Filenews 1 November 2024 - by Angelos Angelodimou
A new increase in real numbers was recorded for the period January – September in the surplus of the Government, which indicates that the policy of fiscal discipline of the Government continues and mainly that its revenues continue to increase due to high prices and taxes.
As shown by the data announced yesterday by the Statistical Service, the preliminary fiscal results for the period January-September 2024 show a general government surplus of €1,401.2 million (4.2% of GDP) compared to a surplus of €679.9 million. (2.2% to GDP) for the period January-September 2023. That is, it more than doubled.
It is noted that the preliminary fiscal results for the period January-August 2024 had shown a general government surplus of €1,368.4m. (4.3% of GDP) compared to a surplus of €898.5m. (3.0% of GDP) for the period January-August 2023. As it turns out, the surplus has increased in absolute terms compared to the previous month, but as a percentage of GDP the surplus has fallen from 4.3% in the eight-month period to 4.2% in the nine-month period.
On behalf of the Ministry of Finance, it is noted that the surpluses are the result of the prudent fiscal policy followed by the Government. These, it is noted, will be used to enable the exercise of social policy, since without surpluses this cannot be achieved. At the same time, we are going through a turbulent and unstable period and we should act wisely to be ready in case something unexpected arises.
Income
Total revenues, during the period January-September 2024, increased by €668.9m. (+6.8%) and amounted to €10.520.6 million, compared to €9.851.6 million. in the corresponding period of 2023. Specifically, total taxes on production and imports increased by €184.3m. (+5.6%) and amounted to €3.454.0m. compared to €3.269,7 mil. in 2023, of which net VAT revenue (after deduction of refunds) increased by €150.9m. (+6.9%) and amounted to €2.338.4m. compared to €2.187,5 mil. in 2023.
Income and wealth tax revenues increased by €382.2m. (+16.4%) and amounted to €2.710.7m. compared to €2.328,5 mil. in 2023.
Reduce overall costs
Total expenditure, during the period January-September 2024, decreased by €52.4m. (-0.6%) and decreased to €9.119.4 million, compared to €9.171.8 million. in the corresponding period of 2023.
Intermediate consumption increased by €66.9m. (+7.7%) and amounted to €937.4m. compared to €870,5 mil. in 2023. Staff remuneration (including imputed social contributions and pensions of civil servants) increased by €190.8m. (+7.7%) and amounted to €2.665.1m. compared to €2.474,3 mil. in 2023. Social benefits increased by €302.9m. (+8.6%) and amounted to €3.833.4m. compared to €3.530,5 mil. in 2023. By contrast, subsidies decreased by €10.8m. (-8.9%) and were limited to €110.7m. compared to €121.5 mil. in 2023.
