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Government surplus doubles from last year

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The Cypriot government generated a surplus of €651.4 million for the period between July and September 2022, compared to a surplus of €319.5 million in the corresponding period last year, according to a report released this week by the Cyprus Statistical Service (Cystat).

The surplus is attributed to the significantly higher rate of growth in revenue, compared to the lower rate of growth in government spending.

According to the report, total expenses between July and September 2022 increased by €164.5 million, a rise of 6.9 per cent, and amounted to €2.55 billion, compared to €2.39 billion in the corresponding period of 2021.

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In more detail, social benefits increased by €44.7 million, a rise of 4.9 per cent, and amounted to €961.8 million, compared to €917.1 million in the corresponding quarter of 2021.

Staff remuneration, including imputed social contributions and civil servant pensions, increased by €27.2 million, a rise of 3.9 per cent, amounting to €731 million, compared to €703.8 million in the third quarter of 2021.

Interim consumption increased by €62.4 million, a rise of 25.4 per cent, and reached €308.3 million, compared to €245.9 million in the corresponding quarter of 2021.

The capital account increased by €102.5 million, a rise of 54.7 per cent, reaching €290 million, which is comprised of €233.8 million in capital investments and €56.2 million in capital transfers.

The same figure stood at €187.5 million in the third quarter of 2021, comprised of €161.4 million in capital investments and €26.1 million in capital transfers.

Conversely, subsidies decreased by €44.5 million, a decrease of 66.3 per cent, amounting to €22.6 million, compared to €67.1 million in the corresponding quarter of 2021.

Property income payable decreased by €14.4 million, a drop of 10.4 per cent, amounting to €124.1 million, compared to €138.5 million in the third quarter of 2021.

Current transfers decreased by €13.4 million, a drop of 10.1 per cent, amounting to €119.3 million, compared to €132.7 million in the corresponding quarter of 2021.

Meanwhile, total revenues between July and September 2022 increased by €496.5 million, a rise of 18.3 per cent, and amounted to €3.2 billion, compared to €2.71 billion in the corresponding period of 2021.

In more detail, taxes on production and imports increased by €226.1 million, a rise of 25.1 per cent, and amounted to €1.12 billion, compared to €902.0 million in the corresponding quarter of 2021.

Moreover, social contributions increased by €54.1 million, a rise of 7.9 per cent, and reached €738.5 million, compared to €684.4 million in the corresponding quarter of 2021.

Income and wealth tax revenues increased by €175.3 million, a rise of 21.7 per cent, and amounted to €981.9 million, compared to €806.6 million in the third quarter of 2021.

Capital transfers increased by €53.5 million and amounted to €80.3 million compared to €26.8 million in the corresponding quarter of 2021.

Property income receivable increased by €3.2 million, a rise of 7.4 per cent, reaching €45.8 million, compared to €42.6 million in the third quarter of 2021.

Current transfers increased by €18.4 million, a rise of 33.0 per cent, and amounted to €74.2 million, compared to €55.8 million in the corresponding quarter of 2021.

Conversely, revenues from the provision of goods and services decreased by €34.1 million, a drop of 17.6 per cent, amounting to €159.8 million, compared to €193.9 million in the third quarter of 2021.

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