Cyprus's general government accounts recorded a fiscal surplus of €918.7 million in 2023, according to the Statistical Service of Cyprus. This announcement, made on Monday, outlines the results for 2023, which have been audited and certified within the framework of the European Commission's Excessive Deficit Procedure.

The report reveals a fiscal surplus equivalent to 3.1% of GDP and a fiscal debt of €23,036.4 million, or 77.3% of GDP.

The total revenue for 2023 increased by €1,374.0 million (+11.9%), reaching €12,913.8 million compared to €11,539.8 million in 2022.

Taxes on production and imports rose by €403.6 million (+10.0%), reaching €4,437.1 million compared to €4,033.5 million in 2022. Of this, net VAT revenue (after refunds) increased by €273.1 million (+10.1%), reaching €2,978.8 million compared to €2,705.7 million in 2022.

Social contributions increased by €451.7 million (+14.5%), reaching €3,573.7 million compared to €3,122.0 million in 2022. Income and wealth tax revenue rose by €340.7 million (+11.7%), reaching €3,264.9 million compared to €2,924.2 million in 2022. Current transfers rose by €56.8 million (+22.3%), reaching €311.2 million compared to €254.4 million in 2022.

Property income receivable increased by €19.9 million (+17.4%), reaching €134.1 million compared to €114.2 million in 2022. Revenue from goods and services increased by €29.8 million (+3.7%), reaching €835.9 million compared to €806.1 million in 2022.

Capital transfers increased by €71.5 million (+25.1%), reaching €356.9 million compared to €285.4 million in 2022.

Total expenditure in 2023 increased by €1,213.3 million (+11.3%), reaching €11,995.1 million compared to €10,781.8 million in 2022.

Compensation of employees (including notional social contributions and pensions for public servants) increased by €408.0 million (+12.8%), reaching €3,587.2 million compared to €3,179.2 million in 2022.

Social benefits increased by €320.9 million (+7.6%), reaching €4,532.6 million compared to €4,211.7 million in 2022. Other current expenses rose by €174.9 million (+26.9%), reaching €824.8 million compared to €649.9 million in 2022.

Property income payable increased by €20.9 million (+5.1%), reaching €431.5 million compared to €410.6 million in 2022. Subsidies increased by €24.3 million (+17.4%), reaching €163.6 million compared to €139.3 million in 2022.

Total capital expenditure increased by €307.9 million (+32.4%), reaching €1,258.4 million (€1,037.8 million in gross capital formation and €220.6 million in other capital transfers) compared to €950.5 million (€728.7 million in gross capital formation and €221.8 million in other capital transfers) in 2022.

On the other hand, intermediate consumption decreased by €43.6 million (-3.5%), reaching €1,197.0 million compared to €1,240.6 million in 2022.