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- Ελληνικά
Surplus of €876.3 million
Preliminary fiscal results prepared by the Statistical Office for the period January - December 2023 show a general government surplus of €876.3 million. (2.9% in Gross National Product - GDP) compared to a surplus of €676.3 million (2.4% in GDP) for the period January - December 2022.
Revenue
Total revenue in the period January - December 2023 increased by €1.306.8 million (+11.4%) and amounted to €12,763.2 million compared to €11,456.3 million in the corresponding period of 2022.
In particular, total taxes on production and imports increased by €353.6 million (+8.8%) to €4.387.2 million compared to €4,033.6 million in 2022, of which net VAT revenue (net of refunds) increased by €228.2 million (+8.4%) to €2,933.9 million compared to €2,705.7 million in 2022. Income and wealth tax revenues increased by €333.2 million (+11.4%) to €3,257.4 million compared to €2,924.1 million in 2022. Social contributions increased by €451.7 million (+14.5%) to €3,573.7 million compared to €3,122.0 million in 2022. Current transfers increased by €42.9 million (+16.8%) to €297.7 million compared to €254.8 million in 2022. Service revenues increased by €11.1 million (+1.4%) to €817.1 million compared to €806.0 million in 2022. Interest and dividends received increased by €17.7 million (+15.5%) to €131.8 million compared to €114.1 million in 2022. Capital transfers increased by €96.6 million (+47.9%) to €298.3 million compared to €201.7 million in 2022.
Expenses
Total expenses, in the period January - December 2023 increased by €1.106.8 million (+10.3%) and amounted to €11,886.9 million compared to €10,780.1 million in the corresponding period of 2022.
In particular, social benefits increased by €320.9 million (+7.6%) and amounted to €4,532.6 million compared to €4,211.7 million in 2022. Staff remuneration (including imputed social contributions and pensions of civil servants) increased by €404.4 million (+12.7%) to €3,583.6 million compared to €3,179.2 million in 2022. Subsidies increased by €24.2 million (+17.4%) to €163.6 million compared to €139.4 million in 2022. Current transfers increased by €95.7 million (+14.7%) to €744.8 million compared to €649.1 million in 2022. Interest paid increased by €29.3 million (+7.2%) to €439.0 million compared to €409.7 million in 2022.
The capital account increased by €265.9 million (+28.0%) to €1,216.4 million compared to €950.5 million in 2022. Specifically, fixed capital investments increased by €294.9 million (+41.3%) to €1,008.2 million compared to €713.3 million in 2022 and other capital transfers decreased by €29.0 million. (-12.2%) and were limited to €208.2 million compared to €237.2 million in 2022.
In contrast, interim consumption decreased by €33.6 million (-2.7%) and was limited to €1,206.9 million compared to €1,240.5 million in 2022.
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Table |
[TD]
[/TD]
[TR] [TD]
Macroeconomic Indicators of General Government
[/TD] [TD]
Euro (millions)
[/TD] [TD]Euro (millions)
[/TD] [TD]Change
[/TD] [/TR] [TR] [TD]Fiscal
Outturn
[/TD] [TD]Variance
[/TD] [TD](%)
[/TD] [/TR] [TR] [TD]Jan-Dec 2022
[/TD] [/TD] [TD]Jan-Dec 2023
[/TD] [TD]Jan-Dec 2023/22
[/TD] [TD]Jan-Dec 2023/22
[/TD] [TD]Jan-Dec 2023/22
[/TD] [/TD] [/TR] [TR] [TD]
Total Revenue
[/TD] [TD]11.456.3
[/TD] [TD]12,763.2
[/TD] [TD]1,306.8
[/TD] [TD]11.4%
[/TD] [/TR] [TR] [TD]Taxes on Production and Imports
[/TD] [TD]4.033,6
[/TD] [TD]4.387,2
[/TD] [TD]353,6
[/TD] [TD]8,8%
[/TD] [/TR] [TR] [TD]
of which VAT
[/TD] [/TD] [TD]2.705.7
[/TD] [TD]2,933.9
[/TD] [TD]228.2
[/TD] [TD]8.4%
[/TD] [/TD] [/TR] [TR] [TD]Current Taxes on Income and Wealth etc.
[/TD] [TD]2,924.1
[/TD] [TD]3,257.4
[/TD] [TD]333.2
[/TD] [TD]11.4%
[/TD] [/TR] [TR] [TD]Social Contributions
[/TD] [TD]3.122.0
[/TD] [TD]3,573.7
[/TD] [TD]451.7
[/TD] [TD]14.5%
[/TD] [/TR] [TR] [TD]Other Current Income
[/TD] [TD]1,174.9
[/TD] [TD]1.246.6
[/TD] [TD]71.7
[/TD] [TD]6.1%
[/TD] [/TD] [/TR] [TR] [TD]Interest and dividends receivable
[/TD] [/TD] [TD]114.1
[/TD] [TD]131.8
[/TD] [TD]17,7
[/TD] [TD]15.5%
[/TD] [/TD] [/TR] [TR] [TD]Current transfers
[/TD] [TD]254.8
[/TD] [TD]297.7
[/TD] [TD]42.9
[/TD] [TD]16,8%
[/TD] [/TD] [/TR] [TR] [TD]Revenue from services
[/TD] [TD]806.0
[/TD] [TD]817.1
[/TD] [TD]11.1
[/TD] [TD]1,4%
[/TD] [/TR] [TR] [TD]Capital Transfers
[/TD] [TD]201.7
[/TD] [TD]298,3
[/TD] [TD]96.6
[/TD] [TD]47.9%
[/TD] [/TD] [/TR] [TR] [TD]
Total Expenditure
[/TD] [TD]10.780.1
[/TD] [TD]11,886.9
[/TD] [TD]1,106.8
[/TD] [TD]10.3%
[/TD] [/TR] [TR] [TD]Total Current Expenditure
[/TD] [TD]9.829.5
[/TD] [TD]10,670.5
[/TD] [TD]840.9
[/TD] [TD]8.6%
[/TD] [/TR] [TR] [TD]Interim Consumption
[/TD] [TD]1.240.5
[/TD] [TD]1,206.9
[/TD] [TD]-33.6
[/TD] [TD]-2.7%
[/TD] [/TR] [TR] [TD]Staff remuneration
[/TD] [TD]3.179.2
[/TD] [TD]3,583.6
[/TD] [TD]404.4
[/TD] [TD]12.7%
[/TD] [/TR] [TR] [TD]Social benefits
[/TD] [TD]4.211.7
[/TD] [TD]4.532.6
[/TD] [TD]320.9
[/TD] [TD]7.6%
[/TD] [/TR] [TR] [TD]Interest payable
[/TD] [TD]409.7
[/TD] [TD]439,0
[/TD] [TD]29.3
[/TD] [TD]7.2%
[/TD] [/TD] [/TR] [TR] [TD]Subsidies
[/TD] [TD]139.4
[/TD] [TD]163.6
[/TD] [TD]24,2
[/TD] [TD]17.4%
[/TD] [/TD] [/TR] [TR] [TD]Other current expenditure
[/TD] [TD]649.1
[/TD] [TD]744,8
[/TD] [TD]95.7
[/TD] [TD]14.7%
[/TD] [/TD] [/TR] [TR] [TD]Capital Expenditure
[/TD] [TD]950.5
[/TD] [TD]1.216.4
[/TD] [TD]265.9
[/TD] [TD]28.0%
[/TD] [/TD] [/TR] [TR] [TD]Gross fixed capital formation
[/TD] [TD]713.3
[/TD] [TD]1.008.2
[/TD] [TD]294.9
[/TD] [TD]41.3%
[/TD] [/TR] [TR] [TD]Gross fixed capital formation excluding the investment in fixed assets [TD] [TD]
Gross fixed capital formation excl. expropriations
[/TD] [/TD] [TD]671,2
[/TD] [TD]978,5
[/TD] [TD]307,3
[/TD] [TD]45,8%
[/TD] [/TD] [/TR] [TR] [TD]Other capital transfers
[/TD] [TD]237.2
[/TD] [TD]208,2
[/TD] [TD]-29.0
[/TD] [TD]-12.2%
[/TD] [/TD] [/TR] [TR] [TD]
Fiscal Surplus (+)
/Deficit (-)
[/TD] [TD]676,3
[/TD] [TD]
876.3
[/TD] [TD]200,0
[/TD] [TD][/TD] [/TR] [TR] [TD]
% of GDP
[/TD] [TD]2.4%
[/TD] [TD]2,9%
[/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 a distinction is made between revenue and expenditure (expenditure), 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.
(EAT/NG)
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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