A fiscal surplus of pound 631.8 mn or 2% of the GDP and a fiscal debt of pound 23,075.9 mn, which corresponds to 73.6% of the GDP have been recorded according to the results for 2023, which have been audited and verified within the Excessive Deficit Procedure framework of the European Commission, as announced on Tuesday by the Statistical Service.
Revenue
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In 2023, total revenue increased by pound 1,824.1 mn (15.3%) and amounted to pound 13,761.8 mn, compared to pound 11,937.7 mn in 2022.
In detail, taxes on production and imports increased by pound 408.3 mn (10.1%) and amounted to pound 4,442.4 mn, compared to pound 4,034.1 mn in 2022, of which net VAT revenue increased by pound 273.1 mn (10.1%) and amounted to pound 2,978.8 mn, compared to pound 2,705.7 mn in 2022.
Social contributions increased by pound 860.7 mn (24.5%) and amounted to pound 4,380.5 mn, compared to pound 3,519.8 mn in 2022. Revenue from taxes on income and wealth increased by pound 340.7 mn (11.7%) and amounted to pound 3,2
64.9 mn, compared to pound 2,924.2 mn in 2022.
Other current transfers increased by pound 113.2 mn (53.4%) and amounted to pound 325.2 mn, compared to pound 212 mn in 2022. Property income receivable increased by pound 23.3 mn (20.4%) and amounted to pound 137.5 mn, compared to pound 114.2 mn in 2022.
Revenue from the sale of goods and services increased by pound 12.8 mn (1.5%) and amounted to pound 853.4 mn, compared to pound 840.6 mn in 2022. Capital transfers increased by pound 65.1 mn (22.2%) and amounted to pound 357.9 mn, compared to pound 292.8 mn in 2022.
Expenditure
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In 2023, total expenditure increased by pound 1,970.1 mn (17.7%) and amounted to pound 13,130 mn, from pound 11,159.9 mn in 2022.
Specifically, compensation of employees, including imputed social contributions and pensions of civil servants, increased by pound 423.6 mn (13.4%) and amounted to pound 3,591.8 mn, compared to pound 3,168.2 mn in 2022.
Social transfers increased by pound 329.3 mn (7.1%) and amounted to pound 4
,941.4 mn, compared to pound 4,612.1 mn in 2022. Other current expenditure increased by pound 520.8 mn (80.2%) and amounted to pound 1,170.2 mn, compared to pound 649.4 mn in 2022.
Property income payable increased by pound 18.7 mn (4.8%) and amounted to pound 408.3 mn, compared to pound 389.6 mn in 2022. Subsidies increased by pound 25.5 mn (19.1%) and amounted to pound 159.1 mn, compared to pound 133.6 mn in 2022.
Intermediate consumption increased by pound 25.9 mn (2%) and amounted to pound 1,301.6 mn, compared to pound 1,275.7 mn in 2022. Total capital expenditure increased by pound 626.3 mn (67.3%) and amounted to pound 1,557.6 mn (pound 977.5 mn gross capital formation and pound 580.1 mn other capital expenditure), compared to pound 931.3 mn (pound 713.7 mn gross capital formation and pound 217.6 mn other capital expenditure) in 2022.
Source: Cyprus News Agency