The General Government surplus increased to 1.9% of GDP during the period from January to May 2024, compared to 1.1% of GDP in the corresponding period of 2023. According to preliminary fiscal results announced by the Statistical Service of Cyprus, the surplus for January-May 2024 amounted to pound 590.6 million, showing a significant rise compared to the surplus of pound 322.7 million (1.1% of GDP) recorded in the same period of the previous year. According to the data, despite the increase in expenditures during this period, fiscal stability was maintained due to the significant increase in revenue, primarily from taxes and social contributions. Revenue growth of 14.9% ---------------------------- Total revenue for January-May 2024 increased by pound 700.8 million, or 14.9%, reaching pound 5,394.5 million compared to pound 4,693.7 million during the same period in 2023. Taxes on production and imports saw an 8.4% increase, totaling pound 1,899.1 million. Within this category, VAT revenue rose by 8.9%, amounting to pound 1,297.1 million. Taxes on income and wealth experienced a substantial increase of 17.2%, reaching pound 1,235.9 million. Social contributions also makred a significant rise of 16.6%, totaling pound 1,685.2 million. Revenue from the sale of goods and services increased by 35.4%, amounting to pound 366.8 million. Current transfers and capital transfers saw increases of 19.9% and 50.3%, reaching pound 134.9 million and pound 23.6 million, respectively. Expenditure increases by 9.9% --------------------------------------- Total expenditure during January-May 2024 increased by pound 432.8 million, or 9.9%, amounting to pound 4,803.9 million compared to pound 4,371.1 million during the same period in 2023. Compensation of employees, including imputed social contributions and pensions of civil servants, increased by 13.8%, totaling pound 1,523.5 million. Social benefits rose by 9.3%, reaching pound 1,913.6 million. Current transfers increased by 18.1%, amounting to pound 365.2 million, while i nterest payable surged by 29.1%, reaching pound 192.4 million. Despite the overall increase in expenditure, the capital account saw a decrease of 13.2%, amounting to pound 276.4 million from pound 318.6 million in 2023. Within this, gross capital formation fell by 16.3%, reaching pound 233.1 million, while other capital expenditures increased by 7.7%, totaling pound 43.3 million. Additionally, subsidies decreased by 19.9%, amounting to pound 57.3 million from pound 71.5 million in the previous year. Source: Cyprus News Agency
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