The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT) indicate a surplus of €523,0 mn (1,7% of GDP) for the period of January-March 2024, as compared to a surplus of €376,4 mn (1,3% of GDP) that was recorded during the period of January-March 2023.
During the period of January-March 2024, total revenue increased by €332,8 mn (+11,5%) and amounted to €3.225,4 mn, compared to €2.892,6 mn in the corresponding period of 2023.
In detail, taxes on production and imports increased by €21,5 mn (+2,1%) and amounted to €1.046,4 mn, compared to €1.024,9 mn in 2023, of which net VAT revenue increased by €25,5 mn (+3,7%) and amounted to €708,2 mn, compared to €682,7 mn in 2023. Revenue from taxes on income and wealth increased by €135,7 mn (+17,4%) and amounted to €915,2 mn, compared to €779,5 mn in 2023. Social contributions increased by €89,0 mn (+10,2%) and amounted to €958,6 mn, compared to €869,6 mn in 2023. Property income increased by €3,5 mn (+14,5%) and amounted to €27,7 mn, compared to €24,2 mn in 2023. Current transfers increased by €4,0 mn (+9,6%) and amounted to €45,6 mn, compared to €41,6 mn in 2023. Revenue from the sale of goods and services increased by €70,3 mn (+47,3%) and amounted to €219,0 mn, compared to €148,7 mn in 2023. Capital transfers increased by €8,8 mn and amounted to €12,9 mn, compared to €4,1 mn in 2023.
Expenditure
During the period of January-March 2024, total expenditure increased by €186,2 mn (+7,4%) and amounted to €2.702,4 mn, compared to €2.516,3 mn in the corresponding period of 2023.
In detail, intermediate consumption increased by €19,2 mn (+7,7%) and amounted to €268,6 mn, compared to €249,4 mn in 2023. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €113,9 mn (+14,4%) and amounted to €903,7 mn, compared to €789,8 mn in 2023. Social benefits increased by €72,0 mn (+7,1%) and amounted to €1.085,1 mn, compared to €1.013,1 mn in 2023. Current transfers increased by €29,3 mn (+16,3%) and amounted to €208,8 mn, compared to €179,5 mn in 2023. Subsidies increased by €1,4 mn (+4,3%) and amounted to €33,9 mn, compared to €32,5 mn in 2023.
The capital account decreased by €43,1 mn (-24,0%) to €136,7 mn, from €179,8 mn in 2023, of which gross capital formation decreased by €47,4 mn (-28,7%) to €117,9 mn, from €165,3 mn in 2023 and other capital expenditure increased by €4,3 mn (+29,7%) and amounted to €18,8 mn, compared to €14,5 mn in 2023.
On the contrary, interest payable decreased by €6,5 mn (-9,1%) to €65,6 mn, from €72,2 mn in 2023.
