05/04/2022 14:49
The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT) indicate a surplus of €235,4 mn (0,9% of GDP) for the period of January-February 2022, as compared to a deficit of €54,1 mn (0,2% of GDP) that was recorded during the period of January-February 2021.
During the period of January- February 2022, total expenditure decreased by €59,6 mn (-4,0%) to €1.440,4 mn, from €1.500,1 mn in the corresponding period of 2021.
Specifically, social benefits increased by €63,8 mn (+12,1%) and amounted to €589,4 mn, compared to €525,6 mn in 2021. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €14,3 mn (+3,1%) and amounted to €469,5 mn, compared to €455,2 mn in 2021. Intermediate consumption increased by €32,9 mn (+34,2%) and amounted to €129,1 mn, compared to €96,2 mn in 2021. Interest payable increased by €8,6 mn (+12,0%) and amounted to €80,4 mn, compared to €71,8 mn in 2021.
The capital account increased by €18,5 mn (+46,3%) and amounted to €58,4 mn, compared to €39,9 mn in 2021. In detail, gross capital formation increased by €5,5 mn (+15,2%) and amounted to €41,6 mn, compared to €36,1 mn in 2021 and other capital expenditure increased by €13,0 mn and amounted to €16,8 mn, compared to €3,8 mn in 2021.
On the contrary, subsidies decreased by €183,6 mn to €13,2 mn, from €196,8 mn in 2021. Current transfers decreased by €14,1 mn (-12,3%) to €100,4 mn, from €114,5 mn in 2021.
During the period of January- February 2022, total revenue increased by €229,8 mn (+15,9%) and amounted to €1.675,8 mn, compared to €1.446,0 mn in the corresponding period 2021.
In detail, taxes on production and imports increased by €69,4 mn (+14,2%) and amounted to €559,1 mn, compared to €489,7 mn in 2021, of which net VAT revenue increased by €44,9 mn (+14,3%) and amounted to €359,9 mn, compared to €315,0 mn in 2021. Revenue from taxes on income and wealth increased by €127,9 mn (+36,3%) and amounted to €480,4 mn, compared to €352,5 mn in 2021. Social contributions increased by €85,2 mn (+20,6%) and amounted to €499,1 mn, compared to €413,9 mn in 2021. Revenue from the sale of goods and services increased by €11,0 mn (+13,9%) and amounted to €90,2 mn, compared to €79,2 mn in 2021.
On the contrary, capital transfers decreased by €56,5 mn to €3,3 mn, from €59,8 mn in 2021. Current transfers decreased by €1,2 mn (-4,1%) to €26,9 mn, from €28,1 mn in 2021. Property income decreased by €6,1 mn (-26,8%) to €16,7 mn, from €22,8 mn in 2021.
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