General Government surplus at 3.4% of GDP in Jan-Nov '23

The general government recorded a €1,000.7m surplus, equal to 3.4% of the country’s GDP, in January-November 2023, according to the preliminary General Government fiscal results prepared by Cystat.

In January-November of 2022, there was a surplus of €636.8m (2.3% of GDP).

During the period of January-November 2023, total revenue increased by €1,227.9m (12.5%) and amounted to €11,064.3m, compared to €9,836.4m in the corresponding period of 2022.

In detail, taxes on production and imports increased by €457.3m (12.5%) and amounted to €4,128.5m, compared to €3,671.2m in 2022, of which net VAT revenue increased by €295m (11.8%) and amounted to €2,791m, compared to €2,496m in 2022. Revenue from taxes on income and wealth increased by €387.7m (17.2%) and amounted to €2,636.7m, compared to €2,249m in 2022.

Social contributions increased by €356.3m (12.9%) and amounted to €3,124.6m, compared to €2,768.3m in 2022. Current transfers increased by €49m (25.4%) and amounted to €242.2m, compared to €193.2m in 2022. Revenue from the sale of goods and services increased by €61.6m (9%) and amounted to €748.1m, compared to €686.5m in 2022.

On the contrary, property income decreased by €17.8m (-15.8%) to €94.6m, from €112.4m in 2022. Capital transfers decreased by €66.2m (42.5%) to €89.6m, from €155.8m in 2022.

During the period of January-November 2023, total expenditure increased by €864m (9.4%) and amounted to €10,063.6m, compared to €9,199.6m in the corresponding period of 2022.

In detail, social benefits increased by €259.2m (7.1%) and amounted to €3,935m, compared to €3,675.8m in 2022. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €346.7 m (12.9%) and amounted to €3,041.9m, compared to €2,695.2m in 2022.

Subsidies increased by €37.3m (35.3%) and amounted to €143.1m, compared to €105.8m in 2022. Current transfers increased by €136.9m (27.7%) and amounted to €632.2m, compared to €495.3m in 2022.

The capital account increased by €113.9m (14.5%) and amounted to €897m, compared to €783.1m in 2022. In detail, gross capital formation increased by €110.7m (17.9%) and amounted to €729.4 m, compared to €618.7m in 2022 and other capital expenditure increased by €3.2m (2%) and amounted to €167.6m, compared to €164.4m in 2022.

On the contrary, intermediate consumption decreased by €29.1m (-2.7%) to €1,032.7m, from €1,061.8m in 2022. Interest payable decreased by €0.9m (-0.2%) to €381.7m, from €382.6m in 2022.