The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT) indicate a surplus of €556,4 mn (2,1% of GDP) for the period of January-October 2022, as compared to a deficit of €329,5 mn (1,4% of GDP) that was recorded during the period of January-October 2021.
EXPENDITURE
During the period of January-October 2022, total expenditure increased by €169,8 mn (+2,1%) and amounted to €8.233,9 mn, compared to €8.064,1 mn in the corresponding period of 2021.
In detail, social benefits increased by €261,9 mn (+8,6%) and amounted to €3.300,9 mn, compared to €3.039,0 mn in 2021. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €120,0 mn (+5,2%) and amounted to €2.434,8 mn, compared to €2.314,8 mn in 2021. Intermediate consumption increased by €166,4 mn (+22,3%) and amounted to €913,6 mn, compared to €747,2 mn in 2021. Current transfers increased by €10,2 mn (+2,1%) and amounted to €497,4 mn, compared to €487,2 mn in 2021.
The capital account increased by €163,3 mn (+32,4%) and amounted to €667,3 mn, compared to €504,0 mn in 2021. In detail, gross capital formation increased by €122,1 mn (+30,4%) and amounted to €523,3 mn, compared to €401,2 mn in 2021 and other capital expenditure increased by €41,1 mn (+40,0%) and amounted to €144,0 mn, compared to €102,9 mn in 2021.
On the contrary, subsidies decreased by €474,5 mn (-85,2%) to €82,5 mn, from €557,0 mn in 2021. Interest payable decreased by €77,5 mn (-18,7%) to €337,4 mn, from €414,9 mn in 2021.
REVENUE
During the period of January-October 2022, total revenue increased by €1.055,7 mn (+13,6%) and amounted to €8.790,3 mn, compared to €7.734,6 mn in the corresponding period 2021.
In detail, taxes on production and imports increased by €441,1 mn (+15,8%) and amounted to €3.231,5 mn, compared to €2.790,4 mn in 2021, of which net VAT revenue increased by €351,6 mn (+19,3%) and amounted to €2.175,3 mn, compared to €1.823,7 mn in 2021. Revenue from taxes on income and wealth increased by €379,9 mn (+21,8%) and amounted to €2.121,2 mn, compared to €1.741,3 mn in 2021. Social contributions increased by €298,2 mn (+13,8%) and amounted to €2.460,9 mn, compared to €2.162,7 mn in 2021. Revenue from the sale of goods and services increased by €29,6 mn (+5,6%) and amounted to €562,2 mn, compared to €532,6 mn in 2021. Property income increased by €1,1 mn (+1,1%) and amounted to €104,9 mn, compared to €103,8 mn in 2021. Current transfers increased by €1,7 mn (+1,0%) and amounted to €169,9 mn, compared to €168,2 mn in 2021.
On the contrary, capital transfers decreased by €95,8 mn (-40,7%) to €139,7 mn, from €235,5 mn in 2021.
STATISTICAL SUBTHEME: PUBLIC FINANCE
PREDEFINED TABLES (EXCEL)