The Cyprus Statistical Service (Cystat) announced on Thursday that the government’s surplus for the period January-March 2024 reached €523 million, equivalent to 1.7 per cent of the GDP.  This marks an increase compared to the surplus of €376.4 million for the same period in 2023, which represented 1.3 per cent of GDP.  During January-March 2024, total revenue increased by €332.8 million (+11.5 per cent), reaching €3.22 billion compared to €2.89 billion in the corresponding period of 2023.  Specifically, total taxes on production and imports increased by €21.5 million (+2.1 per cent), totalling €1.04 billion compared to €1.02 billion in 2023.  Net VAT revenue (after deductions) increased by €25.5 million (+3.7 per cent), reaching €708.2 million compared to €682.7 million in 2023.  Income taxes and wealth taxes increased by €135.7 million (+17.4 per cent), reaching €915.2 million compared to €779.5 million in 2023.  Social  contributions increased by €89.0 million (+10.2 per cent), totalling €958.6 million compared to €869.6 million in 2023.  Furthermore, interest and dividend receipts increased by €3.5 million (+14.5 per cent), reaching €27.7 million compared to €24.2 million in 2023.  Current transfers increased by €4.0 million (+9.6 per cent), totalling €45.6 million compared to €41.6 million in 2023, while service revenue increased by €70.3 million (+47.3 per cent), reaching €219.0 million compared to €148.7 million in 2023.  Capital transfers increased by €8.8 million, totaling €12.9 million compared to €4.1 million in 2023.  Regarding total expenditures, they increased by €186.2 million (+7.4 per cent) during January-March, reaching €2.7 billion, compared to €2.51 billion in the corresponding period of 2023.  Specifically, intermediate consumption increased by €19.2 million (+7.7 per cent), reaching €268.6 million compared to €249.4 million in 2023.  Compensation of employees (including social contributions and pensions of public employees) increased by €113.9 million (+14.4 per cent), totalling €903.7 million compared to €789.8 million in 2023.  Social benefits increased by €72.0 million (+7.1 per cent), totalling €1.08 billion compared to €1.01 billion in 2023.  Current transfers increased by €29.3 million (+16.3 per cent), totalling €208.8 million compared to €179.5 million in 2023, while subsidies increased by €1.4 million (+4.3 per cent), reaching €33.9 million compared to €32.5 million in 2023.  The capital account decreased by €43.1 million (-24.0 per cent), totalling €136.7 million compared to €179.8 million in 2023.  Specifically, gross fixed capital formation decreased by €47.4 million (-28.7 per cent), totalling €117.9 million compared to €165.3 million in 2023, while other capital transfers increased by €4.3 million (+29.7 per cent), reaching €18.8 million compared to €14.5 million in 2023.  However, interest paid decreased by €6.5 million (-9.1 per cent), totalling €65.6 million compared to €72.2 million in 2023. (ICE BEIRUT)

Fonte notizia: Cyprus Mail