Quarterly Accounts of General Government: 4th Quarter 2024
From:
Deficit €6,0 mn
The preliminary General Government fiscal results which are prepared by the Statistical Service of Cyprus (CYSTAT) indicate a deficit of €6,0 mn for the period of October-December 2024, as compared to a deficit of €117,9 mn that was recorded during the period of October-December 2023.
Revenue
During the period of October-December 2024, total revenue increased by €255,0 mn (+6,6%) and amounted to €4.090,4 mn, compared to €3.835,4 mn in the corresponding period 2023.
In detail, social contributions increased by €164,4 mn (+14,6%) and amounted to €1.287,1 mn, compared to €1.122,7 mn in the fourth quarter of 2023. Revenue from taxes on income and wealth increased by €157,7 mn (+16,8%) and amounted to €1.094,0 mn, compared to €936,3 mn in the corresponding quarter of 2023. Revenue from the sale of goods and services increased by €21,7 mn (+7,6%) and amounted to €308,2 mn, compared to €286,6 mn in the fourth quarter of 2023. Capital transfers increased by €2,8 mn (+1,6%) and amounted to €176,2 mn, compared to €173,4 mn in the corresponding quarter of 2023.
On the contrary, taxes on production and imports decreased by €23,7 mn (-2,0%) to €1.158,6 mn, from €1.182,3 mn in the fourth quarter of 2023, of which net VAT revenue increased by €14,7 mn (+1,9%) to €806,0 mn, from €791,3 mn in the corresponding quarter of 2023. Other current transfers decreased by €57,9 mn (-76,9%) to €17,4 mn, from €75,3 mn in the fourth quarter of 2023. Property income receivable decreased by €9,9 mn (-16,8%) to €48,9 mn, from €58,8 mn in the corresponding quarter of 2023.
Expenditure
During the period of October-December 2024, total expenditure increased by €143,1 mn (+3,6%) and amounted to €4.096,4 mn, from €3.953,2 mn in the corresponding period of 2023.
Specifically, social transfers increased by €88,9 mn (+6,3%) and amounted to €1.500,4 mn, compared to €1.411,5 mn in the fourth quarter of 2023. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €54,2 mn (+4,8%) and amounted to €1.173,9 mn, compared to €1.119,7 mn in the corresponding quarter of 2023. Intermediate consumption increased by €98,2 mn (+23,0%) and amounted to €524,6 mn, compared to €426,4 mn in the fourth quarter of 2023. Subsidies increased by €7,6 mn (+15,2%) and amounted to €57,7 mn, compared to €50,1 mn in the corresponding quarter of 2023. Property income payable increased by €6,3 mn (+6,6%) and amounted to €100,7 mn, compared to €94,4 mn in the fourth quarter of 2023.
The capital account decreased by €9,3 mn (-1,9%) to €486,6 mn (€425,4 mn capital formation and €61,2 mn capital transfers), from €495,9 mn (€444,2 mn capital formation and €51,7 mn capital transfers) in the corresponding quarter of 2023.
Other current expenditure decreased by €102,7 mn (-28,9%) to €252,5 mn, from €355,2 mn in the fourth quarter of 2023.
| Table 1 | ||||
| Macroeconomic Aggregates of General Government | Euro (million) | Change | ||
| Fiscal Results | Difference | (%) | ||
| Q4 2023 | Q4 2024 | Q4 2024/23 | Q4 2024/23 | |
| Total Revenue | 3.835,4 | 4.090,4 | 255,0 | 6,6 |
| Taxes on Production and Imports | 1.182,3 | 1.158,6 | -23,7 | -2,0 |
| of which VAT | 791,3 | 806,0 | 14,7 | 1,9 |
| Current Taxes on Income and Wealth, etc | 936,3 | 1.094,0 | 157,7 | 16,8 |
| Social Contributions | 1.122,7 | 1.287,1 | 164,4 | 14,6 |
| Other Current Resources | 420,7 | 374,5 | -46,2 | -11,0 |
| Property income receivable | 58,8 | 48,9 | -9,9 | -16,8 |
| Current transfers | 75,3 | 17,4 | -57,9 | -76,9 |
| Sales | 286,6 | 308,2 | 21,7 | 7,6 |
| Capital Transfers Received | 173,4 | 176,2 | 2,8 | 1,6 |
| Total Expenditure | 3.953,2 | 4.096,4 | 143,1 | 3,6 |
| Total Current Expenditure | 3.457,3 | 3.609,8 | 152,4 | 4,4 |
| Intermediate consumption | 426,4 | 524,6 | 98,2 | 23,0 |
| Compensation of employees | 1.119,7 | 1.173,9 | 54,2 | 4,8 |
| Social transfers | 1.411,5 | 1.500,4 | 88,9 | 6,3 |
| Property income payable | 94,4 | 100,7 | 6,3 | 6,6 |
| Subsidies | 50,1 | 57,7 | 7,6 | 15,2 |
| Other current expenditure | 355,2 | 252,5 | -102,7 | -28,9 |
| Total Capital Expenditure | 495,9 | 486,6 | -9,3 | -1,9 |
| Gross capital formation | 444,2 | 425,4 | -18,8 | -4,2 |
| Other capital expenditure | 51,7 | 61,2 | 9,5 | 18,4 |
| Net Lending (+)/ Borrowing (-) | -117,9 | -6,0 | 111,9 | |
| % of GDP | -0,4% | 0,0% | ||
The Net Lending/Borrowing of the General Government for the fourth quarter of 2024 presented above is analysed as follows:
| Table 2 | |
| Net Lending (+)/ Borrowing (-) by Subsector of the General Government | Q4 2024 (€ mn) |
| Central Government | -444,5 |
| Local Government | -36,1 |
| Social Security Funds | 474,6 |
| General Government | -6,0 |
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, CYSTAT-DB (Online Database), Predefined Tables (Excel), Methodological Information or contact Ms Michael Panayiota: Τel: +35722602186, Email: pmichael@cystat.mof.gov.cy.
The Predefined Tables, available in Excel format, include data up to the first quarter of 2023. Data from the second quarter of 2023 onwards will be available only in the CYSTAT-DB Online Database.
(AS/MS)