The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT) indicate a deficit of €11,4 mn (0,05% of GDP) for the period of January-June 2022, as compared to a deficit of €750,7 mn (3,20% of GDP) that was recorded during the period of January-June 2021.
EXPENDITURE
During the period of January-June 2022, total expenditure decreased by €49,8 mn (-1,0%) to €4.819,6 mn, from €4.869,4 mn in the corresponding period of 2021.
Subsidies decreased by €438,0 mn to €38,2 mn, from €476,2 mn in 2021. Interest payable decreased by €18,4 mn (-8,5%) to €198,0 mn, from €216,4 mn in 2021.
On the contrary, social benefits increased by €216,4 mn (+11,9%) and amounted to €2.032,5 mn, compared to €1.816,1 mn in 2021. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €70,9 mn (+5,1%) and amounted to €1.454,9 mn, compared to €1.384,0 mn in 2021. Intermediate consumption increased by €74,1 mn (+17,7%) and amounted to €491,5 mn, compared to €417,4 mn in 2021. Current transfers increased by €21,9 mn (+7,1%) and amounted to €329,8 mn, compared to €307,9 mn in 2021.
The capital account increased by €23,4 mn (+9,3%) and amounted to €274,7 mn, compared to €251,3 mn in 2021. In detail, gross capital formation decreased by €7,9 mn (-3,8%) to €202,3 mn, from €210,2 mn in 2021 and other capital expenditure increased by €31,3 mn (+76,0%) and amounted to €72,4 mn, compared to €41,1 mn in 2021.
REVENUE
During the period of January-June 2022, total revenue increased by €689,5 mn (+16,7%) and amounted to €4.808,2 mn, compared to €4.118,7 mn in the corresponding period 2021.
In detail, taxes on production and imports increased by €234,1 mn (+14,9%) and amounted to €1.801,8 mn, compared to €1.567,7 mn in 2021, of which net VAT revenue increased by €192,0 mn (+19,0%) and amounted to €1.203,2 mn, compared to €1.011,2 mn in 2021. Revenue from taxes on income and wealth increased by €203,6 mn (+24,8%) and amounted to €1.023,5 mn, compared to €819,9 mn in 2021. Social contributions increased by €214,8 mn (+17,1%) and amounted to €1.468,8 mn, compared to €1.254,0 mn in 2021. Revenue from the sale of goods and services increased by €58,0 mn (+23,0%) and amounted to €310,7 mn, compared to €252,7 mn in 2021. Property income increased by €15,5 mn (+27,7%) and amounted to €71,5 mn, compared to €56,0 mn in 2021.
On the contrary, capital transfers decreased by €31,8 mn (-45,0%) to €38,9 mn, from €70,7 mn in 2021. Current transfers decreased by €4,7 mn (-4,8%) to €93,0 mn, from €97,7 mn in 2021.
STATISTICAL SUBTHEME: PUBLIC FINANCE
PREDEFINED TABLES (EXCEL)