Surplus €45 million in the last quarter of 2023

The surplus of the general government in the period October-December 2023 amounted to €45.1 million, as shown by the preliminary fiscal results prepared by the Statistical Service.

In the period October-December 2022, the surplus amounted to €29.2 million.

13% increase in revenue

According to the quarterly accounts of the general government, total revenues, during the period October-December 2023 increased by €439.2 million (+13.0%) and amounted to €3,826.2 million compared to €3,387, 0 million in the corresponding period of 2022.

Specifically, taxes on production and imports increased by €121.9 million (+11.5%) and amounted to €1,179.5 million compared to €1,057.6 million in the fourth quarter of 2022, from whose net VAT revenue (after deduction of refunds) increased by €71.2 million (+9.9%) to €791.3 million compared to €720.1 million in the corresponding quarter of 2022.

Social contributions increased by €98.4 million (+11.1%) to €984.7 million compared to €886.3 million in the fourth quarter of 2022.

Income and wealth tax revenues increased by €17.5 million (+1.9%) to €936.3 million compared to €918.8 million in the corresponding quarter of 2022.

Revenue from provision of goods and services increased by €37.0 million (+13.6%) to €308.8 million compared to €271.8 million in the fourth quarter of 2022.

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

Property income receivable increased by €39.4m to €55.7m compared to €16.3m in the fourth quarter of 2022.

In contrast, current transfers decreased by €13.1 million (-12.7%) and were limited to €89.9 million compared to €103.0 million in the corresponding quarter of 2022.

At 12.6% the increase in expenses

As regards total expenditures, during the period October-December 2023 they increased by €423.2 million (+12.6%) and reached €3,781.1 million compared to €3,357.9 million in the corresponding period of 2022.

Specifically, social benefits increased by €79.4 million (+6.6%) and reached €1,282.2 million compared to €1,202.8 million in the fourth quarter of 2022.

Staff remuneration (including imputed social contributions and civil servant pensions) increased by €144.8 million (+14.8%) to €1,125.1 million compared to €980.3 million in the corresponding quarter of 2022.

Property income payable increased by €31.0m (+35.3%) to €119.0m compared to €88.0m in the fourth quarter of 2022.

Other current expenses increased by €33.4 million (+13.6%) to €278.9 million compared to €245.5 million in the corresponding quarter of 2022.

The capital account increased by €191.9 million (+53.5%) to €550.8 million compared to €358.9 million in the fourth quarter of 2022.

In contrast, intermediate consumption decreased by €18.7 million (-4.6%) and was limited to €385.1 million compared to €403.8 million in the corresponding quarter of 2022.

Subsidies decreased by €38 .6 million (-49.1%) and were limited to €40.0 million compared to €78.6 million in the fourth quarter of 2022.

Source: stockwatch.com.cy

Photo: stockwatch.com.cy