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At 2.1% of GDP, the General Government surplus in the 1st quarter

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Total spending in the period January-April 2024 increased by 11.1%

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An increased surplus, due to the stronger, than expenditure, increase recorded by government revenues, at a rate of 17.3%, the General Government presented in the first quarter (January-April) of 2024, compared to the corresponding quarter last year, reaching € 665.2 million or 2.1% in GDP, compared to a surplus of €391.0 million or 1.3% in GDP for the period January – April 2023.

Government revenue growth is mainly due to an 18.2% increase in social contributions, a 17.5% increase in income and wealth tax revenue, and an increase in production and import tax revenue by 10.7%, mainly due to the increase in net VAT revenues.

Total spending, during the period January-April 2024, increased by 11.1%.

Revenue

In more detail, according to the preliminary fiscal results, prepared by the Statistical Service, total revenues, during the period January-April 2024, increased by €650.3 million (+17.3% ) and amounted to €4,415.1 million, compared to €3,764.8 million in the corresponding period of 2023.

Specifically, total taxes on production and imports increased by €146.8m (+10.7%) to €1,525.2m compared to €1,378 .4 million in 2023, of which net VAT revenue (after deduction of refunds) increased by €101.0 million (+10.6%) and amounted to €1,050.4 million compared to € 949.4 million in 2023.

Income and wealth tax revenues increased by €161.2m (+17.5%) to €1,080.7m compared to €919.5m in 2023.

Social contributions increased by €204.8 million (+18.2%) and reached €1,330.2 million compared to €1,125.4 million in 2023.< /p>

Interest and dividends received increased by €3.1m (+9.2%) to €36.7m compared to €33.6m . in 2023, while current transfers increased by €26.6 million (+27.1%) and amounted to €124.8 million compared to €98.2 million in 2023.

Service revenue increased by €91.6m (+45.0%) to €295.2m compared to €203.6m in 2023. Capital transfers increased by €16.2 million and amounted to €22.3 million compared to €6.1 million in 2023.

Expenses

Besides, total expenses, during the period January-April 2024, according to the Statistical Service, increased by €376.2 million (+11.1%) and amounted to €3,749.9 million, compared to €3,373 .8 million in the corresponding period of 2023.

Specifically, intermediate consumption increased by €25.0 million (+7.3%) and amounted to €367, 4m, compared to €342.4m in 2023.

Staff remuneration (including imputed social contributions and civil servant pensions) increased by €149, 0 million (+14.0%) and amounted to €1,211.5 million, compared to €1,062.5 million in 2023.

Social benefits increased by €152.7m (+11.4%) to €1,492.8m compared to €1,340.1m in 2023, while current transfers increased by €39.6m . (+16.4%) and amounted to €280.4 million compared to €240.8 million in 2023.

Subsidies increased by €12, 1 million (+32.4%) and amounted to €49.4 million compared to €37.3 million in 2023.

Furthermore, according to Statistical Service, interest paid increased by €37.7m (+35.9%) to €142.6m compared to €105.0m in 2023.

The capital account decreased by €39.9 million (-16.2%) and was limited to €205.8 million compared to €245.7 million in 2023, of which, fixed capital investment decreased by €53.1m (-24.1%) and was limited to €167.5m compared to €220.6m in 2023 and other capital transfers increased by €13.2m . (+52.6%) and amounted to €38.3 million compared to €25.1 million in 2023.

Source: www.kathimerini.com.cy

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