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