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Cyprus government posts €931.6 million surplus

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The Cypriot government has reported a surplus of €931.6 million for the period spanning January to September 2023, according to a preliminary estimate released this week by the state’s statistical service.

This surplus amounts to 3.1 per cent of the country’s GDP, marking a substantial increase from the €727.1 million surplus (2.6 per cent of GDP) recorded during the same period in 2022.

The statistical service noted that its report covers major revenue and expenditure categories, distinguishing between current and capital transactions, and aggregates data from various government entities, including the central government, off-budget funds, social insurance organisations, municipal budgets, and semi-governmental organisations.

During the first three quarters of 2023, Cyprus’s total revenue grew by €899.1 million, representing an 11 per cent increase, reaching €9.05 billion compared to €8.15 billion during the corresponding period in 2022.

Specifically, Cyprus’ overall tax revenue from production and imports increased by €286.1 million, marking a 9.6 per cent rise, and amounted to €3.262.1 billion, in contrast to €2.97 billion in 2022.

Net VAT revenues, after accounting for refunds, surged by €174.7 million, an 8.8 per cent increase, reaching €2.16 billion compared to €1.98 billion in the previous year.

Income and wealth taxes experienced a significant increase of €290.5 million, reflecting a 14.5 per cent growth, with total revenue at €2.29 billion compared to €2 billion in 2022.

Moreover, social contributions saw a substantial rise of €344.8 million, indicating a 15.4 per cent increase and reaching a total of €2.58 billion compared to €2.23 billion the previous year.

Furthermore, current transfers increased by €53.7 million, a substantial 35.5 per cent rise, and amounted to €204.8 million compared to €151.1 million in 2022.

Service revenue increased by €14.2 million, marking a 2.7 per cent growth, reaching €548.4 million compared to €534.2 million in 2022.

Conversely, interest and dividend income decreased by €22.2 million, which translates to a 22.7 per cent drop, with total income at €75.6 million compared to €97.8 million in the previous year.

Regarding expenditure, Cyprus saw a rise in total expenses by €694.6 million, representing a 9.4 per cent increase, and reaching €8.11 billion compared to €7.42 billion in the same period in 2022.

Additionally, social benefits increased by €258.9 million, marking an 8.6 per cent rise, with a total expenditure of €3.26 billion, compared to €3 billion in 2022.

Salaries and wages (including social security contributions and public employee pensions) increased by €263.2 million, reflecting a 12.0 per cent growth and reaching €2.46 billion compared to €2.19 billion in 2022.

Subsidies experienced an increase of €63.3 million, reaching €124.1 million compared to €60.8 million in 2022.

Current transfers surged by €85.8 million, marking a 21.2 per cent increase and reaching €490.3 million compared to €404.5 million in 2022.

Notably, intermediate consumption witnessed a decrease of €26.1 million, reflecting a 3.1 per cent reduction, with total expenditure at €810.6 million compared to €836.7 million in 2022.

Finally, paid interest saw a decrease of €15.6 million, indicating a 4.8 per cent reduction, with total interest expenditures at €307 million compared to €322.6 million in the previous year.

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