Excessive Deficit Procedure and Annual Accounts of General Government: 2024
From:
Surplus €1.439,2 million
The Statistical Service announces the fiscal results for 2024, which have been audited and verified within the Excessive Deficit Procedure framework of the European Commission.
The results for 2024 indicate a fiscal surplus of €1.439,2 million, which corresponds to 4,1% of Gross Domestic Product (GDP) and a fiscal debt of €21.822,8 million, which corresponds to 62,8% of GDP.
Revenue
In 2024, total revenue increased by €1.012,1 million (+7,4%) and amounted to €14.750,3 million, compared to €13.738,2 million in 2023.
In detail, taxes on production and imports increased by €227,8 million (+5,1%) and amounted to €4.682,8 million, compared to €4.455,0 million in 2023, of which net VAT revenue increased by €190,8 million (+6,4%) and amounted to €3.169,6 million, compared to €2.978,8 million in 2023. Social contributions increased by €139,5 million (+3,2%) and amounted to €4.520,0 million, compared to €4.380,5 million in 2023. Revenue from taxes on income and wealth increased by €539,8 million (+16,5%) and amounted to €3.804,7 million, compared to €3.264,9 million in 2023. Other current transfers increased by €27,4 million (+7,5%) and amounted to €393,2 million, compared to €365,8 million in 2023. Revenue from the sale of goods and services increased by €52,3 million (+6,2%) and amounted to €889,8 million, compared to €837,5 million in 2023. Capital transfers increased by €40,2 million (+13,5%) and amounted to €336,9 million, compared to €296,7 million in 2023.
On the contrary, property income receivable decreased by €14,9 million (-10,8%) to €122,9 million, from €137,8 million in 2023.
Expenditure
In 2024, total expenditure increased by €127,3 million (+1,0%) and amounted to €13.311,1 million, from €13.183,8 million in 2023.
Specifically, compensation of employees (including imputed social contributions and pensions of civil servants) increased by €257,8 million (+7,1%) and amounted to €3.877,9 million, compared to €3.620,1 million in 2023. Social transfers increased by €365,1 million (+7,4%) and amounted to €5.303,7 million, compared to €4.938,6 million in 2023. Intermediate consumption increased by €110,1 million (+8,1%) and amounted to €1.475,7 million, compared to €1.365,6 million in 2023. Property income payable increased by €36,7 million (+9,2%) and amounted to €434,8 million, compared to €398,1 million in 2023. Subsidies increased by €0,7 million (+0,4%) and amounted to €171,4 million, compared to €170,7 million in 2023.
On the contrary, other current expenditure decreased by €271,1 million (-24,3%) to €842,4 m million, from €1.113,5 million in 2023.
Total capital expenditure decreased by €372,0 million (-23,6%) to €1.205,2 million (€966,1 million gross capital formation and €239,1 million other capital expenditure), compared to €1.577,2 million (€1.018,1 million gross capital formation and €559,1 million other capital expenditure) in 2023.
| Table 1 | ||||
| Macroeconomic Aggregates of General Government | Euro (million) | Change | ||
| Fiscal Results | Difference | (%) | ||
| 2023 | 2024 | 2024/ 2023 | 2024/ 2023 | |
| Total Revenue | 13.738,2 | 14.750,3 | 1.012,1 | 7,4 |
| Taxes on Production and Imports | 4.455,0 | 4.682,8 | 227,8 | 5,1 |
| of which VAT | 2.978,8 | 3.169,6 | 190,8 | 6,4 |
| Current Taxes on Income and Wealth, etc | 3.264,9 | 3.804,7 | 539,8 | 16,5 |
| Social Contributions | 4.380,5 | 4.520,0 | 139,5 | 3,2 |
| Other Current Resources | 1.341,1 | 1.405,9 | 64,8 | 4,8 |
| Property income receivable | 137,8 | 122,9 | -14,9 | -10,8 |
| Current transfers | 365,8 | 393,2 | 27,4 | 7,5 |
| Sales | 837,5 | 889,8 | 52,3 | 6,2 |
| Capital Transfers Received | 296,7 | 336,9 | 40,2 | 13,5 |
| Total Expenditure | 13.183,8 | 13.311,1 | 127,3 | 1,0 |
| Total Current Expenditure | 11.606,6 | 12.105,9 | 499,3 | 4,3 |
| Intermediate consumption | 1.365,6 | 1.475,7 | 110,1 | 8,1 |
| Compensation of employees | 3.620,1 | 3.877,9 | 257,8 | 7,1 |
| Social transfers | 4.938,6 | 5.303,7 | 365,1 | 7,4 |
| Property income payable | 398,1 | 434,8 | 36,7 | 9,2 |
| Subsidies | 170,7 | 171,4 | 0,7 | 0,4 |
| Other current expenditure | 1.113,5 | 842,4 | -271,1 | -24,3 |
| Total Capital Expenditure | 1.577,2 | 1.205,2 | -372,0 | -23,6 |
| Gross capital formation | 1.018,1 | 966,1 | -52,0 | -5,1 |
| Other capital expenditure | 559,1 | 239,1 | -320,0 | -57,2 |
| Net Lending (+)/ Borrowing (-) | 554,4 | 1.439,2 | 884,8 | |
| % of GDP | 1,7% | 4,1% | ||
The Net Lending/Borrowing of the General Government for years 2024 and 2023 respectively, which are presented above and analysed as follows:
| Table 2 | ||
| Net Lending (+)/ Borrowing (-) by Subsector of the General Government | 2023 (€ mn) | 2024 (€ mn) |
| Central Government | -613,0 | 27,8 |
| Local Government | -7,0 | -9,3 |
| Social Security Funds | 1.174,4 | 1.420,7 |
| General Government | 554,4 | 1.439,2 |
Methodological Information
Data Coverage and Methodology
Information is provided for the whole sequence of accounts for the General Government sector. The revenue and expenditure are analysed by category and these are classified between current and capital, respectively.
The categories of revenue and expenditure for General Government cover all the subsectors of the General Government based on the European System of Accounts 2010 (ESA 2010).
Source of Data
The data is collected from:
– Financial Information Management Automation System (FIMAS) for Central Government and Extra Budgetary Funds.
– Financial statements of Municipalities and Communities.
– Financial statements of Semi-Government Organisations.
– Financial statements of Social Security Funds.
For the completion of the estimates, any methodological adjustments or corrections based on the European System of Accounts 2010 (ESA 2010) are taken into account.
For more information, visit CYSTAT Portal, subtheme Public Finance, CYSTAT-DB (Online Database), Predefined Tables (Excel), Methodological Information or contact Ms Antigoni Christodoulou at 22602179 or via email achristodoulou@cystat.mof.gov.cy.
The Predefined Tables, available in Excel format, include data up to 2022. Data from 2023 onwards will be available only in the CYSTAT-DB Online Database.
(KA/GS)