The General Government surplus stood at pound 523 million (1.7% of GDP) for the January-March 2024 period, compared to a surplus of pound 376.4 million (1.3% of GDP) for the January-March 2023 period, according to a statement released by the Statistical Service on Thursday. As stated, total revenue in the January-March 2024 period increased by pound 332.8 million (+11.5%) amounting to pound 3,225.4 million, compared to pound 2,892.6 million in the corresponding period of 2023. In particular, it is noted that taxes on production and imports increased by pound 21,5 mn (+2,1%) and amounted to pound 1.046,4 mn, compared to pound 1.024,9 mn in 2023, of which net VAT revenue increased by pound 25,5 mn (+3,7%) and amounted to pound 708,2 mn, compared to pound 682,7 mn in 2023. In addition, revenue from taxes on income and wealth increased by pound 135,7 mn (+17,4%) and amounted to pound 915,2 mn, compared to pound 779,5 mn in 2023, social contributions increased by pound 89,0 mn (+10,2%) and amounted to pound 958 ,6 mn, compared to pound 869,6 mn in 2023, property income increased by pound 3,5 mn (+14,5%) and amounted to pound 27,7 mn, compared to pound 24,2 mn in 2023, current transfers increased by pound 4,0 mn (+9,6%) and amounted to pound 45,6 mn, compared to pound 41,6 mn in 2023, revenue from the sale of goods and services increased by pound 70,3 mn (+47,3%) and amounted to pound 219,0 mn, compared to pound 148,7 mn in 2023, while apital transfers increased by pound 8,8 mn and amounted to pound 12,9 mn, compared to pound 4,1 mn in 2023. As regards total expenditure, during the period January-March 2024 it increased by pound 186.2 million (+7.4%) to pound 2,702.4 million, compared to pound 2,516.3 million in the corresponding period in 2023. In particular, it is stated that intermediate consumption increased by pound 19,2 mn (+7,7%) and amounted to pound 268,6 mn, compared to pound 249,4 mn in 2023, compensation of employees (including imputed social contributions and pensions of civil servants) increased by po und 113,9 mn (+14,4%) and amounted to pound 903,7 mn, compared to pound 789,8 mn in 2023, social benefits increased by pound 72,0 mn (+7,1%) and amounted to pound 1.085,1 mn, compared to pound 1.013,1 mn in 2023, current transfers increased by pound 29,3 mn (+16,3%) and amounted to pound 208,8 mn, compared to pound 179,5 mn in 2023, while ubsidies increased by pound 1,4 mn (+4,3%) and amounted to pound 33,9 mn, compared to pound 32,5 mn in 2023. It is added that capital account decreased by pound 43,1 mn (-24,0%) to pound 136,7 mn, from pound 179,8 mn in 2023, of which gross capital formation decreased by pound 47,4 mn (-28,7%) to pound 117,9 mn, from pound 165,3 mn in 2023 and other capital expenditure increased by pound 4,3 mn (+29,7%) and amounted to pound 18,8 mn, compared to pound 14,5 mn in 2023. On the contrary, interest payable decreased by pound 6,5 mn (-9,1%) to pound 65,6 mn, from pound 72,2 mn in 2023. Source: Cyprus News Agency