Cyprus General Government surplus exceeded half a billion in the first two months of 2024 marking an increase of 34% compared with the respective period of last year.
According to preliminary data released by the Statistical Service of Cyprus (CyStat), the general government fiscal results indicate a surplus of pound 534.8 mn, representing 1.7% of GDP, for the period of January-February 2024, compared to a surplus of pound 398.0 mn (1.3% of GDP) that was recorded during the period of January- February 2023.
Revenue up by 16.7%
During the period of January-February 2024, total revenue increased by pound 333.9 mn or by an annual 16.7%, amounting to pound 2,328 mn, compared to pound 1,994.1 mn in the corresponding period of 2023.
Taxes on production and imports increased by pound 54.1 mn (+8.0%) and amounted to pound 727.2 mn, compared to pound 673.1 mn in 2023, of which net VAT revenue increased by pound 51.7 mn (+11.0% and amounted to pound 523.2 mn, compared to pound 471.5 mn in 2023.
Revenue from taxes
on income and wealth increased by pound 120.8 mn (+20.1%) reaching pound 721.7 mn, compared to pound 600.9 mn in 2023. Social contributions increased by pound 98.6 mn (+17.1%) and amounted to pound 673.9 mn, compared to pound 575.3 mn in 2023.
Property income increased by pound 1.2 mn (+7.7%), amounting to pound 16.8 mn, compared to pound 15.6 mn in 2023, whereas current transfers increased by pound 4 mn (+14.3%) and amounted to pound 31.9 mn, compared to pound 27.9 mn in 2023.
Revenue from the sale of goods and services increased by pound 53 mn (+54.4%) and amounted to pound 150.4 mn, compared to pound 97.4 mn in 2023.
Capital transfers increased by pound 2.2 mn (+56.4%) and amounted to pound 6.1 mn, compared to pound 3.9 mn in 2023.
Expenditure up by 12.3%
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According to CyStat, during the period of January-February 2024, total expenditure increased by pound 197.1 mn (+12.3%), reaching pound 1,793.2 mn, compared to pound 1,596.1 mn in the corresponding period of 2023.
Intermediate consump
tion increased by pound 16.7 mn (+10.6%) and amounted to pound 174.1 mn, compared to pound 157.4 mn in 2023.
Compensation of employees (including imputed social contributions and pensions of civil servants) increased by pound 82 mn (+15.8%) and amounted to pound 601.2 mn, compared to pound 519.2 mn in 2023.
Social benefits rose by pound 83.5 mn (+12.9%) and amounted to pound 730.8 mn, compared to pound 647.3 mn in 2023.
Current transfers increased by pound 3.9 mn (+3.2%) and amounted to pound 125 mn, compared to pound 121.1 mn in 2023.
The capital account increased by pound 39.8 mn (+73.4%) and amounted to pound 94 mn, compared to pound 54.2 mn in 2023, of which gross capital formation increased by pound 21.8 mn (+43.4%) and amounted to pound 72 mn, compared to pound 50.2 mn in 2023 and other capital expenditure increased by pound 18 mn and amounted to pound 22 mn, compared to pound 4 mn in 2023, CyStat added.
On the contrary, interest payable decreased by pound 13.9 mn (-18.9%) to pound 59.9 mn, from po
und 73.8 mn in 2023, while subsidies decreased by pound 14.9 mn (-64.5%) to pound 8.2 mn, from pound 23.1 mn in 2023, Cystat said.
Source: Cyprus News Agency