02.09.2022
According to preliminary data published by the Cypriot Statistical Office (Cystat), as a percentage of GDP, the general government surplus in January-July 2022 was 0.6% of GDP, compared to a deficit of 3% in the corresponding period of 2021. The improvement is attributed to a significant rising government revenue coupled with a slight increase in spending.
Total spending in the first seven months of 2022 increased by 9.5 million euros (+0.2%) to 5.75 billion euros compared to 5.74 billion euros in the corresponding period of 2021.
Among other things, social benefits increased by 226.4 million euros (+10.6%) to 2.35 billion euros compared to 2.12 billion euros in 2021. The remuneration of employees (including imputed social contributions and civil servants’ pensions) increased by 72.2 euros. million (+4.5%) to 1.69 billion euros.
Intermediate consumption increased by 86.6 million euros (+16.9%) to 597.4 million euros compared to 510.8 million euros in 2021, while current transfers increased by 32.2 million euros (+9.3 %) and amounted to 380.2 million euros. Cystat said.
Subsidies decreased by 460.9 million euros to 44.1 million euros from 505.0 million euros in 2021, while interest payable decreased by 26.3 million euros (-8.4%) to 285.7 million euros from 312.0 million euros in 2021.
From January to July 2022, total revenue increased by €862.3 million (+17.1%) to €5.89 billion, compared to €5.03 billion in the corresponding period of 2021.
According to Cystat, taxes on production and imports increased by 342.2 million euros (+18.3%) to 2.2 billion euros, of which net income from VAT increased by 267.7 million euros (+22.6%). %) and amounted to 1.45 billion euros.
Revenues from taxes on income and property increased by 242.9 million euros (+22.0%) to 1.34 billion euros, while social contributions increased by 236.9 million euros (+16.1%) to 1.34 billion euros. 7 billion euros.
Revenues from the sale of goods and services increased by 47.0 million euros (+14.3%) to 374.8 million euros, while income from property increased by 37.9 million euros (+58.8%) to 102. 4 million euros.
Finally, capital transfers decreased by €30.1 million (-41.7%) to €42.1 million from €72.2 million in 2021.
Current transfers decreased by €14.4 million (-11.4%) to €111.6 million from €126.0 million in 2021.
