The Statistical Service of Cyprus (CYSTAT) has released preliminary data indicating that the General Government recorded a surplus of \u20ac1,420.8 million (4.2% of GDP) during January-November 2024. This represents a notable rise compared to the \u20ac709.9 million surplus (2.3% of GDP) achieved in the same period of 2023.<\/p>\n
Total government revenue for the period amounted to \u20ac12,844.8 million, reflecting an increase of \u20ac809.8 million (6.7%) compared to \u20ac12,035 million in the previous year. Taxes on production and imports contributed \u20ac4,349.6 million, a 6.2% increase, while net VAT revenue rose by \u20ac217.2 million (7.8%) to \u20ac2,984.6 million. Taxes on income and wealth showed significant growth, reaching \u20ac3,082.3 million, an increase of \u20ac425.7 million (16%). Property income also saw a sharp rise of \u20ac42 million (45.4%) to \u20ac134.6 million, and revenue from the sale of goods and services grew by \u20ac163.7 million (21.6%) to \u20ac920.3 million. Social contributions experienced a moderate increase of \u20ac95 million (2.4%), totaling \u20ac3,980.7 million.<\/p>\n
On the other hand, declines were observed in specific revenue streams. Current transfers decreased by \u20ac122.7 million (29.1%), amounting to \u20ac299.1 million, while capital transfers dropped by \u20ac48.9 million (38.5%) to \u20ac78.2 million.<\/p>\n
Total government expenditure during January-November 2024 rose slightly to \u20ac11,424 million, an increase of \u20ac98.9 million (0.9%) from \u20ac11,325.1 million in the corresponding period of 2023. Intermediate consumption increased by \u20ac119 million (10.8%) to \u20ac1,223.4 million, while compensation of employees, including pensions and social contributions for civil servants, grew by \u20ac236.3 million (7.7%), reaching \u20ac3,292.4 million. Social benefits saw a substantial rise of \u20ac417 million (9.8%) to \u20ac4,679.3 million, and interest payable increased by \u20ac23.4 million (6.1%) to \u20ac407.4 million.<\/p>\n
However, there were reductions in other expenditure areas. Subsidies fell by \u20ac8.5 million (5.9%) to \u20ac134.5 million, and current transfers dropped significantly by \u20ac314.4 million (29.6%) to \u20ac747.6 million. The capital account also declined by \u20ac373.8 million (28.5%) to \u20ac939.4 million, mainly due to a \u20ac400 million (71.7%) decrease in other capital expenditures. Despite this, gross capital formation rose slightly by \u20ac26.1 million (3.5%) to \u20ac781.8 million.<\/p>\n
Source: Stockwatch Cyprus<\/em><\/p>","protected":false},"excerpt":{"rendered":" The Statistical Service of Cyprus (CYSTAT) has released preliminary data indicating that the General Government recorded a surplus of \u20ac1,420.8 million (4.2% of GDP) during January-November 2024. This represents a notable rise compared to the \u20ac709.9 million surplus (2.3% of GDP) achieved in the same period of 2023. Total government revenue for the period amounted […]<\/p>","protected":false},"author":9,"featured_media":108706,"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\/108705"}],"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=108705"}],"version-history":[{"count":1,"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/posts\/108705\/revisions"}],"predecessor-version":[{"id":108707,"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/posts\/108705\/revisions\/108707"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/media\/108706"}],"wp:attachment":[{"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/media?parent=108705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/categories?post=108705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lamaisonestates.com\/he\/wp-json\/wp\/v2\/tags?post=108705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}