The Statistical Service of Cyprus reported a significant general government surplus of €1.43 billion (4.2% of GDP) for the January–October 2024 period. This marks a notable increase compared to the €664.8 million surplus (2.1% of GDP) recorded during the same period in 2023.
Revenue Growth
Total revenue for January–October 2024 rose by €721.6 million (6.6%), reaching €11.69 billion compared to €10.97 billion in 2023.
Taxes on Production and Imports: Revenue grew by €227.3 million (6.2%) to €3.89 billion, with net VAT income contributing €2.66 billion, up €187.2 million (7.6%).
Income and Wealth Taxes: A sharp increase of €399.7 million (16%) brought this category to €2.9 billion, compared to €2.5 billion in 2023.
Property Income: This surged by €41.1 million (48.2%) to €126.5 million.
Sales of Goods and Services: Revenue jumped by €189.3 million (29.9%) to €822.7 million.
Social Contributions: A modest increase of €24.9 million (0.7%) brought the total to €3.61 billion.
Conversely, declines were observed in other areas:
Current Transfers: Fell by €109.6 million (29.1%) to €266.9 million.
Capital Transfers: Dropped by €51.1 million (42.2%) to €69.9 million.
Expenditure Decline
Total government expenditure for January–October 2024 saw a slight reduction of €45.4 million (0.4%), totaling €10.25 billion compared to €10.3 billion in 2023.
Intermediate Consumption: Increased by €109.5 million (11.2%) to €1.09 billion.
Compensation of Employees: Rose by €209.9 million (7.6%) to €2.97 billion.
Social Benefits: Grew by €342.6 million (8.8%) to €4.26 billion.
Interest Payable: Increased by €23.4 million (7%) to €358.8 million.
Decreases included:
Subsidies: Down €22.7 million (16.7%) to €113.3 million.
Current Transfers: Dropped by €323.8 million (32.9%) to €660.1 million.
Capital Account: Decreased by €384.4 million (32.2%) to €807.5 million, with other capital expenditures falling sharply by €393.1 million (74.8%).
Notably, gross capital formation increased slightly by €8.8 million (1.3%), reaching €675.3 million.
Local Government Data
The report mentioned that estimates for the local government sub-sector were based on limited data due to insufficient submissions from relevant authorities.
Source: Stockwatch Cyprus
