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)