transfers increased by €56m (+17.2%) and amounted to €381.2m, compared to €325.2m in 2023.

On the contrary, capital transfers decreased by €137.5m (-38.4%) to €220.4m, from €357.9m in 2023.

Expenditure

During the period of January-December 2024, total expenditure increased by €197.4m (+1.5%) and amounted to €13,327.6m, compared to €13,130.2m in the corresponding period of 2023.

In detail, intermediate consumption increased by €205.6m (+15.8%) and amounted to €1,507.3m, compared to €1,301.7m in 2023. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €269.4m (+7.5%) and amounted to €3,861.3m, compared to €3,591.9m in 2023. Social benefits increased by €366.2m (+7.4%) and amounted to €5,307.5m, compared to €4,941.3m in 2023. Interest payable increased by €25.7m (+6.3%) and amounted to €433.9m, compared to €408.2m in 2023.

On the contrary, subsidies decreased by €5.7m (-3.6%) to €153.4m, from €159.1m in 2023. Current transfers decreased by €282.7m (-24.2%) to €887.7m, from €1,170.4m in 2023.

The capital account decreased by €381.2m (-24.5%) to €1,176.5m, from €1,557.7m in 2023, of which gross capital formation decreased by €1.6m (-0.2%) to €983m, from €984.6m in 2023 and other capital expenditure decreased by €379.6m (-66.2%) to €193.5m, from €573.1m in 2023.

CySTAT says that for the Local Government Subsector, estimates have been produced by CySTAT, due to non-submission of sufficient data by the competent authorities for the District Self-Government Organisations of Famagusta and Paphos (activities related to drainage, water supply, licensing and waste management).

(Source: CNA)

Read More

We enjoy a very strong relationship with Cyprus, advisor to Qatari Prime Minister says
Cyprus expects competent agency to implement GSI, Energy Minister says
Cypriots see business opportunities but fear failure, according to survey
Industrial production up 4.3% y-o-y in first two months of 2025
Tourism revenues are soaring: 35% increase to €148.9m in the first two months of 2025
Petroleum product sales down by 2.3% in Q1
Proper management leads to opportunities in digital era, Labour Inspection Department says
ACTTA President Charis Papacharalambous on how Cyprus can become a year-round destination
Cyprus economic outlook positive but slowing, according to CCLEI index
Stelios Demetriou: Multi-level benefits from Cyprus's accession to the Schengen Zone