The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT) indicate a surplus of €324,1 mn (1,1% of GDP) for the period of January-March 2023, as compared to a surplus of €239,9 mn (0,9% of GDP) that was recorded during the period of January-March 2022.
EXPENDITURE
During the period of January-March 2023, total expenditure increased by €253,6 mn (+11,4%) and amounted to €2.479,9 mn, compared to €2.226,3 mn in the corresponding period of 2022.
In detail, social benefits increased by €75,9 mn (+8,2%) and amounted to €1.001,2 mn, compared to €925,3 mn in 2022. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €67,5 mn (+9,4%) and amounted to €787,0 mn, compared to €719,5 mn in 2022. Intermediate consumption increased by €33,9 mn (+16,0%) and amounted to €245,8 mn, compared to €211,9 mn in 2022. Subsidies increased by €12,5 mn (+60,4%) and amounted to €33,2 mn, compared to €20,7 mn in 2022. Current transfers increased by €5,3 mn (+3,2%) and amounted to €168,8 mn, compared to €163,5 mn in 2022.
The capital account increased by €67,1 mn (+67,6%) and amounted to €166,3 mn, compared to €99,2 mn in 2022. In detail, gross capital formation increased by €64,5 mn (+88,0%) and amounted to €137,8 mn, compared to €73,3 mn in 2022 and other capital expenditure increased by €2,6 mn (+10,0%) and amounted to €28,5 mn, compared to €25,9 mn in 2022.
On the contrary, interest payable decreased by €8,6 mn (-10,0%) to €77,6 mn, from €86,2 mn in 2022.
REVENUE
During the period of January-March 2023, total revenue increased by €337,8 mn (+13,7%) and amounted to €2.804,0 mn, compared to €2.466,2 mn in the corresponding period 2022.
In detail, taxes on production and imports increased by €72,5 mn (+8,0%) and amounted to €975,6 mn, compared to €903,1 mn in 2022, of which net VAT revenue increased by €13,2 mn (+2,2%) and amounted to €626,6 mn, compared to €613,4 mn in 2022. Revenue from taxes on income and wealth increased by €162,7 mn (+26,7%) and amounted to €772,5 mn, compared to €609,8 mn in 2022. Social contributions increased by €111,0 mn (+15,1%) and amounted to €844,2 mn, compared to €733,2 mn in 2022. Property income increased by €0,8 mn (+3,6%) and amounted to €23,1 mn, compared to €22,3 mn in 2022. Capital transfers increased by €0,9 mn (+22,0%) and amounted to €5,0 mn, compared to €4,1 mn in 2022.
On the contrary, current transfers decreased by €6,4 mn (-13,5%) to €41,1 mn, from €47,5 mn in 2022. Revenue from the sale of goods and services decreased by €3,7 mn (-2,5%) to €142,5 mn, from €146,2 mn in 2022.
STATISTICAL SUBTHEME: PUBLIC FINANCE
PREDEFINED TABLES (EXCEL)