Cyprus budget posts surplus

The Statistical Service of Cyprus (CyStat) on Friday reported a state budget surplus of 363 million euros, or 1.3% of gross domestic product for the period of January-February 2023, according to the preliminary general government fiscal results. In the corresponding period of 2022, a surplus of €208.3 million or 0.8% of GDP had been recorded.

During the period of January-February 2023, total expenditure increased by €117.4 million, or 8.1%, and amounted to €1.574 billion, compared to €1.456 billion in the same period of 2022.

In detail, social benefits increased by 9.1% or €54 million and amounted to €645.3 million, compared to €591.3 million in 2022. Payment of employees (including imputed social contributions and pensions of civil servants) increased by 9.4% or €44.3 million and amounted to €517.4 million, compared to €473.1 million in 2022.

Intermediate consumption went up by 13.5%, or €18.5 million and amounted to €155.6 million, compared to €137.1 million in 2022. Subsidies increased by €9.9 million, up 75%, and amounted to €23.1 million, compared to €13.2 million in 2022.

Gross capital formation increased by €45 million and amounted to €84.5 million.