FISCAL ACCOUNTS OF GENERAL GOVERNMENT - JANUARY - DECEMBER 2023

 

Fiscal Accounts of General Government: January – December 2023

Surplus €876,3 mn The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT) indicate a surplus of €876,3 mn (2,9% of GDP) for the period of January - December 2023, as compared to a surplus of €676,3 mn (2,4% of GDP) that was recorded during the period of January - December 2022. Revenue During the period of January-December 2023, total revenue increased by €1.306,8 mn (+11,4%) and amounted to €12.763,2 mn, compared to €11.456,3 mn in the corresponding period of 2022. In detail, taxes on production and imports increased by €353,6 mn (+8,8%) and amounted to €4.387,2 mn, compared to €4.033,6 mn in 2022, of which net VAT revenue increased by €228,2 mn (+8,4%) and amounted to €2.933,9 mn, compared to €2.705,7 mn in 2022. Revenue from taxes on income and wealth increased by €333,2 mn (+11,4%) and amounted to €3.257,4 mn, compared to €2.924,1 mn in 2022. Social contributions increased by €451,7 mn (+14,5%) and amounted to €3.573,7 mn, compared to €3.122,0 mn in 2022. Current transfers increased by €42,9 mn (+16,8%) and amounted to €297,7 mn, compared to €254,8 mn in 2022. Revenue from the sale of goods and services increased by €11,1 mn (+1,4%) and amounted to €817,1 mn, compared to €806,0 mn in 2022. Property income increased by €17,7 mn (+15,5%) and amounted to €131,8 mn, compared to €114,1 mn in 2022. Capital transfers increased by €96,6 mn (+47,9%) and amounted to €298,3 mn, compared to €201,7 mn in 2022. Expenditure During the period of January - December 2023, total expenditure increased by €1.106,8 mn (+10,3%) and amounted to €11.886,9 mn, compared to €10.780,1 mn in the corresponding period of 2022. In detail, social benefits increased by €320,9 mn (+7,6%) and amounted to €4.532,6 mn, compared to €4.211,7 mn in 2022. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €404,4 mn (+12,7%) and amounted to €3.583,6 mn, compared to €3.179,2 mn in 2022. Subsidies increased by €24,2 mn (+17,4%) and amounted to €163,6 mn, compared to €139,4 mn in 2022. Current transfers increased by €95,7 mn (+14,7%) and amounted to €744,8 mn, compared to €649,1 mn in 2022. Interest payable increased by €29,3 mn (+7,2%) and amounted to €439,0 mn, from €409,7 mn in 2022. The capital account increased by €265,9 mn (+28,0%) and amounted to €1.216,4 mn, compared to €950,5 mn in 2022. In detail, gross capital formation increased by €294,9 mn (+41,3%) and amounted to €1.008,2 mn, compared to €713,3 mn in 2022 and other capital expenditure decreased by €29,0 mn  (-12,2%) to €208,2 mn, from €237,2 mn in 2022. On the contrary, intermediate consumption decreased by €33,6 mn (-2,7%) to €1.206,9 mn, from €1.240,5 mn in 2022.   Table     Macroeconomic Aggregates of General Government Euro (million) Change   Fiscal Results Difference (%) Jan-Dec 2022 Jan- Dec 2023 Jan- Dec 2023/22 Jan- Dec 2023/22 Total Revenue 11.456,3 12.763,2 1.306,8 11,4% Taxes on Production and Imports 4.033,6 4.387,2 353,6 8,8% of which VAT 2.705,7 2.933,9 228,2 8,4% Current Taxes on Income and Wealth, etc 2.924,1 3.257,4 333,2 11,4% Social Contributions 3.122,0 3.573,7 451,7 14,5% Other Current Resources 1.174,9 1.246,6 71,7 6,1% Interest receivable 114,1 131,8 17,7 15,5% Current transfers 254,8 297,7 42,9 16,8% Sales 806,0 817,1 11,1 1,4% Capital Transfers Received 201,7 298,3 96,6 47,9% Total Expenditure 10.780,1 11.886,9 1.106,8 10,3% Total Current Expenditure 9.829,5 10.670,5 840,9 8,6% Intermediate consumption 1.240,5 1.206,9 -33,6 -2,7% Compensation of employees 3.179,2 3.583,6 404,4 12,7% Social transfers 4.211,7 4.532,6 320,9 7,6% Interest 409,7 439,0 29,3 7,2% Subsidies 139,4 163,6 24,2 17,4% Other current expenditure 649,1 744,8 95,7 14,7% Total Capital Expenditure 950,5 1.216,4 265,9 28,0% Gross capital formation 713,3 1.008,2 294,9 41,3% Gross capital formation excluding land annexations 671,2 978,5 307,3 45,8% Other capital expenditure 237,2 208,2 -29,0 -12,2% Net Lending (+)/ Borrowing (-) 676,3 876,3 200,0   % of GDP 2,4% 2,9%       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 analysed 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 Organisations. 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 CYSTAT Portal, subtheme Public Finance, Predefined Tables (Excel) or contact Ms Michael Panayiota at telephone 22602186 or via e-mail at pmichael@cystat.mof.gov.cy. (IA/NG)