General government surplus at €619.1m in first quarter of 2025

A surplus of €619.1m is indicated by the preliminary General Government fiscal results, which have been prepared by CyStat for the period of January-March 2025.

This is compared to a surplus of €575.7m that was recorded during the period of January-March 2024.

Revenue

In particular, according to CySTAT, during the period of January-March 2025, total revenue increased by €231.2m (6.8%) and amounted to €3,639.7m, compared to €3,408.5m in the corresponding period of 2024.

In detail, social contributions increased by €139.3m (13.2%) and amounted to €1,191.4m, compared to €1,052.1m in the first quarter of 2024.

Revenue from taxes on income and wealth increased by €70.7m (7.7%) and amounted to €985.9m, compared to €915.2m in the corresponding quarter of 2024.

Revenue from the sale of goods and services increased by €57.3m (26.4%) and amounted to €274.6m, compared to €217.3m in the first quarter of 2024.

Taxes on production and imports increased by €28m (2.6%) and amounted to €1,100.7m, compared to €1,072.7m in the corresponding quarter of 2024, of which net VAT revenue increased by €4.8m (0.7%) to €733.2m, from €728.4m in the first quarter of 2024.

On the contrary, other current transfers decreased by €52.3m (-44.2%) to €66m, from €118.3m in the corresponding quarter of 2024.

Property income receivable decreased by €2.4m (-11.5%) to €18.7m, from €21.1m in the first quarter of 2024.

Capital transfers decreased by €9.4m (-79.7%) to €2.4m, from €11.8m in the corresponding quarter of 2024.

Expenditure

During the period of January-March 2025, total expenditure increased by €187.7m (6.6%) and amounted to €3,020.6m, from €2,832.9m in the corresponding period of 2024.

Specifically, social transfers increased by €103m (8.7%) and amounted to €1,280.9m, compared to €1,177.9m in the first quarter of 2024.

Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €58m (6.5%) and amounted to €955.5m, compared to €897.5m in the corresponding quarter of 2024.

Subsidies increased by €1.1m (3.1%) and amounted to €36.2m, compared to €35.1m in the first quarter of 2024.

Property income payable increased by €0.4m (0.6%) and amounted to €72.1m, compared to €71.7m in the corresponding quarter of 2024.

The capital account increased by €53m (33.3%) and amounted to €212m (€176.8m capital formation and €35.2m capital transfers), compared to €159m (€131.4m capital formation and €27.6m capital transfers) in the first quarter of 2024.

On the contrary, intermediate consumption decreased by €24m (-8.1%) to €271.1m, from €295.1m in the corresponding quarter of 2024.

Other current expenditure decreased by €3.8m (-1.9%) to €192.8m, from €196.6m in the first quarter of 2024.

(Source: CNA)