The preliminary General Government fiscal results, published by the Statistical Service of Cyprus on Wednesday, indicate a deficit of €39 mn for the period of April-June 2024, as compared to a deficit of €260.8 mn that was recorded during the period of April-June 2023.

Revenue

During the period of April-June 2024, total revenue increased by €523.2 mn (19.2%) and amounted to €3,252.6 mn, compared to €2,729.4 mn in the corresponding period 2023.

In detail, taxes on production and imports increased by €173.6 mn (17.4%) and amounted to €1,172.5 mn, compared to €998.9 mn in the second quarter of 2023, of which net VAT revenue increased by €131.3 mn (20%) and amounted to €789 mn, compared to €657.7 mn in the corresponding quarter of 2023.

Social contributions increased by €131.2 mn (13.5%) and amounted to €1,101.9 mn, compared to €970.7 mn in the second quarter of 2023.

Revenue from taxes on income and wealth increased by €89.2 mn (21.3%) and amounted to €507.1 mn, compared to €417.9 mn in the corresponding quarter of 2023.

Revenue from the sale of goods and services increased by €47.9 mn (26.7%) and amounted to €227 mn, compared to €179.2 mn in the second quarter of 2023.

Capital transfers increased by €2.4 mn (4.5%) and amounted to €56.1 mn, compared to €53.7 mn in the corresponding quarter of 2023. Property income receivable increased by €17.1 mn (62.2%) and amounted to €44.6 mn, compared to €27.5 mn in the second quarter of 2023.

Other current transfers increased by €61.8 mn (75.8%) and amounted to €143.4 mn, compared to €81.6 mn in the corresponding quarter of 2023.

Expenditure

During the period of April-June 2024, total expenditure increased by €301.4 mn (10.1%) and amounted to €3,291.6 mn, from €2,990.2 mn in the corresponding period of 2023.

Specifically, social transfers increased by €108.5 mn (8.4%) and amounted to €1,402.4 mn, compared to €1,293.9 mn in the second quarter of 2023.

Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €58 mn (6.9%) and amounted to €899.7mn, compared to €841.7 mn in the corresponding quarter of 2023.

Other current expenditure increased by €68.3 mn (48%) and amounted to €225.1 mn, compared to €142.3 mn in the second quarter of 2023.

Intermediate consumption increased by €11.2 mn (3.8%) and amounted to €310.2 mn, compared to €299 mn in the corresponding quarter of 2023.

Property income payable increased by €48.4 mn (38.8%) and amounted to €172.9 mn, compared to €124.5 mn in the second quarter of 2023. The capital account increased by €22 mn (9.6%) and amounted to €250.6 mn (€201.5 mn capital formation and €49.1 mn capital transfers), compared to €228.6 mn (€184 mn capital formation and €44.6 mn capital transfers) in the corresponding quarter of 2023.

On the contrary, subsidies decreased by €29.5 mn (49%) to €30.7 mn, from €60.2 mn in the second quarter of 2023.