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Government generates €291.9 million in first quarter surplus

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Cyprus’ general government generated a surplus of €291.9 million in the first quarter of 2023, equivalent to 1 per cent of GDP, according to a report released this week by the Cyprus Statistical Service (Cystat).

This represents a slight decrease when compared to the surplus of €296.6 million for the January-April 2022 period, which accounted for 1.1 per cent of GDP.

Total revenues increased by 10.5 per cent, reaching €3,651.2 billion compared to €3,303.6 billion in the corresponding period of 2022.

Specifically, total taxes on production and imports increased by €75.2 million (+6.0 per cent) to €1,329.6 billion compared to €1,254.4 billion in 2022.

Net Value Added Tax (VAT) income (after deduction of refunds) increased by €36.8 million (+4.3 per cent) to €893.3 billion compared to €856.5 billion in 2022.

Income from income and wealth taxation increased by €153.3 million (+20.4 per cent) to €904.2 billion compared to €750.9 billion in 2022.

Social contributions increased by €132.9 million (+14.0 per cent) to €1,085.3 billion compared to €952.4 billion in 2022.

Interest and dividend receipts increased by €1.6 million (+5.1 per cent) to €32.8 million compared to €31.2 million in 2022. Current transfers increased by €33.8 million (+52.6 per cent) to €98.0 million compared to €64.2 million in 2022.

On the other hand, capital transfers decreased by €16.0 million (-72.4 per cent) to €6.1 million compared to €22.1 million in 2022.

Service revenue decreased by €33.2 million (-14.5 per cent) to €195.2 million compared to €228.4 million in 2022.

Total expenditures increased by €352.3 million (+11.7 per cent) to €3,359.3 billion compared to €3,007.0 billion in the corresponding period of 2022.

Social benefits increased by €106.7 million (+8.7 per cent) to €1,337.7 billion compared to €1,231.0 billion in 2022.

Personnel expenses (including social security contributions and pensions of public employees) increased by €98.8 million (+10.3 per cent) to €1,058.7 billion compared to €959.9 billion in 2022.

Moreover, intermediate consumption increased by €20.4 million (+6.4 per cent) to €337.1 million compared to €316.7 million in 2022.

Subsidies increased by €1.9 million (+7.3 per cent) to €28.1 million compared to €26.2 million in 2022.

Current transfers increased by €16.2 million (+7.7 per cent) to €226.1 million compared to €209.9 million in 2022.

Interest paid increased by €20.1 million (+16.7 per cent) to €140.5 million compared to €120.4 million in 2022.

The capital account increased by €88.2 million (+61.7 per cent) to €231.1 million compared to €142.9 million in 2022.

Specifically, fixed capital investments increased by €85.1 million (+82.6 per cent) to €188.1 million compared to €103.0 million in 2022, and other capital transfers increased by €3.1 million (+7.8 per cent) to €43.0 million compared to €39.9 million in 2022.

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