Cyprus’ general government Q1 fiscal surplus jumps by 68% to Euros 340 million

Cyprus’ general government fiscal surplus jumped by 68% amounting to Euros 340.5 million or 1.7% of GDP in the first quarter of 2018, due to increased revenue given the continuing economic expansion.

According to data released by the Finance Ministry, the general government’s primary surplus (excluding debt servicing expenditure) amounted to Euros 428.5 million or 2.1% of GDP, marking an increase of 45% compared with the respective period of 2017.

Total revenue for the first three months of 2018 accelerated by 10.5% year on year reaching Euros 1,819.5 million in the first quarter of 2018.

Income from direct taxes increased by Euros 48 million amounting to Euros 530 whereas revenue from VAT, which show increased consumption, increased by Euros 101 million reaching Euros 776 million in Q1 of 2018.

Total expenditure increased by Euros 17 million compared with Q1 of 2017 amounting to Euros 1.468 million. Wages and salaries accelerated by Euros 16 million amounting to Euros 415 million compared with Euros 399 million in Q1 of 2017.

Social security payments accelerated marginally amounting to Euros 364 million, while social security payments increased by Euros 9 million to Euros 364 million.

Source: Cyprus News Agency