Fiscal surplus at 2% of GDP and fiscal debt at 73.6% of GDP in 2023

A fiscal surplus of €631.8 mn or 2% of the GDP and a fiscal debt of €23,075.9 mn, which corresponds to 73.6% of the GDP have been recorded according to the results for 2023.

The results have been audited and verified within the Excessive Deficit Procedure framework of the European Commission, as announced by CySTAT.

Revenue

In 2023, total revenue increased by €1,824.1 mn (15.3%) and amounted to €13,761.8 mn, compared to €11,937.7 mn in 2022.

In detail, taxes on production and imports increased by €408.3 mn (10.1%) and amounted to €4,442.4 mn, compared to €4,034.1 mn in 2022, of which net VAT revenue increased by €273.1 mn (10.1%) and amounted to €2,978.8 mn, compared to €2,705.7 mn in 2022.

Social contributions increased by €860.7 mn (24.5%) and amounted to €4,380.5 mn, compared to €3,519.8 mn in 2022. Revenue from taxes on income and wealth increased by €340.7 mn (11.7%) and amounted to €3,264.9 mn, compared to €2,924.2 mn in 2022.

Other current transfers increased by €113.2 mn (53.4%) and amounted to €325.2 mn, compared to €212 mn in 2022. Property income receivable increased by €23.3 mn (20.4%) and amounted to €137.5 mn, compared to €114.2 mn in 2022.

Revenue from the sale of goods and services increased by €12.8 mn (1.5%) and amounted to €853.4 mn, compared to €840.6 mn in 2022. Capital transfers increased by €65.1 mn (22.2%) and amounted to €357.9 mn, compared to €292.8 mn in 2022.

Expenditure

In 2023, total expenditure increased by €1,970.1 mn (17.7%) and amounted to €13,130 mn, from €11,159.9 mn in 2022.

Specifically, compensation of employees, including imputed social contributions and pensions of civil servants, increased by €423.6 mn (13.4%) and amounted to €3,591.8 mn, compared to €3,168.2 mn in 2022.

Social transfers increased by €329.3 mn (7.1%) and amounted to €4,941.4 mn, compared to €4,612.1 mn in 2022. Other current expenditure increased by €520.8 mn (80.2%) and amounted to €1,170.2 mn, compared to €649.4 mn in 2022.

Property income payable increased by €18.7 mn (4.8%) and amounted to €408.3 mn, compared to €389.6 mn in 2022. Subsidies increased by €25.5 mn (19.1%) and amounted to €159.1 mn, compared to €133.6 mn in 2022.

Intermediate consumption increased by €25.9 mn (2%) and amounted to €1,301.6 mn, compared to €1,275.7 mn in 2022. Total capital expenditure increased by €626.3 mn (67.3%) and amounted to €1,557.6 mn (€977.5 mn gross capital formation and €580.1 mn other capital expenditure), compared to €931.3 mn (€713.7 mn gross capital formation and €217.6 mn other capital expenditure) in 2022.

(Source: CNA)