Cyprus government's surplus for the first half of 2023 increased to pound 155.5 million, equivalent to 0.5% of GDP, compared to a deficit of pound 92.4 million (-0.3% of GDP) for the period of January-June 2022, based on preliminary fiscal results from the Statistical Service of Cyprus. Revenue up 14.2% -------------------------- Total revenue for the period January-June 2023 increased by pound 680.4 million (14.2%) to reach pound 5,468.6 billion compared to pound 4,788.2 billion in the same period of 2022. Specifically, total taxes on production and imports increased by pound 241.9 million (13.8%) to reach pound 1,997.7 billion compared to pound 1,755.8 billion in 2022. Among these, net VAT revenue (after deducting refunds) increased by pound 164.5 million (14.2%) to reach pound 1,322.9 billion compared to pound 1,158.4 billion in 2022. Income and wealth taxes increased by pound 216.9 million (21.2%) to reach pound 1,240.3 billion compared to pound 1,023.4 billion in 2022. Social contributions increased by pound 230.0 million (15.5%) to reach pound 1,709.6 billion compared to pound 1,479.6 billion in 2022. Interest and dividends received increased by pound 1.3 million (2.5%) to reach pound 53.3 million compared to pound 52.0 million in 2022. Current transfers increased by pound 42.7 million (43.7%) to reach pound 140.5 million compared to pound 97.8 million in 2022. On the contrary, capital transfers decreased by pound 30.4 million (59.0%) and were limited to pound 21.1 million compared to pound 51.5 million in 2022. Revenue from the provision of services decreased by pound 22.0 million (6.7%) and was limited to pound 306.1 million compared to pound 328.1 million in 2022. Expenditure up 8.9% ----------------------------------- Total expenditures for the period January-June 2023 increased by pound 432.5 million (8.9%) to reach pound 5,313.1 billion compared to pound 4,880.6 billion in the corresponding period of 2022. Specifically, social benefits increased by pound 212.6 million (10.4%) to reach pound 2,250.9 billion compared to pound 2,038.3 billion in 2022. Personnel expenses (including social security and pensions for public servants) increased by pound 161.6 million (11.1%) to reach pound 1,621.5 billion compared to pound 1,459.9 billion in 2022. Intermediate consumption increased by pound 8.7 million (1.7%) to reach pound 519.5 million compared to pound 510.8 million in 2022. Subsidies increased by pound 10.8 million (28.3%) to reach pound 49.0 million compared to pound 38.2 million in 2022. Interest paid increased by pound 25.5 million (12.5%) to reach pound 229.8 million compared to pound 204.3 million in 2022. Capital account increased by pound 43.0 million (14.9%) to reach pound 330.9 million compared to pound 287.9 million in 2022. Specifically, capital investments increased by pound 86.4 million (42.9%) to reach pound 287.9 million compared to pound 201.5 million in 2022, while other capital transfers decreased by pound 43.4 million (50.2%) and were limited to pound 43.0 million compared to pound 86.4 million in 2022. On the contrary, current transfers decreased by pound 29.7 million (8.7%) and were limited to pound 311.5 million compared to pound 341.2 million in 2022.
Source: Cyprus News Agency