General government fiscal results show annual surplus

Preliminary General Government fiscal results show an annual surplus of €665.2 mn (2.1% of GDP) during the period of January-April 2024.

According to CySTAT, the preliminary General Government fiscal results, which it prepares, indicate a surplus of €665.2 mn (2.1% of GDP) for the period of January-April 2024, as compared to a surplus of €391.0 mn (1.3% of GDP) that was recorded during the period of January-April 2023.

Regarding revenue, it says that during the period of January-April 2024, total revenue increased by €650,3 mn (+17.3%) and amounted to €4.415,1 mn, compared to €3.764,8 mn in the corresponding period of 2023.

In detail, taxes on production and imports increased by €146.8 mn (+10.7%) and amounted to €1.525,2 mn, compared to €1.378,4 mn in 2023, of which net VAT revenue increased by €101,0 mn (+10.6%) and amounted to €1.050,4 mn, compared to €949.4 mn in 2023.

Revenue from taxes on income and wealth increased by €161.2 mn (+17.5%) and amounted to €1.080,7 mn, compared to €919,5 mn in 2023. Social contributions increased by €204,8 mn (+18.2%) and amounted to €1.330,2 mn, compared to €1.125,4 mn in 2023.

Property income increased by €3,1 mn (+9.2%) and amounted to €36.7 mn, compared to €33.6 mn in 2023. Current transfers increased by €26.6 mn (+27.1%) and amounted to €124.8 mn, compared to €98.2 mn in 2023.

Revenue from the sale of goods and services increased by €91.6 mn (+45.0%) and amounted to €295.2 mn, compared to €203.6 mn in 2023. Capital transfers increased by €16.2 mn and amounted to €22.3 mn, compared to €6.1 mn in 2023.

Regarding expenditure, it says that during the period of January-April 2024, total expenditure increased by €376,2 mn (+11.1%) and amounted to €3.749,9 mn, compared to €3.373,8 mn in the corresponding period of 2023.

In detail, intermediate consumption increased by €25.0 mn (+7.3%) and amounted to €367.4 mn, compared to €342.4 mn in 2023.

Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €149.0 mn (+14.0%) and amounted to €1.211,5 mn, compared to €1.062,5 mn in 2023.

Social benefits increased by €152.7 mn (+11.4%) and amounted to €1.492,8 mn, compared to €1.340,1 mn in 2023. Current transfers increased by €39.6 mn (+16.4%) and amounted to €280.4 mn, compared to €240.8 mn in 2023.

Subsidies increased by €12.1 mn (+32.4%) and amounted to €49.4 mn, compared to €37.3 mn in 2023. Interest payable increased by €37.7 mn (+35.9%) and amounted to €142.6 mn, compared to €105.0 mn in 2023.

The capital account decreased by €39.9 mn (-16.2%) to €205.8 mn, from €245.7 mn in 2023, of which gross capital formation decreased by €53.1 mn (-24.1%) to €167.5 mn, from €220.6 mn in 2023 and other capital expenditure increased by €13.2 mn (+52.6%) and amounted to €38.3 mn, compared to €25.1 mn in 2023.

(Source: CNA)