31.06.2022
Cyprus fiscal accounts in the last quarter of 2021 showed a positive balance of 37.7 million euros compared to a deficit of 648 million euros for the corresponding period of 2020.
According to preliminary data released on Friday by the Statistical Office of Cyprus (Cystat), the strong improvement in the fourth quarter of 2021 was mainly due to a significant increase in government revenues, combined with an annual fall in government spending, although to a lesser extent.
Consumption -2.9%
Between October and December 2021, total expenditure decreased by €91.2 million , or -2.9%, to €3,075.8 million from €3,167.1 million in the corresponding period of 2020.
According to Cystat, social transfers decreased by 83.5 million euros (-7.0%) to 1,106.6 million euros from 1,190.1 million euros in the corresponding quarter of 2020. Remuneration of employees (including imputed social contributions and civil servants’ pensions) decreased by 9.1 euros. million (-1.0%) to €915.1 million compared to €924.2 million in the fourth quarter of 2020.
Subsidies decreased by 54.6 million euros (-56.6%) to 41.9 million euros from 96.5 million euros in the corresponding quarter of 2020. Interest payable decreased by 22.3 million euros (-22.1%) to 78.6 million euros from 100.9 million euros in the previous quarter. fourth quarter 2020
The capital account decreased by 10.5 million euros (-2.8%) from 363.6 million euros (275.9 million euros of capital formation and 87.7 million euros of capital transfers) compared to 374.1 million euros euros (€341.4 million in capex and €32.7 million in capital transfers) in the corresponding quarter of 2020.
Intermediate consumption increased by 58.5 million euros (+18.4%) to 377.5 million euros compared to 318.9 million euros in the fourth quarter of 2020. Current transfers increased by 30.2 million euros (+18.6%) to 192.6 million euros. compared to €162.4 million in the corresponding quarter of 2020.
Revenue +23.6%
From October to December 2021, total revenue increased by €594.3 million (+23.6%) to €3,113.5 million compared to €2,519.2 million in the corresponding period of 2020.
Production and import taxes increased by 200.0 million euros (+28.5%) to 902.1 million euros compared to 702.1 million euros in the corresponding quarter of 2020, of which net VAT income increased by 198. 6 million euros (+51.5%). ) and amounted to EUR 584.0 million compared to EUR 385.4 million in the fourth quarter of 2020. Revenue from the sale of goods and services increased by 29.3 million euros (+13.7%) to 242.7 million euros compared to 213.4 million euros. in the corresponding quarter of 2020. Social contributions increased by 40.9 million euros (+5.5%) to 785.8 million euros compared to 744.9 million euros in the fourth quarter of 2020.
Revenues from taxes on income and property increased by €196.6 million (+29.5%) to €863.2 million compared to €666.6 million in the corresponding quarter of 2020. compared to 50.6 million euros in the fourth quarter of 2020.
Current transfers decreased by €20.7m (-18.7%) to €89.9m from € 110.6m in the corresponding quarter of 2020, while property income decreased by €15.1m (-48.7%) to 15.9 million euros from 31.0 million euros. in the fourth quarter of 2020, Cystat added.
