The preliminary General Government fiscal results, prepared by the Statistical Service, indicate a surplus of €1,431.8 mn (4.2% of GDP) for the period of January-October 2024, as compared to a surplus of €664.8 mn (2.1% of GDP) that was recorded during the period of January-October 2023, the Service said in a statement on Friday.

Revenue

According to the Statistical Service, total revenue, in the period January-October 2024, increased by €721.6 million (+6.6%) to €11,686.7 million, compared to €10,965.1 million in the corresponding period of 2023.

In detail, taxes on production and imports increased by €227.3 mn (+6,2%) and amounted to €3,893 mn, compared to €3,665.7 mn in 2023, of which net VAT revenue increased by €187.2 mn (+7,6%) and amounted to €2,660.8 mn, compared to €2,473.6 mn in 2023.

Revenue from taxes on income and wealth increased by €399.7 mn (+16,0%) and amounted to €2,896.4 mn, compared to €2,496.7 mn in 2023. Property income increased by €41.1 mn (+48,2%) and amounted to €126.5 mn, compared to €85.3 mn in 2023.

Revenue from the sale of goods and services increased by €189.3 mn (+29,9%) and amounted to €822.7 mn, compared to €633.4 mn in 2023. Social contributions increased by €24.9 mn (+0,7%) and amounted to €3,611.3 mn, compared to €3,586,4 mn in 2023.

On the contrary, current transfers decreased by €109.6 mn (-29,1%) to €266.9 mn, from €376.5 mn in 2023. Capital transfers decreased by €51.1 mn (-42,2%) to €69.9 mn, from €121.0 mn in 2023.

Expenditure

During the period of January-October 2024, total expenditure decreased by €45.4 mn (-0,4%) to €10,254.9 mn, from €10,300.2 mn in the corresponding period of 2023.

In detail, intermediate consumption increased by €109,5 mn (+11,2%) and amounted to €1,086.6 mn, compared to €977.1 mn in 2023. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €209.9 mn (+7,6%) and amounted to €2,973.3 mn, compared to €2,763.4 mn in 2023.

Social benefits increased by €342.6 mn (+8,8%) and amounted to €4,255,3 mn, compared to €3,912.7 mn in 2023. Interest payable increased by €23.4 mn (+7,0%) and amounted to €358.8 mn, compared to €335.4 mn in 2023.

On the contrary, subsidies decreased by €22.7 mn (-16,7%) to €113.3 mn, from €136 mn in 2023. Current transfers decreased by €323.8 mn (-32,9%) to €660.1 mn, from €983.9 mn in 2023.

The capital account decreased by €384.4 mn (-32,2%) to €807.5 mn, from €1,191.9 mn in 2023, of which gross capital formation increased by €8.8 mn (+1.3%) and amounted to €675.3 mn, compared to €666.5 mn in 2023 and other capital expenditure decreased by €393.1 mn (-74,8%) to €132.2 mn, from €525.3 mn in 2023.

For the Local Government sub-sector, estimates have been produced due to non-submission of sufficient data by the competent authorities.