The fiscal accounts of the general government generated a surplus of €141.8 million for the period of January – July 2022 marking a sizeable improvement compared to a deficit of €7,111 million in the respective period of last year, according to preliminary data released by the Cyprus Statistical Service (Cystat).
As a percentage of GDP, the general government’s surplus in January – July 2022 amounted to 0.6% of GDP compared with a deficit of 3% in the corresponding period of 2021. The improvement is attributed in the significant rise in public revenue coupled with a marginal increase in spending.
Expenditure up by 0.2%
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Total expenditure in the seven months of 2022 increased by €9.5 mn (+0,2%) to €5,753.3 mn, compared to €5,743.8 mn in the corresponding period of 2021.
Among other areas, social benefits increased by €226.4 mn (+10.6%) and amounted to €2,352.7 mn, compared to €2,126.3 mn in 2021. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €72.2 mn (+4,5%) to €1,690,8 mn.
Intermediate consumption increased by €86.6 mn (+16.9%) and amounted to €597.4 mn, compared to €510.8 mn in 2021, while current transfers were up by €32.2 mn (+9.3%) and amounted to €380.2 mn, Cystat said.
Subsidies decreased by €460.9 mn to €44.1 mn, from €505.0 mn in 2021, while interest payable decreased by €26.3 mn (-8.4%) to €285.7 mn, from €312.0 mn in 2021.
Revenue up by 17%
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During the period of January-July 2022, total revenue increased by €862.3 mn (+17.1%) and amounted to €5,895.1 mn, compared to €5,032.8 mn in the corresponding period 2021.
According to Cystat, taxes on production and imports increased by €342.2 mn (+18.3%) to €2,212.3 mn, of which net VAT revenue increased by €267.7 mn (+22.6%) and amounted to €1,454.4 mn.
Revenue from taxes on income and wealth increased by €242.9 mn (+22.0%) and amounted to €1,344.9 mn, social contributions increased by €236.9 mn (+16.1%) and amounted to €1,707 mn,.
Revenue from the sale of goods and services rose by €47.0 mn (+14.3%) and amounted to €374.8 mn, while property income increased by €37.9 mn (+58.8%) and amounted to €102.4 mn.
According to Cystat, capital transfers decreased by €30.1 mn (-41.7%) to €42.1 mn, from €72.2 mn in 2021. Current transfers decreased by €14.4 mn (-11.4%) to €111.6 mn, from €126.0 mn in 2021.
Source: Cyprus News Agency