A surplus of €1,000.7 mn, equal to 3.4% of the GDP for the period of January-November 2023 is indicated by the preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT) and published on Friday. For the same period of 2022, there was a surplus of €636.8 mn (2.3% of GDP).

During the period of January-November 2023, total revenue increased by €1,227.9 mn (12.5%) and amounted to €11,064.3 mn, compared to €9,836.4 mn in the corresponding period of 2022.

In detail, taxes on production and imports increased by €457.3 mn (12.5%) and amounted to €4,128.5 mn, compared to €3,671.2 mn in 2022, of which net VAT revenue increased by €295 mn (11.8%) and amounted to €2,791 mn, compared to €2,496 mn in 2022. Revenue from taxes on income and wealth increased by €387.7 mn (17.2%) and amounted to €2,636.7 mn, compared to €2,249 mn in 2022.

During the period of January-November 2023, total expenditure increased by €864 mn (9.4%) and amounted to €10,063.6 mn, compared to €9,199.6 mn in the corresponding period of 2022.

In detail, social benefits increased by €259.2 mn (7.1%) and amounted to €3,935 mn, compared to €3,675.8 mn in 2022. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €346.7 mn (12.9%) and amounted to €3,041.9 mn, compared to €2,695.2 mn in 2022.