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- Ελληνικά
The Fiscal Report of the Republic of Cyprus for the fiscal year 2023 was submitted today to the House of Representatives, within the deadline of three months from the end of the fiscal year specified by the Constitution of the Republic of Cyprus. The Financial Report was submitted to the Minister of Finance by the Comptroller General of the Republic on 8 March 2024 and, through a proposal by the Minister of Finance, was approved by the Council of Ministers on 19 March 2024.
The Financial Report includes a presentation of the revenues and expenditures that were included in the 2023 State Budget, compared to the revenues received and expenditures incurred in the same fiscal year, taking into account the supplementary budgets and any transfers of appropriations.
The Financial Report includes a presentation of the revenues and expenditures included in the 2023 State Budget, compared to the revenues received and expenditures incurred in the same fiscal year, taking into account the supplementary budgets and any transfers of appropriations.
The Financial Report includes a presentation of the revenues and expenditures included in the 2023 State Budget, compared to the revenues received and expenditures incurred in the same fiscal year. Auditor General's Report is an integral part of the Financial Report, which gives enhanced credibility and greater value to the Report.
Total Revenue, excluding Inflows for Drawdowns and Repayments of Loans Issued, for 2023 amounted to €8.72 billion (2022: €8.04 billion).
Total Expenditure, excluding Outflows for Drawdowns and Loans Issued, for 2023 amounted to €9.17 billion (2022: €8.20 billion). Therefore, a State Budget Deficit before Net Flows due to Borrowing of €0.45 billion (2022: €0.16 billion) resulted for 2023.
Taking into account Inflows from Borrowings and Repayments of Loans Issued (2023: €1.22 billion, 2022: €1.22 billion) and Outflows from Repayments and Issuance of Loans (2023: €1.75 billion, 2022: €1.96 billion), a final State Budget Deficit for 2023 of €0.98 billion (2022: €0.90 billion) results.
The main source of State Revenue for the year 2023, excluding Revenue from Withdrawals and Repayments of Issued Loans, is Taxation (€7.33 billion), which accounts for 84% of Revenue. The share of Revenue from Taxation is distributed 47% to Indirect Taxes and 37% to Direct Taxes.
The main categories of Government expenditure are Expenditure on Staff Salaries, Pensions and Gratuities (€3.20 billion), Social Benefits (€1.80 billion) and Transfers (€1.36 billion).
The main categories of Government expenditure are Expenditure on Staff Salaries, Pensions and Gratuities (€3.20 billion), Social Benefits (€1.80 billion) and Transfers (€1.36 billion). Social Benefits include the Government's contribution to the General Health Plan of €0.70 billion. Transfers relate mainly to grants and contributions by the State to various organisations, such as Public Bodies, Local Authorities, the European Union, International Organisations and individuals.
Total borrowings, excluding intergovernmental borrowings of €10.73 billion (2022: €9.74 billion) at 31/12/2023 stood at €22.18 billion from €22.87 billion at 31/12/2022.
The full text of the Financial Report of the Republic of Cyprus, including the Report of the Accountant General of the Republic, for the financial year 2023 is available at website of the Accountant General of the Republic under Sectors/Financial Information/Government Accounts or alternatively on this link.
(AF/EP)
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