The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT) indicate a surplus of €1.420,8 mn (4,2% of GDP) for the period of January-November 2024, as compared to a surplus of €709,9 mn (2,3% of GDP) that was recorded during the period of January-November 2023.
Revenue
During the period of January-November 2024, total revenue increased by €809,8 mn (+6,7%) and amounted to €12.844,8 mn, compared to €12.035,0 mn in the corresponding period of 2023.
In detail, taxes on production and imports increased by €255,0 mn (+6,2%) and amounted to €4.349,6 mn, compared to €4.094,6 mn in 2023, of which net VAT revenue increased by €217,2 mn (+7,8%) and amounted to €2.984,6 mn, compared to €2.767,4 mn in 2023.
Revenue from taxes on income and wealth increased by €425,7 mn (+16,0%) and amounted to €3.082,3 mn, compared to €2.656,6 mn in 2023. Property income increased by €42,0 mn (+45,4%) and amounted to €134,6 mn, compared to €92,6 mn in 2023. Revenue from the sale of goods and services increased by €163,7 mn (+21,6%) and amounted to €920,3 mn, compared to €756,7 mn in 2023.
Social contributions increased by €95,0 mn (+2,4%) and amounted to €3.980,7 mn, compared to €3.885,7 mn in 2023.
On the contrary, current transfers decreased by €122,7 mn (-29,1%) to €299,1 mn, from €421,8 mn in 2023. Capital transfers decreased by €48,9 mn (-38,5%) to €78,2 mn, from €127,1 mn in 2023.
Expenditure
During the period of January-November 2024, total expenditure increased by €98,9 mn (+0,9%) and amounted to €11.424,0 mn, compared to €11.325,1 mn in the corresponding period of 2023.
In detail, intermediate consumption increased by €119,0 mn (+10,8%) and amounted to €1.223,4 mn, compared to €1.104,4 mn in 2023. Compensation of employees, including imputed social contributions and pensions of civil servants, increased by €236,3 mn (+7,7%) and amounted to €3.292,4 mn, compared to €3.056,1 mn in 2023. Social benefits increased by €417,0 mn (+9,8%) and amounted to €4.679,3 mn, compared to €4.262,3 mn in 2023. Interest payable increased by €23,4 mn (+6,1%) and amounted to €407,4 mn, compared to €384,0 mn in 2023.
On the contrary, subsidies decreased by €8,5 mn (-5,9%) to €134,5 mn, from €143,0 mn in 2023. Current transfers decreased by €314,4 mn (-29,6%) to €747,6 mn, from €1.062,0 mn in 2023.
The capital account decreased by €373,8 mn (-28,5%) to €939,4 mn, from €1.313,2 mn in 2023, of which gross capital formation increased by €26,1 mn (+3,5%) and amounted to €781,8 mn, compared to €755,7 mn in 2023 and other capital expenditure decreased by €400,0 mn (-71,7%) to €157,6 mn, from €557,6 mn in 2023.
Important Notice
It is emphasised that for the Local Government Subsector, estimates have been produced by the Statistical Service, due to non-submission of sufficient data by the competent authorities and mainly by the District Self-Government Organisations (DSGOs). It is mentioned that the inability to respond to the obligation to submit the Budget Execution of the DSGOs on a monthly basis is strongly observed, which constitutes non-compliance with their obligations based on the relevant Legislation (Fiscal Responsibility and Budget Systems Law N.20(I) 2014).
The compliance failure of DSGOs with the provisions of the above-mentioned legislation, prevents the work of the Statistical Service to extract with absolute accuracy the economic reality of the Local Government subsector on a monthly, quarterly and annual basis.
The practice of producing estimates without any information from the entities that constitute the Local Government subsector will not be repeated by the Statistical Service.
| Table 1 | ||||
| Macroeconomic Aggregates of General Government |
Euro (million) |
Change |
||
|
Fiscal Results |
Difference |
(%) |
||
|
Jan.-Nov. 2023 |
Jan.-Nov. 2024 |
Jan.-Nov. 2024/23 |
Jan.-Nov 2024/23 |
|
| Total Revenue |
12.035,0 |
12.844,8 |
809,8 |
6,7% |
| Taxes on Production and Imports |
4.094,6 |
4.349,6 |
255,0 |
6,2% |
| of which VAT |
2.767,4 |
2.984,6 |
217,2 |
7,8% |
| Current Taxes on Income and Wealth, etc |
2.656,6 |
3.082,3 |
425,7 |
16,0% |
| Social Contributions |
3.885,7 |
3.980,7 |
95,0 |
2,4% |
| Other Current Resources |
1.271,0 |
1.354,0 |
82,9 |
6,5% |
| Interest receivable |
92,6 |
134,6 |
42,0 |
45,4% |
| Current transfers |
421,8 |
299,1 |
-122,7 |
-29,1% |
| Sales |
756,7 |
920,3 |
163,7 |
21,6% |
| Capital Transfers Received |
127,1 |
78,2 |
-48,9 |
-38,5% |
| Total Expenditure |
11.325,1 |
11.424,0 |
98,9 |
0,9% |
| Total Current Expenditure |
10.011,9 |
10.484,6 |
472,7 |
4,7% |
| Intermediate consumption |
1.104,4 |
1.223,4 |
119,0 |
10,8% |
| Compensation of employees |
3.056,1 |
3.292,4 |
236,3 |
7,7% |
| Social transfers |
4.262,3 |
4.679,3 |
417,0 |
9,8% |
| Interest |
384,0 |
407,4 |
23,4 |
6,1% |
| Subsidies |
143,0 |
134,5 |
-8,5 |
-5,9% |
| Other current expenditure |
1.062,0 |
747,6 |
-314,4 |
-29,6% |
| Total Capital Expenditure |
1.313,2 |
939,4 |
-373,8 |
-28,5% |
| Gross capital formation |
755,7 |
781,8 |
26,1 |
3,5% |
| Gross capital formation excluding land annexations |
730,6 |
751,8 |
21,2 |
2,9% |
| Other capital expenditure |
557,6 |
157,6 |
-400,0 |
-71,7% |
| Net Lending (+)/ Borrowing (-) |
709,9 |
1.420,8 |
710,9 |
|
| % of GDP |
2,3% |
4,2% |
|
|
The Net Lending/Borrowing of the General Government for the period of January-November 2024 presented above is analysed as follows:
| Table 2 | |
| Net Lending (+)/ Borrowing (-) by Subsector of the General Government |
Jan.-Nov. 2024 (€ mn) |
| Central Government |
316,1 |
| Local Government |
-24,2 |
| Social Security Funds |
1.128,9 |
| General Government |
1.420,8 |