Cyprus posts gov’t surplus of €610 mln

Cyprus’ preliminary general government fiscal results published by the Statistical Service of Cyprus on Tuesday indicate a surplus of 609.5 million euros, equal to 2.3% of GDP, for the period of January-December 2022, compared to a deficit of €402.8 million or 1.7% of GDP recorded in January-December 2021.

Total expenditure increased 4.1%, by €424.2 million, in 2022 and amounted to €10.77 billion, compared to €10.34 billion in the corresponding period of 2021.

In detail, social benefits increased by 11.3%, or €434.4 million, and amounted to €4.27 billion, compared to €3.84 billion in 2021. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by 4.7%, or €142.4 million, and amounted to €3.15 billion, compared to €3 billion in 2021. Intermediate consumption increased by 16%, or €167 million, and amounted to €1.21 billion, compared to €1.04 billion in 2021. Current transfers increased by 7.8%, or €47 million, and amounted to €652.7 million, compared to €605.7 million in 2021.

Total revenue increased by 14.5%, or €1.47 billion, and amounted to €11.37 billion, compared to €9.94 billion in 2021.