Cyprus generated a fiscal surplus amounting to €379.9 million, or 1.5% of GDP, in the period of January-August 2022 compared with a deficit of €535.2 mn or 2.3% of GDP in the respective period of last year, preliminary data released by the Statistical Service of Cyprus (Cystat) show.
The surplus was generated by the significant increase in revenue compared with the modest growth in expenditure.
According to Cystat, in the period of January-August 2022 total expenditure increased by 0.6% amounting to €6,522.7 mn, compared to €6,484.5 mn in the respective period of 2021.
Inter alia, social benefits increased by €237.3 mn (+9.8%) to €2,668.2 mn, compensation of employees (including imputed social contributions and pensions of civil servants) increased by €8.3 mn and amounted to €1,930.7 mn, while intermediate consumption increased by €124 mn reaching €707.6 mn, compared to €583.6 mn in 2021. Current transfers increased by €10.7 mn amounting to €408.3 mn, compared to €397.6 mn in 2021.
Subsidies decreased by €477.4 mn to €51.6 mn, from €529 mn in 2021, while interest payable decreased to €297.4 mn, from €319.4 mn in 2021.
According to Cystat, total revenue in the period of January to August 2022, jumped by €953.2 mn or +16.0% year on year, reaching €6,902.6 mn, compared to €5,949,4 mn in the respective period of 2021.
Taxes on production and imports increased by €283.3 mn amounting to €2,398,6 mn, compared to €2,115,3 mn in 2021, of which net VAT revenue increased by €205.3 mn to €1,549.8 mn, compared to €1,344,5 mn in 2021.
Revenue from taxes on income and wealth rose by €408.3 mn reaching €1,856.6 mn, compared to €1,448.3 mn in 2021.
Social contributions increased by €19.1 mn and amounted to €1,915,5 mn, compared to €1,718,4 mn in 2021.
Capital transfers fell by €28.0 mn to €45.7 mn, from €73.7 mn in 2021, whereas current transfers decreased by €8.4 mn to €126.1 mn, from €134.5 mn in 2021, Cystat added.
Source: Cyprus News Agency