General Government surplus of €324 mn

A surplus of €324.1 million, equal to 1.1% of GDP is indicated in the preliminary General Government fiscal results for the period of January-March 2023, which are prepared by the Statistical Service of Cyprus (CYSTAT) and published on Tuesday. In comparison, in the same period of 2022 a surplus of €239.9 mn (0.9% of GDP) was recorded.

During the period of January-March 2023, total expenditure increased by €253.6 mn or by 11.4% and amounted to €2,479.9 mn, compared to €2,226.3 mn in the corresponding period of 2022. 

In detail, social benefits increased by €75.9 mn (8.2%) and amounted to €1,001.2 mn, compared to €925.3 mn in 2022. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €67.5 mn (9.4%) and amounted to €787 mn, compared to €719.5 mn in 2022. Intermediate consumption increased by €33.9 mn (16%) and amounted to €245.8 mn, compared to €211.9 mn in 2022. Subsidies increased by €12.5 mn (60.4%) and amounted to €33.2 mn, compared to €20.7 mn in 2022. Current transfers increased by €5.3 mn (3.2%) and amounted to €168.8 mn, compared to €163.5 mn in 2022.

The capital account increased by €67.1 mn or 67.6% and amounted to €166.3 mn, compared to €99.2 mn in 2022. In detail, gross capital formation increased by €64.5 mn (88%) and amounted to €137.8 mn, compared to €73.3 mn in 2022 and other capital expenditure increased by €2.6 mn (10%) and amounted to €28.5 mn, compared to €25.9 mn in 2022. 

On the contrary, interest payable decreased by €8.6 mn (10%) to €77.6 mn, from €86.2 mn in 2022. 

On the other hand, total revenue increased by €337.8 mn (13.7%) and amounted to €2,804 mn, compared to €2,466.2 mn in the corresponding period 2022.

In detail, taxes on production and imports increased by €72.5 mn (8%) and amounted to €975.6 mn, compared to €903.1 mn in 2022, of which net VAT revenue increased by €13.2 mn (2.2%) and amounted to €626.6 mn, compared to €613.4 mn in 2022. Revenue from taxes on income and wealth increased by €162.7 mn, up 26.7% and amounted to €772.5 mn, compared to €609.8 mn in 2022. Social contributions increased by €111 mn (15.1%) and amounted to €844.2 mn, compared to €733.2 mn in 2022. Property income increased by €0.8 mn (3.6%) and amounted to €23.1 mn, compared to €22.3 mn in 2022. Capital transfers increased by €0.9 mn (22%) and amounted to €5 mn, compared to €4.1 mn in 2022. 

On the contrary, current transfers decreased by €6.4 mn, down 13.5% to €41.1 mn, from €47.5 mn in 2022. Revenue from the sale of goods and services decreased by €3.7 mn (2.5%) to €142.5 mn, from €146.2 mn in 2022.