Increase in Revenue and Slight Reduction in Expenses
The General Government recorded a surplus of €1.4 billion (4.2% of GDP) during January-September 2024, more than doubling the surplus of the same period in 2023, according to preliminary results from the Cyprus Statistical Service. The surplus for January-September 2023 was €679.9 million (2.2% of GDP).
Revenue Up by 6.8%
Total revenue rose by 6.8%, reaching €10.5 billion, primarily due to increases in income tax and VAT.
Specifically, revenue increased by €668.9 million compared to €9.851.6 million in the same period of 2023.
Total taxes on production and imports rose by €184.3 million (+5.6%), reaching €3.454 billion compared to €3.269.7 billion in 2023. Net VAT revenue (after deductions) rose by €150.9 million (+6.9%), reaching €2.338.4 billion compared to €2.187.5 billion in 2023. Income and wealth taxes increased by €382.2 million (+16.4%), reaching €2.710.7 billion compared to €2.328.5 billion in 2023. Interest and dividends rose by €21.9 million (+27.8%), reaching €100.6 million compared to €78.7 million in 2023. Revenue from services increased by €145.3 million (+26.1%), reaching €700.7 million compared to €555.5 million in 2023. Current transfers rose by €0.9 million (+0.4%), reaching €248.1 million compared to €247.2 million in 2023.
On the other hand, capital transfers decreased by €33.8 million (-29.6%), falling to €80.4 million from €114.2 million in 2023. Social contributions fell by €31.7 million (-1.0%), dropping to €3.226.1 billion compared to €3.257.8 billion in 2023.
Slight Decrease in Expenses
Total expenses were slightly reduced to €9.1 billion, despite increases in social benefits and personnel remuneration.
Total expenses for January-September 2024 decreased by €52.4 million (-0.6%) compared to the same period in 2023.
Specifically, intermediate consumption rose by €66.9 million (+7.7%), reaching €937.4 million compared to €870.5 million in 2023. Personnel remuneration (including imputed social contributions and pensions of public employees) increased by €190.8 million (+7.7%), reaching €2.665.1 billion compared to €2.474.3 billion in 2023. Social benefits rose by €302.9 million (+8.6%), reaching €3.833.4 billion compared to €3.530.5 billion in 2023. Interest payments increased by €20.4 million (+6.5%), reaching €334.9 million compared to €314.4 million in 2023.
Conversely, subsidies decreased by €10.8 million (-8.9%), falling to €110.7 million compared to €121.5 million in 2023. Current transfers fell by €222.6 million (-27.4%), decreasing to €590.1 million from €812.7 million in 2023.
The capital account dropped by €400.1 million (-38.2%), totaling €647.8 million compared to €1.047.9 billion in 2023. Of this, fixed capital investments decreased by €44.4 million (-7.8%), amounting to €525.4 million compared to €569.8 million in 2023, while other capital transfers fell by €355.7 million (-74.4%) to €122.4 million from €478.1 million in 2023.
It should be noted that no estimates were produced for the Local Government subsector due to insufficient data provided by the responsible authorities.
