The main categories of state expenditures are personnel wages, pensions, and bonuses (\u20ac3.20 billion), social benefits (\u20ac1.80 billion), and transfers (\u20ac1.36 billion), according to the fiscal report of the Republic of Cyprus for the fiscal year 2023, which was presented yesterday in the House of Representatives.
\nSocial benefits also include the government\u2019s contribution to the General Health Plan, amounting to \u20ac700 million.
\nTransfers mainly concern subsidies and contributions of the state to various organizations, such as Public Law Organizations, Local Government Authorities, the European Union, international organizations, and individuals.
\nThe number of personnel reached its lowest point in 2015 and its highest point in 2012. However, the rate of increase in the number of personnel for the period 2013-2023 is lower than the rate of increase in wage expenditures.
\nPensions and bonuses amounted to \u20ac0.75 billion in 2023 (2022: \u20ac0.70 billion), marking an increase of 7%.
\nThe largest part of wage expenditures pertains to the personnel (educators) of the Ministry of Education, Culture, Sports, and Youth (36%).
\nThis is followed by the Ministry of Health, which includes personnel expenses seconded to the GHS (13%), and the Ministry of Justice and Public Order to cover wage expenditures mainly of the police (13%).
\nSocial benefits also constitute a significant expenditure of the state budget and include: medical care in Cyprus and abroad amounting to \u20ac48.8 million (2022: \u20ac61.6 million), emergency grants \u20ac36.5 million (2022: \u20ac35.7 million), emergency humanitarian incidents amounting to \u20ac32.7 million (2022: \u20ac336.4 thousand), and supplementary pension benefits \u20ac27.6 million (2022: \u20ac26.4 million).
\nThe total amount of loans as of December 31, 2023, excluding intra-governmental loans amounting to \u20ac10.73 billion (2022: \u20ac9.74 billion), stood at \u20ac22.18 billion compared to \u20ac22.87 billion on December 31, 2022, of which \u20ac21.51 billion are external loans (2022: \u20ac21.49 billion).
\nState financing is mainly done through European Medium-Term Notes (60.64%) and loans from the European Stability Mechanism (28.40%).
\nRegarding the overall picture, approved expenditures amounted to \u20ac12 billion (2022: \u20ac11.4 billion).
\nActual expenditures reached \u20ac10.92 billion (2022: \u20ac10.16 billion). The total revenue budget for 2023 projected revenues of \u20ac9.77 billion (2022: \u20ac8.56 billion). Total revenues were \u20ac9.94 billion (2022: \u20ac2.96 billion).
\nThe state budget deficit according to the 2023 report was \u20ac0.98 billion (2022: \u20ac0.90 billion), marking an increase of \u20ac0.08 billion (9%).
\nThe fiscal report includes a presentation of the revenues and expenditures included in the state budget for 2023, compared to the revenues received and the expenditures incurred during the same fiscal year, taking into account supplementary budgets and any transfers of credits.government expenditures. state expenditures, personnel wages, social benefits<\/p>\n","protected":false},"excerpt":{"rendered":"
The main categories of state expenditures in the Republic of Cyprus for fiscal year 2023 include personnel wages, pensions, and bonuses, social benefits, and transfers. Social benefits also include the government’s contribution to the General Health Plan. The number of personnel has fluctuated over the years, with an increase in wage expenditures. Pensions and bonuses increased by 7% in 2023. The largest part of wage expenditures is for educators in the Ministry of Education, Culture, Sports, and Youth. Social benefits include medical care, emergency grants, emergency humanitarian incidents, and supplementary pension benefits. The total amount of loans as of December 31, 2023, stood at \u20ac22.18 billion. State financing is mainly done through European Medium-Term Notes and loans from the European Stability Mechanism. Approved expenditures for 2023 were \u20ac12 billion, with actual expenditures reaching \u20ac10.92 billion. Total revenues for 2023 were \u20ac9.94 billion, resulting in a state budget deficit of \u20ac0.98 billion.<\/p>\n","protected":false},"author":5,"featured_media":5923,"comment_status":"open","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1766,2511,303,3,26,405,2404,3935,3644,725,415,210,1235,487,1823,187,582,148,2779,185,795,555,722,3937,184,583,3225,3938,421,282,3936,1832,114],"class_list":["post-5922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-budget","tag-costs","tag-culture","tag-cyprus","tag-economy","tag-education","tag-european-union","tag-expenditures","tag-expenses","tag-ghs","tag-government","tag-health","tag-humanitarian","tag-incidents","tag-increase","tag-international","tag-justice","tag-local","tag-local-government","tag-main","tag-medical-care","tag-ministry-of-education","tag-pensions","tag-personnel-wages","tag-police","tag-public-sector","tag-republic-of-cyprus","tag-social-benefits","tag-sports","tag-state-budget","tag-state-expenditures","tag-subsidies","tag-top-news"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\n