Cyprus recorded a surplus of pound 455.9 million, equivalent to 1.4% of its Gross Domestic Product (GDP), according the preliminary fiscal results released Friday by the Statistical Service of Cyprus. This represents an increase from the surplus of pound 368.6 million, or 1.2% of GDP, registered during the same month in 2023.
Revenue increased at a faster pace than expenditure in January 2024.
Revenue Soars
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Cyprus’s total revenue for January 2024 saw a substantial upswing, by pound 153.0 million or 13.2% compared to the same period last year.
Revenue reached pound 1,316.0 million, compared to pound 1,163.0 million in January 2023. The surge in revenue was due to the significant increases in taxes on income and wealth, which soared by pound 99.0 million (22.4%) to reach pound 540.5 million. Social contributions also witnessed a substantial increase, rising by pound 42.3 million (14.1%) to reach pound 343.1 million. Current transfers increased by pound 2.9 million (25
.5%) and amounted to pound 14.1 million, compared to pound 11.2 million in 2023. Revenue from the sale of goods and services increased by pound 3.6 million (7.2%) and amounted to pound 53.3 million, compared to pound 49.7 million in 2023. Property income increased by pound 3.5 million (48.6%) and amounted to pound 10.6 million, compared to pound 7.1 m million n in 2023. Capital transfers increased by pound 2.1 million and amounted to pound 4.0 million, compared to pound 1.9 million in 2023.
However, not all sectors saw an increase. Revenue from taxes on production and imports experienced a slight decrease, dropping by pound 0.3 million (-0.1%) to pound 350.5 million. Notably, net VAT revenue decreased by pound 22.1 million (8.4%) to pound 241.3 million.
Expenditure Rises
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Total expenditure for January 2024 increased by pound 65.6 million (8.3%), totaling pound 860.1 million compared to pound 794.4 million in January 2023. Social benefits saw a significant uptick, rising by poun
d 38.1 million (11.6%) to reach pound 365.6 million. Similarly, compensation of employees, including imputed social contributions and pensions of civil servants, saw a substantial increase, rising by pound 41.5 million (16.2%) to pound 297.3 million.
Intermediate consumption also saw a slight increase, rising by pound 0.4 million (0.5%) to pound 76.3 million. Meanwhile, subsidies, current transfers, and interest payable experienced decreases during the period.
The capital account witnessed growth, increasing by pound 3.1 million (15.4%) to pound 23.4 million, with gross capital formation rising by pound 4.3 million (20.0%) to pound 25.8 million.
In contrast, subsidies plummeted by pound 6.8 million, marking a staggering decrease of 61.3%, dropping to pound 4.3 million from pound 11.1 million in 2023. Additionally, current transfers saw a decline of pound 4.0 million, representing a decrease of 6.5%, with figures falling to pound 58.1 million from pound 62.1 million in the previous year. Furthermore, intere
st payable decreased by pound 6.6 million, indicating a reduction of 15.9%, settling at pound 35.1 million compared to pound 41.7 million in 2023.
Source: Cyprus News Agency
