The preliminary General Government fiscal results indicate a surplus of pound 425.7 mn, equal to 1.5% of GDP for the period of January-July 2023, as compared to a surplus of pound 109.5 mn or 0.4% of GDP that was recorded during the period of January-July 2022, according to data published by the Statistical Service of Cyprus on Thursday. The surplus comes from the greater increase in revenues by pound 316.2 million compared to the increase in expenses, a development due to the large increase in both income and wealth tax revenues and social contributions. The increase in expenses compared to last year is mainly due to the increase in staff salaries (including imputed social contributions and pensions of civil servants) by pound 202.4 million (+11.9%). Revenue ——— During the period of January-July 2023, total revenue increased by pound 692.6 mn (+11.7%) and amounted to pound 6,596.9 mn, compared to pound 5,904.3 mn in the corresponding period 2022. In detail, taxes on production and imports increased by pound 200.3 mn (+9.2%) and amounted to pound 2,370.7 mn, compared to pound 2,170.4 mn in 2022, of which net VAT revenue increased by pound 139.7 mn (+9.9%) and amounted to pound 1,549.3 mn, compared to pound 1,409.6 mn in 2022. Revenue from taxes on income and wealth increased by pound 258.6 mn (+19.2%) and amounted to pound 1,603.5 mn, compared to pound 1,344.9 mn in 2022. Social contributions increased by pound 281 mn (+16.2%) and amounted to pound 2,011.3 mn, compared to pound 1,730.3 mn in 2022. Current transfers increased by pound 39.8 mn (+32%) and amounted to pound 164.3 mn, compared to pound 124.5 mn in 2022. On the contrary, property income decreased by pound 19.9 mn (-24.2%) to pound 62.3 mn, from pound 82.2 mn in 2022. Capital transfers decreased by pound 36.3 mn (-66.4%) to pound 18.4 mn, from pound 54.7 mn in 2022. Revenue from the sale of goods and services decreased by pound 30.9 mn (-7.8%) to pound 366.4 mn, from pound 397.3 mn in 2022. Expenditure ———— During the period of January-July 2023, total expenditure increased by pound 376.4 mn (+6.5%) and amounted to pound 6,171.2 mn, compared to pound 5,794.8 mn in the corresponding period of 2022. In detail, social benefits increased by pound 248.1 mn (+10.5%) and amounted to pound 2.607,4 mn, compared to pound 2,359.3 mn in 2022. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by pound 202.4 mn (+11.9%) and amounted to pound 1,898.1 mn, compared to pound 1,695.7 mn in 2022. Subsidies increased by pound 11.1 mn (+25.2%) and amounted to pound 55.2 mn, compared to pound 44.1 mn in 2022. The capital account decreased by pound 10.8 mn (-2.6%) to pound 404.8 mn, from pound 415.6 mn in 2022. In detail, gross capital formation increased by pound 38.1 mn (+12.2%) and amounted to pound 349.6 mn, compared to pound 311.5 mn in 2022 and other capital expenditure decreased by pound 48.9 mn (-47%) to pound 55.2 mn, compared to pound 104.1 mn in 2022. Moreover, intermediate consumption decreased by pound 17 mn (-2.7%) to pound 600.9 mn, from pound 617.9 mn in 2022. Interest payable decreased by pound 25.5 mn (-9.1%) to pound 253.1 mn, from pound 278.6 mn in 2022. Current transfers decreased by pound 31.9 mn (-8.3%) to pound 351.7 mn, from pound 383.6 mn in 2022.

Source: Cyprus News Agency