Preliminary General Government fiscal results, indicate a surplus of pound 424.5 mn (1.3% of GDP) for the first half of 2024, as compared to a surplus of pound 62 mn (0.2% of GDP) that was recorded during the same period last year, according to the Statistical Service of Cyprus (CYSTAT). CYSTAT said that the preliminary General Government fiscal results it has prepared, indicate a surplus of pound 424.5 mn (1.3% of GDP) for the period of January-June 2024, as compared to a surplus of pound 62 mn (0.2% of GDP) that was recorded during the period of January-June 2023. During the period of January-June 2024, total revenue increased by pound 800.1 mn (+14.5%) and amounted to pound 6,313.2 mn, compared to pound 5,513.1 mn in the corresponding period of 2023. In detail, taxes on production and imports increased by pound 127.8 mn (+6.3%) and amounted to pound 2,147.6 mn, compared to pound 2,019.8 mn in 2023, of which net VAT revenue increased by pound 88.4 mn (+6.6%) and amounted to pound 1,428.8 mn, compared to p ound 1,340.4 mn in 2023, it said. Revenue from taxes on income and wealth increased by pound 224.9 mn (+18.8%) and amounted to pound 1,422.3 mn, compared to pound 1,197.4 mn in 2023. Social contributions increased by pound 286 mn (+16.5%) and amounted to pound 2,018.2 mn, compared to pound 1,732.2 mn in 2023. Property income increased by pound 18.7 mn (+36.3%) and amounted to pound 70.2 mn, compared to pound 51.5 mn in 2023. Current transfers increased by pound 27.6 mn (+19%) and amounted to pound 173.2 mn, compared to pound 145.6 mn in 2023. Revenue from the sale of goods and services increased by pound 137 mn (+43%) and amounted to pound 455.4 mn, compared to pound 318.4 mn in 2023. On the contrary, it adds, capital transfers decreased by pound 21.9 mn (-45.4%) to pound 26.3 mn, from pound 48.2 mn in 2023. As regards expenditure, according to CYSTAT, during the period of January-June 2024, total expenditure increased by pound 437.5 mn (+8%) and amounted to pound 5,888.7 mn, compared to pound 5,451.1 mn in the corresponding period of 2023. In detail, intermediate consumption increased by pound 47.9 mn (+9.1%) and amounted to pound 576.7 mn, compared to pound 528.8 mn in 2023. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by pound 203.8 mn (+12.5%) and amounted to pound 1,830.9 mn, compared to pound 1,627.1 mn in 2023. Social benefits increased by pound 170.2 mn (+7.7%) and amounted to pound 2,378.1 mn, compared to pound 2,207.9 mn in 2023. Current transfers increased by pound 80.7 mn (+21%) and amounted to pound 464.6 mn, compared to pound 383.9 mn in 2023. Interest payable increased by pound 30.3 mn (+15.5%) and amounted to pound 226.4 mn, compared to pound 196 mn in 2023. The capital account decreased by pound 66.2 mn (-16%) to pound 347.2 mn, from pound 413.4 mn in 2023, of which gross capital formation decreased by pound 67.2 mn (-18.8%) to pound 290.9 mn, from pound 358.1 mn in 2023 and other capital expenditure increased by pound 1 mn (+1.8% ) and amounted to pound 56.3 mn, compared to pound 55.3 mn in 2023. On the contrary, it said, subsidies decreased by pound 29.2 mn (-31.1%) to pound 64.8 mn, from pound 94 mn in 2023. Source: Cyprus News Agency