CYPRUS: General government records Euros 147.2 mln surplus in Q1

On the basis of preliminary data, the total revenue amounted to EUR 1,626.8 mln, up 8.4% compared to the corresponding period of 2015, while total expenditure reached EUR 1,479.6 mln, down by 2.7%, the Statistical Service announced.

The main categories of revenue for the period of January-March were: taxes on production and imports EUR 604.2 mln (0.2% increase as compared to the corresponding quarter of 2015), of which VAT was EUR 334.1 mln (4.9% decrease), and taxes on income and wealth EUR 386.8 mln (1.5% increase). Revenue from sales of goods and services increased by 1.6%, compared to the corresponding period of the previous year reaching EUR 106.8 mln.

The main categories of expenditure for the period were: social transfers EUR 587.4 mln (7.9% increase), and compensation of employees (including imputed social contributions and pensions of civil servants) of EUR 500.1 mln (5.2% decrease). Intermediate consumption reached EUR 118.7 mln (1.5% increase as compared to the corresponding period of the previous year).

Source: Financial Mirror