Fiscal Accounts of General Government: January-November 2024
08/01/25 14:42 | Press release | Economy and Finance
Surplus €1.420,8 mn
The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT) indicate a surplus of €1.420,8 mn (4,2% of GDP) for the period of January-November 2024, as compared to a surplus of €709,9 mn (2,3% of GDP) that was recorded during the period of January-November 2023.
Revenue
During the period of January-November 2024, total revenue increased by €809,8 mn (+6,7%) and amounted to €12.844,8 mn, compared to €12.035,0 mn in the corresponding period of 2023.
In detail, taxes on production and imports increased by €255,0 mn (+6,2%) and amounted to €4.349,6 mn, compared to €4.094,6 mn in 2023, of which net VAT revenue increased by €217,2 mn (+7,8%) and amounted to €2.984,6 mn, compared to €2.767,4 mn in 2023.
Revenue from taxes on income and wealth increased by €425,7 mn (+16,0%) and amounted to €3.082,3 mn, compared to €2.656,6 mn in 2023. Property income increased by €42,0 mn (+45,4%) and amounted to €134,6 mn, compared to €92,6 mn in 2023. Revenue from the sale of goods and services increased by €163,7 mn (+21,6%) and amounted to €920,3 mn, compared to €756,7 mn in 2023.
Social contributions increased by €95,0 mn (+2,4%) and amounted to €3.980,7 mn, compared to €3.885,7 mn in 2023.
On the contrary, current transfers decreased by €122,7 mn (-29,1%) to €299,1 mn, from €421,8 mn in 2023. Capital transfers decreased by €48,9 mn (-38,5%) to €78,2 mn, from €127,1 mn in 2023.
Expenditure
During the period of January-November 2024, total expenditure increased by €98,9 mn (+0,9%) and amounted to €11.424,0 mn, compared to €11.325,1 mn in the corresponding period of 2023.
In detail, intermediate consumption increased by €119,0 mn (+10,8%) and amounted to €1.223,4 mn, compared to €1.104,4 mn in 2023. Compensation of employees, including imputed social contributions and pensions of civil servants, increased by €236,3 mn (+7,7%) and amounted to €3.292,4 mn, compared to €3.056,1 mn in 2023. Social benefits increased by €417,0 mn (+9,8%) and amounted to €4.679,3 mn, compared to €4.262,3 mn in 2023. Interest payable increased by €23,4 mn (+6,1%) and amounted to €407,4 mn, compared to €384,0 mn in 2023.
On the contrary, subsidies decreased by €8,5 mn (-5,9%) to €134,5 mn, from €143,0 mn in 2023. Current transfers decreased by €314,4 mn (-29,6%) to €747,6 mn, from €1.062,0 mn in 2023.
The capital account decreased by €373,8 mn (-28,5%) to €939,4 mn, from €1.313,2 mn in 2023, of which gross capital formation increased by €26,1 mn (+3,5%) and amounted to €781,8 mn, compared to €755,7 mn in 2023 and other capital expenditure decreased by €400,0 mn (-71,7%) to €157,6 mn, from €557,6 mn in 2023.
Important Notice
It is emphasised that for the Local Government Subsector, estimates have been produced by the Statistical Service, due to non-submission of sufficient data by the competent authorities and mainly by the District Self-Government Organisations (DSGOs). It is mentioned that the inability to respond to the obligation to submit the Budget Execution of the DSGOs on a monthly basis is strongly observed, which constitutes non-compliance with their obligations based on the relevant Legislation (Fiscal Responsibility and Budget Systems Law N.20(I) 2014).
The compliance failure of DSGOs with the provisions of the above-mentioned legislation, prevents the work of the Statistical Service to extract with absolute accuracy the economic reality of the Local Government subsector on a monthly, quarterly and annual basis.
The practice of producing estimates without any information from the entities that constitute the Local Government subsector will not be repeated by the Statistical Service.
| Table 1 | ||||
| Macroeconomic Aggregates of General Government | Euro (million) | Change | ||
| Fiscal Results | Difference | (%) | ||
| Jan.-Nov. 2023 | Jan.-Nov. 2024 | Jan.-Nov. 2024/23 | Jan.-Nov 2024/23 | |
| Total Revenue | 12.035,0 | 12.844,8 | 809,8 | 6,7% |
| Taxes on Production and Imports | 4.094,6 | 4.349,6 | 255,0 | 6,2% |
| of which VAT | 2.767,4 | 2.984,6 | 217,2 | 7,8% |
| Current Taxes on Income and Wealth, etc | 2.656,6 | 3.082,3 | 425,7 | 16,0% |
| Social Contributions | 3.885,7 | 3.980,7 | 95,0 | 2,4% |
| Other Current Resources | 1.271,0 | 1.354,0 | 82,9 | 6,5% |
| Interest receivable | 92,6 | 134,6 | 42,0 | 45,4% |
| Current transfers | 421,8 | 299,1 | -122,7 | -29,1% |
| Sales | 756,7 | 920,3 | 163,7 | 21,6% |
| Capital Transfers Received | 127,1 | 78,2 | -48,9 | -38,5% |
| Total Expenditure | 11.325,1 | 11.424,0 | 98,9 | 0,9% |
| Total Current Expenditure | 10.011,9 | 10.484,6 | 472,7 | 4,7% |
| Intermediate consumption | 1.104,4 | 1.223,4 | 119,0 | 10,8% |
| Compensation of employees | 3.056,1 | 3.292,4 | 236,3 | 7,7% |
| Social transfers | 4.262,3 | 4.679,3 | 417,0 | 9,8% |
| Interest | 384,0 | 407,4 | 23,4 | 6,1% |
| Subsidies | 143,0 | 134,5 | -8,5 | -5,9% |
| Other current expenditure | 1.062,0 | 747,6 | -314,4 | -29,6% |
| Total Capital Expenditure | 1.313,2 | 939,4 | -373,8 | -28,5% |
| Gross capital formation | 755,7 | 781,8 | 26,1 | 3,5% |
| Gross capital formation excluding land annexations | 730,6 | 751,8 | 21,2 | 2,9% |
| Other capital expenditure | 557,6 | 157,6 | -400,0 | -71,7% |
| Net Lending (+)/ Borrowing (-) | 709,9 | 1.420,8 | 710,9 | |
| % of GDP | 2,3% | 4,2% | ||
The Net Lending/Borrowing of the General Government for the period of January-November 2024 presented above is analysed as follows:
| Table 2 | |
| Net Lending (+)/ Borrowing (-) by Subsector of the General Government | Jan.-Nov. 2024 (€ mn) |
| Central Government | 316,1 |
| Local Government | -24,2 |
| Social Security Funds | 1.128,9 |
| General Government | 1.420,8 |
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, Extra Budgetary Funds and Social Security Funds,
- Budget execution of Municipalities and Communities,
- Budget execution of Semi-Government Organisations.
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, Predefined Tables (Excel) or contact Ms Panayiota Michael: Τel: +35722602186, Email: pmichael@cystat.mof.gov.cy.
(MS/AS/NZ)