Cyprus has achieved a notable fiscal surplus of \u20ac702.5 million for the first seven months of 2024, according to preliminary data released by the Statistical Service of Cyprus on Friday. This surplus accounts for 2.2% of the nation’s GDP, a significant rise from the \u20ac345.9 million surplus (1.2% of GDP) recorded during the same period in 2023.<\/p>\n
Revenue Surge<\/strong><\/p>\n The fiscal boost is primarily due to a substantial increase in government revenue, which grew by \u20ac953.1 million, or 14.2%, year-on-year, reaching \u20ac7.662 billion. Key drivers of this revenue growth include:<\/p>\n Revenue from Goods and Services:<\/strong> Up by \u20ac163.3 million (43.5%) to \u20ac538.7 million. Expenditure Increase<\/strong><\/p>\n Government spending from January to July 2024 climbed by \u20ac596.6 million, or 9.4%, reaching \u20ac6.960 billion. Major expenditure increases included:<\/p>\n Compensation of Employees:<\/strong> Up by \u20ac232.8 million (12.2%) to \u20ac2.138 billion. In terms of capital expenditure, the government managed to cut spending with the capital account declining by \u20ac61.8 million (12.4%) to \u20ac434.9 million. Notable changes include:<\/p>\n Gross Capital Formation:<\/strong> Decreased by \u20ac74.0 million (17.4%) to \u20ac352.3 million. Cyprus has achieved a notable fiscal surplus of \u20ac702.5 million for the first seven months of 2024, according to preliminary data released by the Statistical Service of Cyprus on Friday. This surplus accounts for 2.2% of the nation’s GDP, a significant rise from the \u20ac345.9 million surplus (1.2% of GDP) recorded during the same period […]<\/p>","protected":false},"author":9,"featured_media":104333,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[211],"tags":[],"_links":{"self":[{"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/posts\/104332"}],"collection":[{"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/comments?post=104332"}],"version-history":[{"count":1,"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/posts\/104332\/revisions"}],"predecessor-version":[{"id":104334,"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/posts\/104332\/revisions\/104334"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/media\/104333"}],"wp:attachment":[{"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/media?parent=104332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/categories?post=104332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/tags?post=104332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nCurrent Transfers:<\/strong> Increased by \u20ac43.6 million (25.8%) to \u20ac212.3 million.
\nSocial Contributions:<\/strong> Rose by \u20ac327.9 million (16.2%), totaling \u20ac2.348 billion.
\nProperty Income:<\/strong> Increased by \u20ac21.0 million (34.5%) to \u20ac81.9 million.
\nTaxes on Production and Imports:<\/strong> Went up by \u20ac175.7 million (7.3%) to \u20ac2.584 billion.
\nNet VAT Revenue:<\/strong> Rose by \u20ac148.4 million (9.5%) to \u20ac1.718 billion.
\nTaxes on Income and Wealth:<\/strong> Grew by \u20ac238.5 million (14.6%) to \u20ac1.869 billion.
\nHowever, capital transfers saw a decline of \u20ac16.9 million (37.2%), falling to \u20ac28.5 million.<\/p>\n
\nSocial Benefits:<\/strong> Increased by \u20ac208.1 million (8.1%) to \u20ac2.772 billion.
\nIntermediate Consumption:<\/strong> Rose by \u20ac109.5 million (17.8%) to \u20ac723.1 million.
\nCurrent Transfers:<\/strong> Increased by \u20ac99.1 million (22.9%) to \u20ac531.8 million.
\nInterest Payable:<\/strong> Grew by \u20ac27.9 million (11.1%) to \u20ac279.6 million.<\/p>\n
\nOther Capital Expenditures:<\/strong> Increased by \u20ac12.2 million (17.3%) to \u20ac82.6 million.
\nSubsidies:<\/strong> Reduced by \u20ac19.1 million (19.2%) to \u20ac80.6 million.
\nSource: Stockwatch.com.cy<\/p>","protected":false},"excerpt":{"rendered":"