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- Ελληνικά
Surplus of €455.9 million
The preliminary fiscal results prepared by the Statistical Office for January 2024 show a general government surplus of €455.9 million. (1.4% of GDP) compared to a surplus of €368.6 million (1.2% of GDP) for January 2023.
Revenue
Total revenue, in January 2024, increased by €153.0 million (+13.2%) to €1,316.0 million compared to €1,163.0 million in January 2024. In particular, income and wealth tax revenues increased by €99.0 million (+22.4%) to €540.5 million compared to €441.5 million in 2023.
Specifically, income and wealth tax revenues increased by €99.0 million (+22.4%) to €540.5 million in 2023. Social contributions increased by €42.3 million (+14.1%) to €343.1 million compared to €300.8 million in 2023. Current transfers increased by €2.9 million (+25.5%) to €14.1 million compared to €11.2 million in 2023. Service revenues increased by €3.6 million (+7.2%) to €53.3 million compared to €49.7 million in 2023. Interest and dividends received increased by €3.5 million (+48.6%) to €10.6 million compared to €7.1 million in 2023. Capital transfers increased by €2.1 million to €4.0 million compared to €1.9 million in 2023.
In contrast, total taxes on production and imports decreased by €0.3 million. (-0.1%) to €350.5 million compared to €350.8 million in 2023, of which net VAT revenue (after deduction of refunds) decreased by €22.1 million.
Expenditure
Total expenditure, in January 2024, increased by €65.6 million (+8.3%) to €860.1 million, compared to €263.4 million in 2023.
Total expenditure, in January 2024, increased by €65.6 million (+8.3%) to €860.1 million. In particular, social benefits increased by €38.1 million (+11.6%) to €365.6 million, compared to €327.5 million in 2023.
Specifically, social benefits increased by €38.1 million (+11.6%) to €365.6 million in January 2023, compared to €327.5 million in 2023. Staff remuneration (including imputed social contributions and pensions of civil servants) increased by €41.5 million (+16.2%) to €297.3 million compared to €255.8 million in 2023. Interim consumption increased by €0.4 million (+0.5%) to €76.3 million compared to €75.9 million in 2023.
The capital account increased by €3.1 million (+15.4%) to €23.4 million compared to €20.3 million. in 2023, of which, fixed capital investment increased by €4.3 million (+20.0%) to €25.8 million compared to €21.5 million in 2023.
In contrast, subsidies decreased by €6.8 million (-61.3%) to €4.3 million compared to €11.1 million in 2023. Current transfers decreased by €4.0 million (-6.5%) and were limited to €58.1 million compared to €62.1 million in 2023. Interest paid decreased by €6.6 million (-15.9%) and was limited to €35.1 million compared to €41.7 million in 2023.
| Table |
[TD]
[/TD] [TD]
[/TD] [TD]
[/TD] [TD]
[/TD]
[TR] [TD]
Macroeconomic General government aggregates
[/TD] [/TD] [TD]
Euro (millions)
[/TD] [TD]Change
[/TD] [/TR] [TR] [TD] [TD]Fiscal
Results
[/TD] [TD]Variance
[/TD] [TD](%)
[/TD] [/TR] [TR] [TD]Jan 2023
[/TD] [TD]Jan 2024
[/TD] [TD]Jan 2024/23
[/TD] [TD]Jan 2024/23
[/TD] [/TR] [TR] [TD]Total Revenue
[/TD] [TD]1.163.0
[/TD] [/TD] [TD]1.316,0
[/TD] [TD]153,0
[/TD] [TD]13,2%
[/TD] [/TD] [/TR] [TR] [TD]Taxes on Production and Imports
[/TD] [TD]350,8
[/TD] [TD]350.5
[/TD] [TD]-0.3
[/TD] [TD]-0.1%
[/TD] [/TR] [TR] [TD]
of which F.VAT
[/TD] [/TD] [TD]263.4
[/TD] [TD]241.3
[/TD] [TD]-22.1
[/TD] [TD]-8.4%
[/TD] [/TR] [TR] [TD]Current Taxes on Income and Wealth etc.
[/TD] [TD]441.5
[/TD] [TD]540.5
[/TD] [TD]99.0
[/TD] [TD]22.4%
[/TD] [/TR] [TR] [TD]Social Contributions
[/TD] [TD]300,8
[/TD] [TD]343.1
[/TD] [TD]42.3
[/TD] [TD]14.1%
[/TD] [/TR] [TR] [TD]Other Current Income
[/TD] [TD]68,0
[/TD] [TD]77.9
[/TD] [TD]9.9
[/TD] [TD]14.5%
[/TD] [/TR] [TR] [TD]Interest and dividends receivable
[/TD] [/TD] [TD]7,1
[/TD] [TD]10.6
[/TD] [TD]3.5
[/TD] [TD]48.6%
[/TD] [/TR] [TR] [TD]Current transfers
[/TD] [TD]11.2
[/TD] [TD]14,1
[/TD] [TD]2.9
[/TD] [TD]25.5%
[/TD] [/TD] [/TR] [TR] [TD]Revenue from services
[/TD] [TD]49.7
[/TD] [TD]53,3
[/TD] [TD]3.6
[/TD] [TD]7.2%
[/TD] [/TD] [/TR] [TR] [TD]Capital Transfers
[/TD] [TD]1.9
[/TD] [TD]4.0
[/TD] [TD]2,1
[/TD] [TD]112.0%
[/TD] [/TR] [TR] [TD]
Total Expenditure
[/TD] [TD]794.4
[/TD] [TD]860.1
[/TD] [TD]65,6
[/TD] [TD]
8.3%
[/TD] [/TR] [TR] [TD]Total Current Expenditure
[/TD] [TD]774.1
[/TD] [TD]836.7
[/TD] [TD]62,5
[/TD] [TD]8.1%
[/TD] [/TR] [TR] [TD]Intermediate consumption
[/TD] [TD]75.9
[/TD] [TD]76.3
[/TD] [TD]0.4
[/TD] [TD]0,5%
[/TD] [/TD] [/TR] [TR] [TD]Staff remuneration
[/TD] [TD]255.8
[/TD] [TD]297.3
[/TD] [TD]41.5
[/TD] [TD]16,2%
[/TD] [/TD] [/TR] [TR] [TD]Social benefits
[/TD] [TD]327.5
[/TD] [TD]365.6
[/TD] [TD]38.1
[/TD] [TD]11,6%
[/TD] [/TR] [TR] [TD]Interest payable
[/TD] [TD]41.7
[/TD] [TD]35,1
[/TD] [TD]-6.6
[/TD] [TD]-15.9%
[/TD] [/TD] [/TR] [TR] [TD]Subsidies
[/TD] [TD]11,1
[/TD] [TD]4.3
[/TD] [TD]-6.8
[/TD] [TD]-61.3%
[/TD] [/TR] [TR] [TD]Other current expenditure
[/TD] [TD]62,1
[/TD] [TD]58.1
[/TD] [TD]-4.0
[/TD] [TD]-6.5%
[/TD] [/TR] [TR] [TD]Capital Expenditure
[/TD] [TD]20.3
[/TD] [TD]23,4
[/TD] [TD]3.1
[/TD] [TD]15.4%
[/TD] [/TD] [/TR] [TR] [TD]Gross fixed capital formation
[/TD] [TD]21,5
[/TD] [TD]25.8
[/TD] [TD]4.3
[/TD] [TD]20.0%
[/TD] [/TR] [TR] [TD]Gross fixed capital formation excl. expropriations
[/TD] [/TD] [TD]21,5
[/TD] [TD]25,7
[/TD] [TD]4,2
[/TD] [TD]19,5%
[/TD] [/TR] [TR] [TD]Other capital transfers
[/TD] [TD]-1.2
[/TD] [TD]-2,4
[/TD] [TD]-1.2
[/TD] [TD]98.5%
[/TD] [/TD] [/TR] [TR] [TD]
Fiscal Surplus (+)
/Deficit (-)
[/TD] [TD]368,6
[/TD] [TD]
455.9
[/TD] [TD]87,3
[/TD] [/TD] [TD][/TD] [/TR] [TR] [TD]
% of GDP
[/TD] [TD]1.2%
[/TD] [TD]1,4%
[/TD] [/TD] [TD] [/TD] [TD] [/TD] [/TR]
Methodological Information
Coverage and Methodology
Information on the sequence of accounts for the general government sector is provided. The analysis covers the main categories of revenue and expenditure and separates revenue and expenditure (expenditure) into current and capital, respectively.
Revenue and expenditure for General Government covers all sub-sectors of General Government based on the European System of Accounts 2010 (ESA 2010).
Source of data
Economic data are collected from:
- The Integrated Administrative and Financial Information System of the General Accounting Office (FIMAS) for Central Government, Off-Budget Funds and Social Security Organisations,
- Budget implementation of Municipalities and Communities,
- Budget implementation of Semi-Governmental Organisations.
Any methodological adjustments or corrections based on the European System of Accounts 2010 (ESA 2010) are taken into account to complete the estimates.
For more information, interested parties can visit the Statistical Service Portal, under Public Finance, Predefined Tables (Excel) or contact Ms. Michael Panagiota at 22602186 or at pmichael@cystat.mof.gov.cy.
(AF/EP)
Contents of this article including associated images are owned by PIO
Views & opinions expressed are those of the author and/or PIO
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