The Statistical Service of Cyprus (CYSTAT) has released preliminary data indicating that the General Government recorded a surplus of €1,420.8 million (4.2% of GDP) during January-November 2024. This represents a notable rise compared to the €709.9 million surplus (2.3% of GDP) achieved in the same period of 2023.
Total government revenue for the period amounted to €12,844.8 million, reflecting an increase of €809.8 million (6.7%) compared to €12,035 million in the previous year. Taxes on production and imports contributed €4,349.6 million, a 6.2% increase, while net VAT revenue rose by €217.2 million (7.8%) to €2,984.6 million. Taxes on income and wealth showed significant growth, reaching €3,082.3 million, an increase of €425.7 million (16%). Property income also saw a sharp rise of €42 million (45.4%) to €134.6 million, and revenue from the sale of goods and services grew by €163.7 million (21.6%) to €920.3 million. Social contributions experienced a moderate increase of €95 million (2.4%), totaling €3,980.7 million.
On the other hand, declines were observed in specific revenue streams. Current transfers decreased by €122.7 million (29.1%), amounting to €299.1 million, while capital transfers dropped by €48.9 million (38.5%) to €78.2 million.
Total government expenditure during January-November 2024 rose slightly to €11,424 million, an increase of €98.9 million (0.9%) from €11,325.1 million in the corresponding period of 2023. Intermediate consumption increased by €119 million (10.8%) to €1,223.4 million, while compensation of employees, including pensions and social contributions for civil servants, grew by €236.3 million (7.7%), reaching €3,292.4 million. Social benefits saw a substantial rise of €417 million (9.8%) to €4,679.3 million, and interest payable increased by €23.4 million (6.1%) to €407.4 million.
However, there were reductions in other expenditure areas. Subsidies fell by €8.5 million (5.9%) to €134.5 million, and current transfers dropped significantly by €314.4 million (29.6%) to €747.6 million. The capital account also declined by €373.8 million (28.5%) to €939.4 million, mainly due to a €400 million (71.7%) decrease in other capital expenditures. Despite this, gross capital formation rose slightly by €26.1 million (3.5%) to €781.8 million.
Source: Stockwatch Cyprus