Cyprus generated a fiscal surplus close to pound 600 million in the first quarter of 2024, marking an increase of 58% year on year, driven by the rise in state revenue which exceeded the rise in spending. According to the quarterly accounts of the General Government for the first quarter published on Friday by Cyprus Statistical Service (CyStat), preliminary fiscal results showed a surplus of pound 598.3 mn for the period of January-March 2024, compared to a surplus of pound 376.4 mn in the respective period of last year. Revenue During the period of January-March 2024, total revenue increased 13.5% or by pound 389.9 mn and amounted to pound 3,282.5 mn, compared to pound 2,89.6 mn in the corresponding period 2023. Among other revenue, taxes on production and imports increased by pound 65,8 mn or 6.4%. and amounted to pound 1,090.7 mn, compared to pound 1,024.9 mn in the first quarter of 2023, of which net VAT revenue increased by pound 69.8 mn (+10,2%) and amounted to pound 752.5 mn, compared to pound 68 2.7 mn in the corresponding quarter of 2023. Social contributions increased by pound 108.3 mn (+12.5%) and amounted to pound 977.9 mn, compared to pound 869.6 mn in the first quarter of 2023. Revenue from taxes on income and wealth increased by pound 135.7 mn (+17.4%) and amounted to pound 915.2 mn, compared to pound 779,5 mn in the corresponding quarter of 2023. Expenditure During the period of January-March 2024, total expenditure increased by pound 168 mn (+6.7%) and amounted to pound 2,684.2 mn, from pound 2,516.3 mn in the corresponding period of 2023. Social transfers increased by pound 70.6 mn (+7.0%) and amounted to pound 1,083.7 mn, from pound 1,013.1 mn in the first quarter of 2023. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by pound 113.9 mn (+14.4%) and amounted to pound 903.7mn, compared to pound 789.8 mn in the corresponding quarter of 2023. Subsidies increased by pound 1.4 mn (+4.3%) and amounted to pound 33.9 mn, compared to pound 32.5 mn in the first quarter of 2023. Other current expenditure increased by pound 29.5 mn (+16.4%) and amounted to pound 209 mn, compared to pound 179.5 mn in the corresponding quarter of 2023. On the contrary, the capital account decreased by pound 61.2 mn (-34%) to pound 118.6 mn (pound 91.9 mn capital formation and pound 26.7 mn capital transfers), from pound 179.8 mn (pound 151 mn capital formation and pound 28.8 mn capital transfers) in the corresponding quarter of 2023. Property income payable decreased by pound 7.1 mn (-9.9%) to pound 65 mn, from pound 72.2 mn in the first quarter of 2023, CyStat said. Source: Cyprus News Agency
Latest Bangladesh News Online