The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT) indicate a surplus of €702,5 mn (2,2% of GDP) for the period of January-July 2024, as compared to a surplus of €345,9 mn (1,2% of GDP) that was recorded during the period of January-July 2023.
Revenue
During the period of January-July 2024, total revenue increased by €953,1 mn (+14,2%) and amounted to €7.662,1 mn, compared to €6.709,0 mn in the corresponding period of 2023.
On the contrary, capital transfers decreased by €16,9 mn (-37,2%) to €28,5 mn, from €45,4 mn in 2023.
Expenditure
During the period of January-July 2024, total expenditure increased by €596,6 mn (+9,4%) and amounted to €6.959,7 mn, compared to €6.363,1 mn in the corresponding period of 2023.
The capital account decreased by €61,8 mn (-12,4%) to €434,9 mn, from €496,7 mn in 2023, of which gross capital formation decreased by €74,0 mn (-17,4%) to €352,3 mn, from €426,3 mn in 2023 and other capital expenditure increased by €12,2 mn (+17,3%) and amounted to €82,6 mn, compared to €70,4 mn in 2023.
On the contrary, subsidies decreased by €19,1 mn (-19,2%) to €80,6 mn, from €99,7 mn in 2023.
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