Cyprus Business Now
Cyprus has recorded a fiscal surplus of €676.3 million, representing 2.4 per cent of the Gross Domestic Product (GDP) for the year 2022, according to an announcement by the Cyprus Statistical Service.
Additionally, the nation’s public debt stood at €23,767.3 million, equivalent to 85.6 per cent of the GDP.
These financial results were released after a thorough evaluation and certification process, as part of the European Commission’s Excessive Deficit Procedure, the announcement explained.
Total revenue for the year 2022 showed significant growth, increasing by €1.47 billion, representing a 14.8 per cent rise compared to the previous year, reaching a total of €11.45 billion, up from €9.98 billion in 2021.
Specifically, revenue from production and import taxes saw a notable increase, rising by €645.4 million, an increase of 19 per cent, to a total of €4.03 billion, compared to €3.38 billion in 2021.
Notably, net Value Added Tax (VAT) revenue, after subtracting refunds, increased by €523.9 million, a rise of 24 per cent, reaching €2.7 billion, compared to €2.18 billion in 2021.
Social contributions also increased by €376.8 million, marking a 13.7 per cent rise, and reaching a total of €3.12 billion, up from €2.74 billion in 2021.
Income from taxes on income and wealth showed substantial growth, increasing by €434.6 million, a rise of 17.5 per cent, to €2.92 billion, up from €2.48 billion in 2021.
Current transfers went up by €36.4 million, reflecting a 16.7 per cent increase, reaching €254.8 million, compared to €218.4 million in 2021.
Property income also saw a €5.7 million rise, an increase of 5.3 per cent, totalling €114.2 million in 2022, up from €108.5 million in 2021.
Finally, revenue from goods and services provision experienced a €75.3 million rise, an increase of 10.3 per cent, reaching €806.1 million, up from €730.8 million in 2021.
In contrast, capital transfers decreased by €101.3 million, a 33.4 per cent reduction, totalling €201.6 million, down from €302.9 million in 2021.
Total expenditure for 2022 increased by €334.7 million, a 3.2 per cent rise, reaching a total of €10.78 billion, compared to €10.44 billion in 2021.
Notably, intermediate consumption costs increased by €197.0 million, a significant 18.9 per cent rise, totalling €1,240.6 million in 2022, up from €1,043.6 million in 2021.
Personnel expenses, including social security contributions and public employee pensions, increased by €181.5 million, a rise of 6.1 per cent, reaching €3,179.2 million, compared to €2.99 billion in 2021.
Social benefits also saw a substantial increase, rising by €263.8 million, a 6.7 per cent growth, reaching €4.21 billion in 2022, up from €3.94 billion in 2021.
Other current expenses went up by €48.5 million, an 8.1 per cent increase, totalling €649.1 million, compared to €600 million in 2021.
The total capital expenditure increased by €116.9 million, a 14.0 per cent rise, reaching €950.5 million (including €728.7 million in gross capital formation and €221.8 million in other capital transfers), up from €833.6 million (including €649.8 million in gross capital formation and €183.8 million in other capital transfers) in 2021.
On the contrary, subsidies decreased by €445.9 million, a notable 76.2 per cent reduction, reaching €139.3 million, down from €585.2 million in 2021.
Finally, property income expenses also decreased by €27.1 million, a 6.2 per cent decline, totalling €409.7 million, down from €436.8 million in 2021.
Cyprus’ general government saw its deficit decrease during the second quarter of 2023, falling to €218.4 million, compared to a deficit of €306.4 million during the same period in 2022, according to a report released this week by the state statistical service.
During the April to June 2023 period, the total revenue increased by €327.3 million, marking a 14 per cent growth, totalling €2.66 billion, compared to €2.33 billion in the corresponding period of 2022.
Specifically, production and import taxes increased by €119.0 million, a 13.8 per cent rise, reaching €984.5 million compared to €865.5 million in the second quarter of 2022.
Net Value Added Tax (VAT) revenue, after subtracting refunds, increased by €98.4 million, a significant 18.1 per cent growth, totalling €643.4 million compared to €545.0 million in the same quarter of 2022.
Social contributions increased by €114.0 million, a 15.3 per cent rise, reaching €860.4 million compared to €746.4 million in the second quarter of 2022.
Income from income and wealth taxes showed an increase of €64.7 million, a 15.6 per cent growth, totalling €478.3 million compared to €413.6 million in the same quarter of 2022.
Current transfers increased by €57.0 million, reaching €103.6 million compared to €46.6 million in the second quarter of 2022.
On the other hand, capital transfers decreased by €6.1 million, a 12.8 per cent reduction, reaching €41.7 million compared to €47.8 million in the same quarter of 2022.
Property income also decreased by €2.4 million, marking an 8.1 per cent decline, totalling €27.3 million compared to €29.7 million in the second quarter of 2022.
Income from goods and services provision decreased by €18.9 million, a 10 per cent decline, reaching €169.8 million compared to €188.7 million in the same quarter of 2022.
Total expenditures for the April to June 2023 period increased by €239.3 million, marking a 9.0 per cent growth, reaching a total of €2.88 billion, compared to €2.64 billion in the corresponding period of 2022.
Specifically, social benefits increased by €84.3 million, a 7.6 per cent rise, totalling €1.198 billion, compared to €1.11 billion in the second quarter of 2022.
Personnel expenses, including social security contributions and public employee pensions, increased by €96.0 million, a 13.0 per cent growth, reaching €837.1 million compared to €741.1 million in the same quarter of 2022.
Subsidies increased by €44.0 million, reaching €61.5 million compared to €17.5 million in the second quarter of 2022.
Other current expenses increased by €1 million, a 0.6 per cent growth, totalling €156.6 million compared to €155.6 million in the same quarter of 2022.
Property income expenses increased by €5.5 million, marking a 4.6 per cent growth, totalling €123.6 million compared to €118.1 million in the second quarter of 2022.
The capital account increased by €36.2 million, a notable 18.8 per cent growth, reaching €228.9 million (including €192.2 million in capital investments and €36.7 million in other capital transfers) compared to €192.7 million (including €149.9 million in capital investments and €42.8 million in other capital transfers) in the same quarter of 2022.
Conversely, intermediate consumption costs decreased by €27.7 million, a 9.0 per cent reduction, reaching €278.3 million compared to €306.0 million in the second quarter of 2022.
The Cyprus Stock Exchange (CSE) ended Wednesday, October 25 with profits.
The general Cyprus Stock Market Index was at 127.28 points at 12:59 during the day, reflecting an increase of 0.46 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 77.14 points, representing a rise of 0.47 per cent.
The total value of transactions came up to €304,927.
In terms of the sub-indexes, the main, alternative and investment firm indexes rose by 0.53 per cent, 0.41 per cent and 1.5 per cent respectively. The hotel index remained unchanged.
The biggest investment interest was attracted by the Bank of Cyprus (+0.69 per cent), Hellenic Bank (no change), Petrolina (+1.82 per cent), Salamis Tours (+1.17 per cent), and Atlantic Insurance (no change).