The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT) indicate a surplus of €609,5 mn (2,3% of GDP) for the period of January-December 2022, as compared to a deficit of €402,8 mn (1,7% of GDP) that was recorded during the period of January-December 2021.
EXPENDITURE
During the period of January-December 2022, total expenditure increased by €424,2 mn (+4,1%) and amounted to €10.766,7 mn, compared to €10.342,6 mn in the corresponding period of 2021.
In detail, social benefits increased by €434,4 mn (+11,3%) and amounted to €4.275,2 mn, compared to €3.840,8 mn in 2021. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €142,4 mn (+4,7%) and amounted to €3.147,5 mn, compared to €3.005,1 mn in 2021. Intermediate consumption increased by €167,0 mn (+16,0%) and amounted to €1.211,2 mn, compared to €1.044,2 mn in 2021. Current transfers increased by €47,0 mn (+7,8%) and amounted to €652,7 mn, compared to €605,7 mn in 2021.
The capital account increased by €109,4 mn (+13,3%) and amounted to €931,5 mn, compared to €822,1 mn in 2021. In detail, gross capital formation increased by €57,9 mn (+9,1%) and amounted to €694,6 mn, compared to €636,7 mn in 2021 and other capital expenditure increased by €51,5 mn (+27,8%) and amounted to €236,9 mn, compared to €185,4 mn in 2021.
On the contrary, subsidies decreased by €443,6 mn (-75,8%) to €141,6 mn, from €585,2 mn in 2021. Interest payable decreased by €32,4 mn (-7,4%) to €407,0 mn, from €439,4 mn in 2021.
REVENUE
During the period of January-December 2022, total revenue increased by €1.436,5 mn (+14,5%) and amounted to €11.376,2 mn, compared to €9.939,7 mn in the corresponding period 2021.
In detail, taxes on production and imports increased by €572,3 mn (+16,9%) and amounted to €3.960,6 mn, compared to €3.388,3 mn in 2021, of which net VAT revenue increased by €489,3 mn (+22,4%) and amounted to €2.671,0 mn, compared to €2.181,7 mn in 2021. Revenue from taxes on income and wealth increased by €387,1 mn (+15,5%) and amounted to €2.876,7 mn, compared to €2.489,6 mn in 2021. Social contributions increased by €388,5 mn (+14,3%) and amounted to €3.112,7 mn, compared to €2.724,2 mn in 2021. Revenue from the sale of goods and services increased by €119,4 mn (+18,0%) and amounted to €783,9 mn, compared to €664,5 mn in 2021. Property income increased by €2,3 mn (+2,1%) and amounted to €113,6 mn, from €111,3 mn in 2021.
On the contrary, current transfers decreased by €17,0 mn (-6,5%) to €243,6 mn, from €260,6 mn in 2021. Capital transfers decreased by €16,1 mn (-5,3%) to €285,1 mn, from €301,2 mn in 2021.
Source:Cystat
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