The preliminary General Government fiscal results indicate a surplus of €720,0 mln for the period of July-September 2023.
According to a press release by the Statistical Service of Cyprus, the preliminary General Government fiscal results, which are prepared by the Statistical Service, indicate a surplus of €720,0 mln for the period of July-September 2023, as compared to a surplus of €774,1 mln that was recorded during the period of July-September 2022.
The press release says that during the period of July-September 2023, total revenue increased by €133,4 mln (+4,0%) and amounted to €3.461,8 mln, compared to €3.328,4 mln in the corresponding period 2022.
In detail, taxes on production and imports increased by €22,5 mln (+1,9%) and amounted to €1.217,2 mln, compared to €1.194,7 mln in the third quarter of 2022, of which net VAT revenue decreased by €6,5 mln (-0,8%) to €820,7 mln, from €827,2 mln in the corresponding quarter of 2022.
Social contributions increased by €95,9 mln (+12,7%) and amounted to €852,0 mln, compared to €756,1 mln in the third quarter of 2022. Revenue from taxes on income and wealth increased by €56,8 mln (+5,8%) and amounted to €1.038,7 mln, compared to €981,9 mln in the corresponding quarter of 2022. Revenue from the sale of goods and services increased by €39,4 mln (+20,7%) and amounted to €229,8 mln, from €190,4 mln in the third quarter of 2022.
On the contrary, capital transfers decreased by €61,3 mln (-62,1%) to €37,4 mln, from €98,7 mln in the corresponding quarter of 2022. Property income receivable decreased by €18,9 mln (-41,2%) to €26,9 mln, from €45,8 mln in the third quarter of 2022. Other current transfers decreased by €1,1 mln (-1,8%) to €59,8 mln, from €60,9 mln in the corresponding quarter of 2022.
Regarding expenditure, it says that during the period of July-September 2023, total expenditure increased by €187,5 mln (+7,3%) and amounted to €2.741,8 mln, from €2.554,3 mln in the corresponding period of 2022.
Specifically, social transfers increased by €72,2 mln (+7,4%) and amounted to €1.042,1 mln, compared to €969,9 mln in the third quarter of 2022. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €98,9 mln (+13,4%) and amounted to €835,2 mln, compared to €736,3 mln in the corresponding quarter of 2022. Subsidies increased by €7,0 mln (+31,0%) and amounted to €29,6 mln, compared to €22,6 mln in the third quarter of 2022. Other current expenditure increased by €43,8 mln (+40,9%) and amounted to €150,7 mln, compared to €106,9 mln in the corresponding quarter of 2022.
The capital account decreased by €4,7 mln (-1,6%) to €284,6 mln (€239,1 mln capital formation and €45,5 mln capital transfers), from €289,3 mln (€238,6 mln capital formation and €50,7 mln capital transfers) in the third quarter of 2022.
The Statistical Service says that on the contrary, property income payable decreased by €1,8 mln (-1,6%) to €116,5 mln, from €118,3 mln in the corresponding quarter of 2022. Intermediate consumption decreased by €27,9 mln (-9,0%) to €283,1 mln, from €311,0 mln in the third quarter of 2022.
