QUARTERLY ACCOUNTS OF GENERAL GOVERNMENT - 2nd QUARTER 2023

 

24-10-2023 14:11

Quarterly Accounts of General Government: 2nd quarter 2023

Deficit €218,4 mn The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT) indicate a deficit of €218,4 mn for the period of April - June 2023, as compared to a deficit of €306,4 mn that was recorded during the period of April-June 2022. Revenue During the period of April-June 2023, total revenue increased by €327,3 mn (+14,0%) and amounted to €2.665,6 mn, compared to €2.338,3 mn in the corresponding period 2022. In detail, taxes on production and imports increased by €119,0 mn (+13,8%) and amounted to €984,5 mn, compared to €865,5 mn in the second quarter of 2022, of which net VAT revenue increased by €98,4 mn (+18,1%) and amounted to €643,4 mn, compared to €545,0 mn in the corresponding quarter of 2022. Social contributions increased by €114,0 mn (+15,3%) and amounted to €860,4 mn, compared to €746,4 mn in the second quarter of 2022. Revenue from taxes on income and wealth increased by €64,7 mn (+15,6%) and amounted to €478,3 mn, compared to €413,6 mn in the corresponding quarter of 2022. Other current transfers increased by €57,0 mn and amounted to €103,6 mn, from €46,6 mn in the second quarter of 2022. On the contrary, capital transfers decreased by €6,1 mn (-12,8%) to €41,7 mn, from €47,8 mn in the corresponding quarter of 2022. Property income receivable decreased by €2,4 mn (-8,1%) to €27,3 mn, from €29,7 mn in the second quarter of 2022. Revenue from the sale of goods and services decreased by €18,9 mn (-10,0%) to €169,8 mn, from €188,7 mn in the corresponding quarter of 2022. Expenditure During the period of April - June 2023, total expenditure increased by €239,3 mn (+9,0%) and amounted to €2.884,0 mn, from €2.644,7 mn in the corresponding period of 2022. Specifically, social transfers increased by €84,3 mn (+7,6%) and amounted to €1.198,0 mn, compared to €1.113,7 mn in the second quarter of 2022. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €96,0 mn (+13,0%) and amounted to €837,1 mn, compared to €741,1 mn in the corresponding quarter of 2022. Subsidies increased by €44,0 mn and amounted to €61,5 mn, compared to €17,5 mn in the second quarter of 2022. Other current expenditure increased by €1,0 mn (+0,6%) and amounted to €156,6 mn, compared to €155,6 mn in the corresponding quarter of 2022. Property income payable increased by €5,5 mn (+4,6%) and amounted to €123,6 mn, compared to €118,1 mn in the second quarter of 2022. The capital account increased by €36,2 mn (+18,8%) and amounted to €228,9 mn (€192,2 mn capital formation and €36,7 mn capital transfers), compared to €192,7 mn (€149,9 mn capital formation and €42,8 mn capital transfers) in the corresponding quarter of 2022. On the contrary, intermediate consumption decreased by €27,7 mn (-9,0%) to €278,3 mn, from €306,0 mn in the second quarter of 2022. Table         Macroeconomic Aggregates of General Government Euro (million) Change Fiscal Results Difference (%) Q2 2022 Q2 2023 Q2 2023/22 Q2 2023/22 Total Revenue 2.338,3 2.665,6 434,8 18,6 Taxes on Production and Imports 865,5 984,5 131,0 15,1 of which VAT 545,0 643,4 69,3 12,7 Current Taxes on Income and Wealth, etc 413,6 478,3 174,3 42,1 Social Contributions 746,4 860,4 136,3 18,3 Other Current Resources 265,0 300,7 -6,5 -2,4 Property income receivable 29,7 27,3 1,9 6,4 Current transfers 46,6 103,6 -2,1 -4,5 Sales 188,7 169,8 -6,3 -3,3 Capital Transfers Received 47,8 41,7 -0,4 -0,8 Total Expenditure 2.644,7 2.884,0 234,5 8,9 Total Current Expenditure 2.452,0 2.655,1 197,0 8,0 Intermediate consumption 306,0 278,3 29,6 9,7 Compensation of employees 741,1 837,1 68,2 9,2 Social transfers 1.113,7 1.198,0 88,4 7,9 Property income payable 118,1 123,6 -14,0 -11,9 Subsidies 17,5 61,5 11,8 67,4 Other current expenditure 155,6 156,6 13,0 8,3 Total Capital Expenditure 192,7 228,9 37,5 19,5 Gross capital formation 149,9 192,2 35,2 23,5 Other capital expenditure 42,8 36,7 2,4 5,5 Net Lending (+)/ Borrowing (-) -306,4 -218,4 200,3   % of GDP -1,1% -0,7%       Methodological Information Data Coverage and Methodology Information is provided for the whole sequence of accounts for the General Government sector. The revenue and expenditure are analyzed by category and these are classified between current and capital, respectively. The categories of revenue and expenditure for General Government cover all the subsectors of the General Government based on the European System of Accounts 2010 (ESA 2010). Source of Data The data is collected from: - Financial Information Management Automation System (FIMAS) for Central Government, Extra Budgetary Funds and Social Security Funds, - Budget execution of Municipalities and Communities, - Budget execution of Semi-Government Organizations. For the completion of the estimates, any methodological adjustments or corrections based on the European System of Accounts 2010 (ESA 2010) are taken into account. For more information, visit the CYSTAT Portal, subtheme Public Finance, CYSTAT-DB (Online Database), Predefined Tables (Excel), Methodological Information, or contact Ms Panayiota Michael at telephone 22602186 or via e-mail at pmichael@cystat.mof.gov.cy. The Predefined Tables, available in Excel format, include data up to the first quarter of 2023. Data from the second quarter of 2023 onwards will be available only in the CYSTAT-DB Online Database. (AP/ECHR)