The latest fiscal results released on Wednesday by the Statistical Service of Cyprus (CYSTAT) reveal a surplus of €291.9 million, equivalent to 1.0% of the country's Gross Domestic Product (GDP), for the period of January to April 2023. This figure shows a slight decrease compared to the surplus of €296.6 million (1.1% of GDP) recorded during the same period last year.
Revenue up 10.5%
During the first four months of 2023, total revenue experienced a significant increase of €347.6 million, reaching €3,651.2 million, indicating a growth rate of 10.5% compared to the corresponding period in 2022.
Taxes on production and imports witnessed a rise of €75.2 million (6.0%), totaling €1,329.6 million compared to €1,254.4 million in 2022. Notably, net VAT revenue increased by €36.8 million (4.3%), reaching €893.3 million, in contrast to €856.5 million in the same period last year. Moreover, revenue from taxes on income and wealth experienced a substantial increase of €153.3 million (20.4%), amounting to €904.2 million, compared to €750.9 million in 2022.
Additionally, social contributions surged by €132.9 million (14.0%), reaching €1,085.3 million, while property income increased by €1.6 million (5.1%), reaching €32.8 million. Current transfers saw a significant rise of €33.8 million (52.6%), totalling €98.0 million, compared to €64.2 million in 2022.
However, capital transfers experienced a decrease of €16.0 million (72.4%) to €6.1 million, compared to €22.1 million in 2022. Similarly, revenue from the sale of goods and services declined by €33.2 million (14.5%) to €195.2 million, from €228.4 million in 2022
Expenditure up 11.7%
Total expenditure for the period of January to April 2023 witnessed a significant increase of €352.3 million (11.7%), amounting to €3,359.3 million, compared to €3,007.0 million during the same period in 2022.
Social benefits rose by €106.7 million (8.7%) to €1,337.7 million, compared to €1,231.0 million in 2022. Compensation of employees, which includes imputed social contributions and pensions of civil servants, increased by €98.8 million (10.3%) to €1,058.7 million, compared to €959.9 million in 2022.
Intermediate consumption witnessed a growth of €20.4 million (6.4%), reaching €337.1 million, compared to €316.7 million in 2022. Subsidies increased by €1.9 million (7.3%) to €28.1 million, while current transfers rose by €16.2 million (7.7%) to €226.1 million, compared to €209.9 million in 2022. Interest payable experienced an increase of €20.1 million (16.7%) to €140.5 million, from €120.4 million in 2022.
The capital account also witnessed growth, with an increase of €88.2 million (61.7%) to €231.1 million, compared to €142.9 million in 2022. In detail, gross capital formation increased by €85.1 millio (82.6%) and amounted to €188.1 million, compared to €103. 0 million in 2022 and other capital expenditure increased by €3.1 million (78%) and amounted to €43.0 million, compared to €39.9 million in 2022.