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Cyprus' preliminary financial results for 2023, released by the Cyprus Statistical Service (Cystat) on Thursday, revealed a surplus of €876.3 million for the general government. This surplus marks a 2.9 percent increase compared to the €676.3 million surplus recorded in 2022, which represented 2.4 percent of GDP.
Total revenues during the January-December 2023 period increased by €1.3 billion, reaching €12.76 billion, reflecting an 11.4 percent rise compared to €11.45 billion in 2022. Notably, taxes on production and imports saw an increase of €353.6 million to €4.38 billion, while revenue from income and wealth taxes rose by €333.2 million to €3.257 billion.
Social contributions also saw a significant increase, rising by €451.7 million to €3.57 billion, and current transfers increased by €42.9 million to €297.7 million. Interest and dividend income rose by €17.7 million to €131.8 million, and capital transfers increased by €96.6 million to €298.3 million.
On the expenditure side, total expenditures increased by €1.1 billion to €11.88 billion, representing a 10.3 percent rise compared to €10.78 billion in 2022. Social benefits increased by €320.9 million to €4.53 billion, and personnel expenses, including social contributions and pensions, rose by €404.4 million to €3.58 billion.
Subsidies increased by €24.2 million to €163.6 million, while current transfers rose by €95.7 million to €744.8 million. Interest payments increased by €29.3 million to €439.0 million, and the capital account increased by €265.9 million to €1.21 billion.
Investments in fixed capital increased significantly by €294.9 million to €1 billion, while other capital transfers decreased by €29.0 million to €208.2 million. Intermediate consumption decreased by €33.6 million to €1.20 billion.
These financial results indicate significant shifts in revenues and expenditures for Cyprus' general government, reflecting changes in economic conditions and government policies throughout 2023.
By fLEXI tEAM
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