General Government records a €867.5m surplus in Q3, 2024

The General Government recorded a surplus of €867.5m for the period of July-September 2024, as compared to a surplus of €872.8m that was recorded during the same period of 2023, according to the preliminary General Government fiscal results, prepared by CySTAT.

During the third quarter of the year, total revenue increased by €255.7m or 6.9% and amounted to €3,966.1m, compared to €3,710.4m in the corresponding period 2023 and total expenditure increased by €261m, or 9.2% and amounted to €3,098.6m, from €2,837.6m in the corresponding period of 2023.

Revenue

Social contributions increased by €126.2m (+13.2%) and amounted to €1,085.5m, compared to €959.3m in the third quarter of 2023.

Revenue from taxes on income and wealth increased by €157.3m (+13.9%) and amounted to €1,288.4m, compared to €1,131.1m in the corresponding quarter of 2023.

Revenue from the sale of goods and services increased by €66.9m (+30.7%) and amounted to €284.9m, compared to €218m in the third quarter of 2023.

Property income receivable increased by €3.9m (+14.3%) and amounted to €30.8m, compared to €26.9m in the corresponding quarter of 2023. On the contrary, taxes on production and imports decreased by €26.5m (-2.1%) to €1,215.4m, from €1,241.9m in the third quarter of 2023, of which net VAT revenue decreased by €13.1m (-1.5%) to €834m, from €847.1m in the corresponding quarter of 2023.

Other current transfers decreased by €26.7m (-30.9%) to €59.7m, from €86.4m in the third quarter of 2023. Capital transfers decreased by €45.5m (-97%) to €1.4m, from €46.9m in the corresponding quarter of 2023.

Expenditure

Social transfers increased by €100.2m (+8.8%) and amounted to €1,235.2m, compared to €1,135m in the third quarter of 2023.

Compensation of employees, including imputed social contributions and pensions of civil servants, increased by €54.3m (6.5%) and amounted to €892.6mn, compared to €838.3m in the corresponding quarter of 2023.

Other current expenditure increased by €53m (40.3%) and amounted to €184.4m, compared to €131.5m in the third quarter of 2023.

Intermediate consumption increased by €76.5m (25.3%) and amounted to €379.1m, compared to €302.6m in the corresponding quarter of 2023.

Subsidies increased by €15.6m (53.2%) and amounted to €44.9m, compared to €29.3m in the third quarter of 2023.

The capital account decreased by €15.6m (-5.5%) to €268.3m (€225.3m capital formation and €43m capital transfers), from €283.9m (€235.6m capital formation and €48.3m capital transfers) in the corresponding quarter of 2023.

Property income payable decreased by €22.9m (-19.6%) to €94.1m, from €117m in the third quarter of 2023.

For the Local Government sub-sector, estimates have been produced due to non-submission of sufficient data by the competent authorities.

(Source: CNA)