Cyprus government reports €45.1 million surplus for Q4-23

The Cyprus general government generated a surplus of €45.1 million during the final quarter of 2023, compared to a surplus of €29.2 million in the same period of 2022, according to a report released on Tuesday by the state’s statistical service.

Total revenue for the October-December 2023 period increased by €439.2 million (13 per cent), reaching €3.82 billion, compared to €3.38 billion in the corresponding period of 2022.

Specifically, production and import taxes rose by €121.9 million (11.5 per cent), totalling €1.17 billion compared to €1.05 billion in Q4 2022.

Net VAT revenues increased by €71.2 million (9.9 per cent), reaching €791.3 million compared to €720.1 million in the same quarter of 2022.

Social contributions increased by €98.4 million (11.1 per cent), totalling €984.7 million compared to €886.3 million in Q4 2022.

Income taxes and wealth taxes increased by €17.5 million (1.9 per cent), totalling €936.3 million compared to €918.8 million in the corresponding quarter of 2022.

Revenues from goods and services provision increased by €37.0 million (13.6 per cent), reaching €308.8 million compared to €271.8 million in Q4 2022.

Capital transfers increased by €138.2 million, totaling €271.3 million compared to €133.1 million in the same quarter of 2022.

Property income receivable increased by €39.4 million, reaching €55.7 million compared to €16.3 million in Q4 2022.

Conversely, current transfers decreased by €13.1 million (12.7 per cent), totalling €89.9 million compared to €103.0 million in Q4 2022.

Meanwhile, total expenditures for the October-December 2023 period increased by €423.2 million (12.6 per cent), reaching €3.78 billion compared to €3.35 billion in the corresponding period of 2022.

Specifically, social benefits increased by €79.4 million (6.6 per cent), totalling €1.28 billion compared to €1.2 billion in Q4 2022.

Personnel expenses (including social security contributions and public employee pensions) increased by €144.8 million (14.8 per cent), totalling €1.12 billion compared to €980.3 million in the corresponding quarter of 2022.

Property income payable increased by €31.0 million (35.3 per cent), reaching €119.0 million compared to €88.0 million in Q4 2022.

Other current expenses increased by €33.4 million (13.6 per cent), totalling €278.9 million compared to €245.5 million in the same quarter of 2022.

Capital account increased by €191.9 million (53.5 per cent), totalling €550.8 million (€456.8 million in capital investments and €94.0 million in capital transfers) compared to €358.9 million (€309.1 million in capital investments and €49.8 million in capital transfers) in Q4 2022.

Conversely, intermediate consumption decreased by €18.7 million (4.6 per cent), totalling €385.1 million compared to €403.8 million in the corresponding quarter of 2022.

Finally, subsidies decreased by €38.6 million (49.1 per cent), totalling €40.0 million compared to €78.6 million in Q4 2022.