The preliminary Normal Authorities fiscal outcomes, that are ready by the Statistical Service of Cyprus (CYSTAT) point out a surplus of €1.420,8 mn (4,2% of GDP) for the interval of January-November 2024, as in comparison with a surplus of €709,9 mn (2,3% of GDP) that was recorded through the interval of January-November 2023.
Income
In the course of the interval of January-November 2024, whole income elevated by €809,8 mn (+6,7%) and amounted to €12.844,8 mn, in comparison with €12.035,0 mn within the corresponding interval of 2023.
Intimately, taxes on manufacturing and imports elevated by €255,0 mn (+6,2%) and amounted to €4.349,6 mn, in comparison with €4.094,6 mn in 2023, of which internet VAT income elevated by €217,2 mn (+7,8%) and amounted to €2.984,6 mn, in comparison with €2.767,4 mn in 2023.
Income from taxes on revenue and wealth elevated by €425,7 mn (+16,0%) and amounted to €3.082,3 mn, in comparison with €2.656,6 mn in 2023. Property revenue elevated by €42,0 mn (+45,4%) and amounted to €134,6 mn, in comparison with €92,6 mn in 2023. Income from the sale of products and companies elevated by €163,7 mn (+21,6%) and amounted to €920,3 mn, in comparison with €756,7 mn in 2023.
Social contributions elevated by €95,0 mn (+2,4%) and amounted to €3.980,7 mn, in comparison with €3.885,7 mn in 2023.
Quite the opposite, present transfers decreased by €122,7 mn (-29,1%) to €299,1 mn, from €421,8 mn in 2023. Capital transfers decreased by €48,9 mn (-38,5%) to €78,2 mn, from €127,1 mn in 2023.
Expenditure
In the course of the interval of January-November 2024, whole expenditure elevated by €98,9 mn (+0,9%) and amounted to €11.424,0 mn, in comparison with €11.325,1 mn within the corresponding interval of 2023.
Intimately, intermediate consumption elevated by €119,0 mn (+10,8%) and amounted to €1.223,4 mn, in comparison with €1.104,4 mn in 2023. Compensation of workers, together with imputed social contributions and pensions of civil servants, elevated by €236,3 mn (+7,7%) and amounted to €3.292,4 mn, in comparison with €3.056,1 mn in 2023. Social advantages elevated by €417,0 mn (+9,8%) and amounted to €4.679,3 mn, in comparison with €4.262,3 mn in 2023. Curiosity payable elevated by €23,4 mn (+6,1%) and amounted to €407,4 mn, in comparison with €384,0 mn in 2023.
Quite the opposite, subsidies decreased by €8,5 mn (-5,9%) to €134,5 mn, from €143,0 mn in 2023. Present transfers decreased by €314,4 mn (-29,6%) to €747,6 mn, from €1.062,0 mn in 2023.
The capital account decreased by €373,8 mn (-28,5%) to €939,4 mn, from €1.313,2 mn in 2023, of which gross capital formation elevated by €26,1 mn (+3,5%) and amounted to €781,8 mn, in comparison with €755,7 mn in 2023 and different capital expenditure decreased by €400,0 mn (-71,7%) to €157,6 mn, from €557,6 mn in 2023.
Vital Discover
It’s emphasised that for the Native Authorities Subsector, estimates have been produced by the Statistical Service, on account of non-submission of enough information by the competent authorities and primarily by the District Self-Authorities Organisations (DSGOs). It’s talked about that the lack to reply to the duty to submit the Price range Execution of the DSGOs on a month-to-month foundation is strongly noticed, which constitutes non-compliance with their obligations primarily based on the related Laws (Fiscal Duty and Price range Techniques Regulation N.20(I) 2014).
The compliance failure of DSGOs with the provisions of the above-mentioned laws, prevents the work of the Statistical Service to extract with absolute accuracy the financial actuality of the Native Authorities subsector on a month-to-month, quarterly and annual foundation.
The apply of manufacturing estimates with none info from the entities that represent the Native Authorities subsector is not going to be repeated by the Statistical Service.
Desk 1
Macroeconomic Aggregates of Normal Authorities
Euro (million)
Change
Fiscal Outcomes
Distinction
(%)
Jan.-Nov. 2023
Jan.-Nov. 2024
Jan.-Nov. 2024/23
Jan.-Nov 2024/23
Whole Income
12.035,0
12.844,8
809,8
6,7%
Taxes on Manufacturing and Imports
4.094,6
4.349,6
255,0
6,2%
of which VAT
2.767,4
2.984,6
217,2
7,8%
Present Taxes on Revenue and Wealth, and so forth
2.656,6
3.082,3
425,7
16,0%
Social Contributions
3.885,7
3.980,7
95,0
2,4%
Different Present Assets
1.271,0
1.354,0
82,9
6,5%
Curiosity receivable
92,6
134,6
42,0
45,4%
Present transfers
421,8
299,1
-122,7
-29,1%
Gross sales
756,7
920,3
163,7
21,6%
Capital Transfers Obtained
127,1
78,2
-48,9
-38,5%
Whole Expenditure
11.325,1
11.424,0
98,9
0,9%
Whole Present Expenditure
10.011,9
10.484,6
472,7
4,7%
Intermediate consumption
1.104,4
1.223,4
119,0
10,8%
Compensation of workers
3.056,1
3.292,4
236,3
7,7%
Social transfers
4.262,3
4.679,3
417,0
9,8%
Curiosity
384,0
407,4
23,4
6,1%
Subsidies
143,0
134,5
-8,5
-5,9%
Different present expenditure
1.062,0
747,6
-314,4
-29,6%
Whole Capital Expenditure
1.313,2
939,4
-373,8
-28,5%
Gross capital formation
755,7
781,8
26,1
3,5%
Gross capital formation excluding land annexations
730,6
751,8
21,2
2,9%
Different capital expenditure
557,6
157,6
-400,0
-71,7%
Internet Lending (+)/ Borrowing (-)
709,9
1.420,8
710,9
% of GDP
2,3%
4,2%
The Internet Lending/Borrowing of the Normal Authorities for the interval of January-November 2024 offered above is analysed as follows:
Desk 2
Internet Lending (+)/ Borrowing (-) by Subsector of the Normal Authorities
Jan.-Nov. 2024
(€ mn)
Central Authorities
316,1
Native Authorities
-24,2
Social Safety Funds
1.128,9
Normal Authorities
1.420,8
