Cyprus government records €918.9 million surplus

The Cyprus general government has recorded a surplus of €918.9 million, representing 3.1 per cent of the Gross Domestic Product (GDP), for the period of January to October 2023, according to the preliminary fiscal results released on Thursday by the Cyprus Statistical Service.

In comparison, during the same period in 2022, the surplus stood at €691.5 million, equivalent to 2.5 per cent of the GDP.

According to the Statistical Service’s report, total revenue for the January-October 2023 period increased by €1.05 billion (11.8 per cent), reaching €10 billion, compared to €8.97 billion in the corresponding period of 2022.

In terms of revenues from production and import taxes, these rose by €387.4 million (11.7 per cent), reaching €3.69 billion, compared to €3.3 billion in 2022.

In addition, net value-added tax (VAT) revenues increased by €266.9 million (12 per cent), reaching €2.49 billion compared to €2,230.3 billion in 2022.

Regarding income and wealth tax revenues, these increased by €346.1 million (16.3 per cent), totalling €2.46 billion, compared to €2.12 billion in 2022.

Social contributions recorded an increase of €372.5 million (15 per cent), amounting to €2.85 billion, compared to €2.48 billion in 2022.

What is more, total expenditures during the January-October 2023 period increased by €832.4 million (10.1 per cent), reaching €9.11 billion, compared to €8.28 billion in the corresponding period of 2022, the service noted in its report.

Furthermore, social benefits increased by €286.2 million (8.6 per cent), reaching €3.62 billion, compared to €3.33 billion in 2022.

Staff remunerations increased by €300.9 million (12.3 per cent), totalling €2.74 billion compared to €2.44 billion in 2022.

Moreover, investments in fixed capital rose by €130.2 million (24.5 per cent), reaching €660.8 million compared to €530.6 million in 2022.

In addition, intermediate consumption decreased by €42.0 million (4.4 per cent), reaching €910.4 million compared to €952.4 million in 2022.

Finally, paid interest decreased by €3.3 million (1 per cent) and was limited to €333.2 million, compared to €336.5 million in 2022.