FISCAL ACCOUNTS OF GENERAL GOVERNMENT - JANUARY-FEBRUARY 2024

 

Fiscal Accounts of General Government: January - February 2024

Surplus €534,8 mn The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT), indicate a surplus of €534,8 mn (1,7% of GDP) for the period of January-February 2024, as compared to a surplus of €398,0 mn (1,3% of GDP) that was recorded during the period of January-February 2023. Revenue During the period of January-February 2024, total revenue increased by €333,9 mn (+16,7%) and amounted to €2.328,0 mn, compared to €1.994,1 mn in the corresponding period of 2023. In detail, taxes on production and imports increased by €54,1 mn (+8,0%) and amounted to €727,2 mn, compared to €673,1 mn in 2023, of which net VAT revenue increased by €51,7 mn (+11,0%) and amounted to €523,2 mn, compared to €471,5 mn in 2023. Revenue from taxes on income and wealth increased by €120,8 mn (+20,1%) and amounted to €721,7 mn, compared to €600,9 mn in 2023. Social contributions increased by €98,6 mn (+17,1%) and amounted to €673,9 mn, compared to €575,3 mn in 2023. Property income increased by €1,2 mn (+7,7%) and amounted to €16,8 mn, compared to €15,6 mn in 2023. Current transfers increased by €4,0 mn (+14,3%) and amounted to €31,9 mn, compared to €27,9 mn in 2023. Revenue from the sale of goods and services increased by €53,0 mn (+54,4%) and amounted to €150,4 mn, compared to €97,4 mn in 2023. Capital transfers increased by €2,2 mn (+56,4%) and amounted to €6,1 mn, compared to €3,9 mn in 2023. Expenditure During the period of January-February 2024, total expenditure increased by €197,1 mn (+12,3%) and amounted to €1.793,2 mn, compared to €1.596,1 mn in the corresponding period of 2023. In detail, intermediate consumption increased by €16,7 mn (+10,6%) and amounted to €174,1 mn, compared to €157,4 mn in 2023. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €82,0 mn (+15,8%) and amounted to €601,2 mn, compared to €519,2 mn in 2023. Social benefits increased by €83,5 mn (+12,9%) and amounted to €730,8 mn, compared to €647,3 mn in 2023. Current transfers increased by €3,9 mn (+3,2%) and amounted to €125,0 mn, compared to €121,1 mn in 2023. The capital account increased by €39,8 mn (+73,4%) and amounted to €94,0 mn, compared to €54,2 mn in 2023, of which gross capital formation increased by €21,8 mn (+43,4%) and amounted to €72,0 mn, compared to €50,2 mn in 2023 and other capital expenditure increased by €18,0 mn and amounted to €22,0 mn, compared to €4,0 mn in 2023. On the contrary, interest payable decreased by €13,9 mn (-18,9%) to €59,9 mn, from €73,8 mn in 2023. Subsidies decreased by €14,9 mn (-64,5%) to €8,2 mn, from €23,1 mn in 2023. Table Macroeconomic Aggregates of General Government Euro (million) Change Fiscal Results Difference (%) Jan-Feb    2023 Jan-Feb       2024 Jan-Feb 2024/23 Jan-Feb 2024/23 Total Revenue 1.994,1 2.328,0 333,9 16,7% Taxes on Production and Imports 673,1 727,2 54,1 8,0% of which VAT 471,5 523,2 51,7 11,0% Current Taxes on Income and Wealth, etc 600,9 721,7 120,8 20,1% Social Contributions 575,3 673,9 98,6 17,1% Other Current Resources 140,9 199,1 58,2 41,3% Interest receivable 15,6 16,8 1,2 7,7% Current transfers 27,9 31,9 4,0 14,3% Sales 97,4 150,4 53,0 54,4% Capital Transfers Received 3,9 6,1 2,2 56,4% Total Expenditure 1.596,1 1.793,2 197,1 12,3% Total Current Expenditure 1.541,9 1.699,2 157,3 10,2% Intermediate consumption 157,4 174,1 16,7 10,6% Compensation of employees 519,2 601,2 82,0 15,8% Social transfers 647,3 730,8 83,5 12,9% Interest 73,8 59,9 -13,9 -18,9% Subsidies 23,1 8,2 -14,9 -64,5% Other current expenditure 121,1 125,0 3,9 3,2% Total Capital Expenditure 54,2 94,0 39,8 73,4% Gross capital formation 50,2 72,0 21,8 43,4% Gross capital formation excluding land annexations 50,2 71,0 20,8 41,4% Other capital expenditure 4,0 22,0 18,0 450,0% Net Lending (+)/ Borrowing (-) 398,0 534,8 136,8   % of GDP 1,3% 1,7%      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 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 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,  Predefined Tables (Excel) or contact Mr Pantziaras Michalis: Τel: +35722605127, Email: MPantziaras@cystat.mof.gov.cy (NGian/MS)