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- Ελληνικά
Surplus of €590.6 million
The preliminary fiscal results prepared by the Statistical Office for the period January-May 2024 show a general government surplus of €590.6 million. (1.9% of GDP) compared to a surplus of €322.7 million (1.1% of GDP) for the period January-May 2023.
Revenue
Total revenue for the period January-May 2024 increased by €700.8 million (+14.9%) to €5,394.5 million compared to €4.693.7 million in the corresponding period of 2023.
Specifically, total taxes on production and imports increased by €147.5 million (+8.4%) to €1,899.1 million compared to €1,751.6 million in 2023, of which net VAT revenue (net of refunds) increased by €106.0 million. (+8.9%) and amounted to €1,297.1 million compared to €1,191.1 million in 2023.
Tax revenue on income and wealth increased by €181.3 million (+17.2%) to €1,235.9 million compared to €1,054.6 million in 2023.
Tax revenue on income and wealth increased by €181.3 million (+17.2%) and amounted to €1,235.9 million compared to €1,054.6 million in 2023. Social contributions increased by €239.4 million (+16.6%) to €1,685.2 million compared to €1,445.8 million in 2023. Interest and dividends received increased by €6.4 million (+15.0%) to €49.0 million compared to €42.6 million in 2023.
Current transfers increased by €22.4 million (+19.9%) to €134.9 million compared to €112.5 million in 2023. Service revenues increased by €95.9 million (+35.4%) to €366.8 million compared to €270.9 million in 2023. Capital transfers increased by €7.9 million (+50.3%) to €23.6 million compared to €15.7 million in 2023.
Expenditure
Total expenditure, in the period January-May 2024 increased by €432.8 million. (+9.9%) and amounted to €4,803.9 million compared to €4,371.1 million in the corresponding period of 2023.
In particular, interim consumption increased by €42.0 million (+9.7%) to €475.5 million compared to €433.5 million in 2023. Staff remuneration (including imputed social contributions and pensions of civil servants) increased by €185.2 million (+13.8%) to €1,523.5 million compared to €1,338.3 million in 2023.
Social benefits increased by €162.6 million (+9.3%) to €1,913.6 million compared to €1,751.0 million in 2023. Current transfers increased by €56.0 million (+18.1%) to €365.2 million compared to €309.2 million in 2023. Interest paid increased by €43.4 million (+29.1%) to €192.4 million compared to €149.0 million in 2023.
The capital account decreased by €42.2 million (-13.2%) to €276.4 million compared to €318.6 million in 2023, of which, fixed capital investments decreased by €45.3 million. (-16.3%) and limited to €233.1 million compared to €278.4 million in 2023 and other capital transfers increased by €3.1 million (+7.7%) to €43.3 million compared to €40.2 million in 2023.
In contrast, subsidies decreased by €14.2 million. (-19.9%) to €57.3 million compared to €71.5 million in 2023.
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Table |
[TR] [TD]
[TD]
Macroeconomic Indicators General Government
[/TD] [TD]
Euro (million)
[/TD] [TD][/TD] [TD]
Change
[/TD] [/TR] [TR] [TD]
Fiscal
Results
[/TD] [TD] [/TD] [TD]Difference
[/TD] [TD] [/TD] [TD](%)
[/TD] [/TR] [TR] [TD]Jan-May 2023
[/TD] [TD]Jan-May 2024
[/TD] [TD] [/TD] [TD]Jan-May 2024/23
[/TD] [TD][/TD] [TD]
Jan-May 2024/23
[/TD] [/TD] [/TR] [TR] [TD]Total Revenue
[/TD] [TD]4.693.7
[/TD] [/TD] [TD]5.394.5
[/TD] [TD] [/TD] [TD]700.8
[/TD] [TD] [/TD] [TD]14,9%
[/TD] [/TD] [/TR] [TR] [TD]Taxes on Production and Imports
[/TD] [TD]1.751,6
[/TD] [/TD] [TD]1.899,1
[/TD] [TD] [/TD] [TD]147,5
[/TD] [TD] [/TD] [TD]8,4%
[/TD] [/TR] [TR] [TD]of which F.VAT
[/TD] [/TD] [TD]1,191.1
[/TD] [TD]1.297.1
[/TD] [TD] [/TD] [TD]106.0
[/TD] [TD] [/TD] [TD]8.9%
[/TD] [/TR] [TR] [TD]Current Taxes on Income and Wealth etc.
[/TD] [TD]1.054.6
[/TD] [/TD] [TD]1.235.9
[/TD] [TD] [/TD] [TD]181.3
[/TD] [TD] [/TD] [TD]17.2%
[/TD] [/TR] [TR] [TD]Social Contributions
[/TD] [TD]1,445.8
[/TD] [TD]1.685.2
[/TD] [TD] [/TD] [TD]239.4
[/TD] [TD] [/TD] [TD]16.6%
[/TD] [/TR] [TR] [TD]Other Current Income
[/TD] [TD]426,0
[/TD] [TD]550.7
[/TD] [TD] [/TD] [TD]124.7
[/TD] [TD] [/TD] [TD]29,3%
[/TD] [/TR] [TR] [TD]Interest and dividends receivable
[/TD] [/TD] [TD]42.6
[/TD] [TD]49.0
[/TD] [TD] [/TD] [TD]6,4
[/TD] [TD] [/TD] [TD]15.0%
[/TD] [/TD] [/TR] [TR] [TD]Current transfers
[/TD] [TD]112,5
[/TD] [TD]134.9
[/TD] [TD] [/TD] [TD]22.4
[/TD] [TD] [/TD] [TD]19,9%
[/TD] [/TD] [/TR] [TR] [TD]Revenue from services
[/TD] [TD]270.9
[/TD] [TD]366.8
[/TD] [TD] [/TD] [TD]95.9
[/TD] [TD] [/TD] [TD]35,4%
[/TD] [/TR] [TR] [TD]Capital Transfers
[/TD] [TD]15.7
[/TD] [TD]23.6
[/TD] [TD] [/TD] [TD]7,9
[/TD] [TD] [/TD] [TD]50.3%
[/TD] [/TD] [/TR] [TR] [TD]
Total Expenditure
[/TD] [TD]4.371,1
[/TD] [/TD] [TD]4.803.9
[/TD] [TD][/TD] [TD]
432.8
[/TD] [TD] [/TD] [TD]9.9%
[/TD] [/TR] [TR] [TD]Total Current Expenditure
[/TD] [TD]4.052,5
[/TD] [TD]4.527.5
[/TD] [TD] [/TD] [TD]475.0
[/TD] [TD] [/TD] [TD]11.7%
[/TD] [/TR] [TR] [TD]Interim consumption
[/TD] [TD]433,5
[/TD] [TD]475.5
[/TD] [TD] [/TD] [TD]42.0
[/TD] [TD] [/TD] [TD]9.7%
[/TD] [/TR] [TR] [TD]Staff remuneration
[/TD] [TD]1.338.3
[/TD] [TD]1.523.5
[/TD] [TD] [/TD] [TD]185.2
[/TD] [TD] [/TD] [TD]13.8%
[/TD] [/TR] [TR] [TD]Social benefits
[/TD] [TD]1,751.0
[/TD] [TD]1.913.6
[/TD] [TD] [/TD] [TD]162.6
[/TD] [TD] [/TD] [TD]9.3%
[/TD] [/TD] [/TR] [TR] [TD]Interest payable
[/TD] [TD]149,0
[/TD] [TD]192.4
[/TD] [TD] [/TD] [TD]43.4
[/TD] [TD] [/TD] [TD]29,1%
[/TD] [/TD] [/TR] [TR] [TD]Subsidies
[/TD] [TD]71.5
[/TD] [TD]57.3
[/TD] [TD] [/TD] [TD]-14.2
[/TD] [TD] [/TD] [TD]-19,9%
[/TD] [/TD] [/TR] [TR] [TD]Other current expenditure
[/TD] [TD]309.2
[/TD] [TD]365.2
[/TD] [TD] [/TD] [TD]56,0
[/TD] [TD] [/TD] [TD]18.1%
[/TD] [/TD] [/TR] [TR] [TD]Capital Expenditure
[/TD] [TD]318,6
[/TD] [TD]276.4
[/TD] [TD] [/TD] [TD]-42.2
[/TD] [TD] [/TD] [TD]-13,2%
[/TD] [/TD] [/TR] [TR] [TD]Gross fixed capital formation
[/TD] [TD]278.4
[/TD] [TD]233.1
[/TD] [TD] [/TD] [TD]-45,3
[/TD] [TD] [/TD] [TD]-16.3%
[/TD] [/TD] [/TR] [TR] [TD]Gross fixed capital formation excl. expropriations
[/TD] [TD]274.9
[/TD] [TD]223.8
[/TD] [TD] [/TD] [TD]-51.1
[/TD] [TD] [/TD] [TD]-18,6%
[/TD] [/TD] [/TR] [TR] [TD]Other capital transfers
[/TD] [TD]40.2
[/TD] [TD]43,3
[/TD] [TD] [/TD] [TD]3,1
[/TD] [TD] [/TD] [TD]7,7%
[/TD] [/TD] [/TR] [TR] [TD]
Fiscal Surplus (+)
/Deficit (-)
[/TD] [TD]322,7
[/TD] [TD]590.6
[/TD] [TD] [/TD] [TD]268,0
[/TD] [TD] [/TD] [TD] [/TD] [/TD] [/TR] [TR] [TD]% of GDP
[/TD] [TD]1.1%
[/TD] [TD]1,9%
[/TD] [/TD] [TD] [/TD] [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.
The revenue and expenditure for General Government covers all sub-sectors of General Government based on the European System of Accounts 2010 (ESA 2010).
Data source
Financial data are collected from. [/LIST]
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 Office Portal, under Public Finance, Predefined Tables (Excel) or contact Ms. Michael Panayota at 22602186 or by email at pmichael@cystat.mof.gov.cy.
(MS/AF)
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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