Press Releases

Deficit €39,0 mn

The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT), indicate a deficit of €39,0 mn for the period of April-June 2024, as compared to a deficit of €260,8 mn that was recorded during the period of April-June 2023.

Revenue

During the period of April-June 2024, total revenue increased by €523,2 mn (+19,2%) and amounted to €3.252,6 mn, compared to €2.729,4 mn in the corresponding period 2023.

In detail, taxes on production and imports increased by €173,6 mn (+17,4%) and amounted to €1.172,5 mn, compared to €998,9 mn in the second quarter of 2023, of which net VAT revenue increased by €131,3 mn (+20,0%) and amounted to €789,0 mn, compared to €657,7 mn in the corresponding quarter of 2023. Social contributions increased by €131,2 mn (+13,5%) and amounted to €1.101,9 mn, compared to €970,7 mn in the second quarter of 2023. Revenue from taxes on income and wealth increased by €89,2 mn (+21,3%) and amounted to €507,1 mn, compared to €417,9 mn in the corresponding quarter of 2023. Revenue from the sale of goods and services increased by €47,9 mn (+26,7%) and amounted to €227,0 mn, compared to €179,2 mn in the second quarter of 2023. Capital transfers increased by €2,4 mn (+4,5%) and amounted to €56,1 mn, compared to €53,7 mn in the corresponding quarter of 2023. Property income receivable increased by €17,1 mn (+62,2%) and amounted to €44,6 mn, compared to €27,5 mn in the second quarter of 2023. Other current transfers increased by €61,8 mn (+75,8%) and amounted to €143,4 mn, compared to €81,6 mn in the corresponding quarter of 2023.

Expenditure

During the period of April-June 2024, total expenditure increased by €301,4 mn (+10,1%) and amounted to €3.291,6 mn, from €2.990,2 mn in the corresponding period of 2023.

Specifically, social transfers increased by €108,5 mn (+8,4%) and amounted to €1.402,4 mn, compared to €1.293,9 mn in the second quarter of 2023. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €58,0 mn (+6,9%) and amounted to €899,7mn, compared to €841,7 mn in the corresponding quarter of 2023. Other current expenditure increased by €68,3 mn (+48,0%) and amounted to €225,1 mn, compared to €142,3 mn in the second quarter of 2023. Intermediate consumption increased by €11,2 mn (+3,8%) and amounted to €310,2 mn, compared to €299,0 mn in the corresponding quarter of 2023. Property income payable increased by €48,4 mn (+38,8%) and amounted to €172,9 mn, compared to €124,5 mn in the second quarter of 2023.

The capital account increased by €22,0 mn (+9,6%) and amounted to €250,6 mn (€201,5 mn capital formation and €49,1 mn capital transfers), compared to €228,6 mn (€184,0 mn capital formation and €44,6 mn capital transfers) in the corresponding quarter of 2023.

On the contrary, subsidies decreased by €29,5 mn (-49,0%) to €30,7 mn, from €60,2 mn in the second quarter of 2023.

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 at 22602186 or via 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.

(IA/GS)