Cyprus records €631.80 million surplus in 2023
Cyprus recorded a fiscal surplus of €631.80 million in 2023, corresponding to 2 per cent of its GDP, according to a report from the state’s statistical service.
Meanwhile, the public debt for the same year stood at €23.08 billion, representing 73.6 per cent of GDP.
Revenue growth in 2023
Total revenue in 2023 rose by €1.82 billion (15.3 per cent), reaching €13.76 billion, compared to €11.94 billion in 2022.
Taxes on production and imports increased by €408.30 million (10.1 per cent), totalling €4.44 billion, up from €4.03 billion in 2022.
Of this amount, net VAT revenue (after deductions) grew by €273.10 million (10.1 per cent), reaching €2.98 billion, compared to €2.71 billion in 2022.
Social contributions saw a significant rise, increasing by €860.70 million (24.5 per cent), totalling €4.38 billion, compared to €3.52 billion in the previous year.
Income and wealth tax revenues climbed by €340.70 million (11.7 per cent), reaching €3.26 billion, compared to €2.92 billion in 2022.
Current transfers rose by €113.20 million (53.4 per cent), amounting to €325.20 million, up from €212 million the previous year.
Property income receivable grew by €23.30 million (20.4 per cent), reaching €137.50 million, compared to €114.20 million in 2022.
Revenues from the provision of goods and services increased by €12.80 million (1.5 per cent), totalling €853.40 million, compared to €840.60 million in the previous year.
Capital transfers rose by €65.10 million (22.2 per cent), totalling €357.90 million, compared to €292.80 million in 2022.
Increase in expenditure
Total government expenditure in 2023 grew by €1.97 billion (17.7 per cent), reaching €13.13 billion, compared to €11.16 billion in 2022.
Personnel expenses, including imputed social contributions and pensions of public sector employees, rose by €423.60 million (13.4 per cent), amounting to €3.59 billion, up from €3.17 billion in 2022.
Social benefits increased by €329.30 million (7.1 per cent), reaching €4.94 billion, compared to €4.61 billion the previous year.
Other current expenses surged by €520.80 million (80.2 per cent), reaching €1.17 billion, up from €649.40 million in 2022.
Property income payable increased by €18.70 million (4.8 per cent), totalling €408.30 million, compared to €389.60 million in 2022.
Subsidies grew by €25.50 million (19.1 per cent), reaching €159.10 million, compared to €133.60 million in the previous year. Intermediate consumption rose by €25.90 million (2 per cent), amounting to €1.30 billion, up from €1.28 billion in 2022.
Capital expenditure saw a notable rise of €626.30 million (67.3 per cent), reaching €1.56 billion (€977.50 million in gross capital formation and €580.10 million in other capital transfers), compared to €931.30 million (€713.70 million in gross capital formation and €217.60 million in other capital transfers) in 2022.