Cyprus general government surplus 4.9% of GDP for the period of Jan-Oct 2019

Cyprus General Government recorded a surplus of Euros 1,066,0 mn (4.9% of GDP) for the period of January-October 2019 as compared to a deficit of Euros 626.4 mn for the corresponding period of 2018 (-3.0% of GDP), according to the preliminary General Government fiscal results which are prepared by the Statistical Service of Cyprus (CYSTAT).

According to the Statistical Service, total expenditure for the first ten months of 2019 reached Euros 6,349.8 mn, which corresponds to a decrease of Euros 905.4 mn (-12.5%) as compared to the corresponding period of 2018 (Euros 7,255.2 mn in January-October 2018).

Social benefits recorded an increase of Euros 312.5 mn (+14.7%) to reach Euros 2,440.5 mn in January-October 2019 as compared to Euros 2,128.0 mn in January-October 2018.

The compensation of employees (including imputed social contributions and pensions of civil servants) recorded an increase of Euros 201.8 mn (+10.7%) and reached Euros 2,079.7 mn in January-October 2019, as compared to Euros 1,877.9 mn in January-October 2018.

Intermediate consumption increased by Euros 117.6 mn (+20.9%) and reached Euros 680.0 mn for the first ten months of 2019 as compared to Euros 562.4 mn in the corresponding period of 2018.

Current transfers recorded an increased expenditure by Euros 60.7 mn (+16.8%) and reached Euros 421.7 mn in comparison to Euros 361.0 mn in the corresponding period of the previous year, while payable interest increased by Euros 53.6 mn (+14.1%) during the period of January-October 2019 and reached Euros 432.8 mn. The corresponding amount for the same period of 2018 was Euros 379.2 mn.

Subsidies increased by Euros 2.6 mn (+7.7%) to reach Euros 36.3 mn during the first ten months of 2019 as compared to Euros 33.7 mn during the corresponding period of last year.

Investment was confined to Euros 205.2 mn, a reduction of Euros 800.3 mn (-79.6%), during the first ten months of 2019, and capital transfers were limited to Euros 53.6 mn, a reduction of Euros 853.9 mn (-94.1%) during the same period. The corresponding expenditure recorded in 2018 were Euros 1,005.5 mn and Euros 907.5 mn respectively.

REVENUE

Total revenue increased by Euros 787.0 mn (+11.9%) to reach Euros 7,415.8 mn during the period of January-October 2019, as compared to Euros 6,628.8 mn during the corresponding period of 2018.

Social contributions collected by the State during this period increased significantly, by Euros 492.6 mn (+32.8%), to total Euros 1,992.6 mn, as compared to Euros 1,500.0 mn in the corresponding period of 2018.

Revenue from taxes on income and wealth also increased significantly (by Euros 118.1 mn, that is +8.1%) and reached Euros 1,579.8 mn during the period of January-October 2019, as opposed to Euros 1,461.7 mn during the corresponding period of 2018. Capital transfers received by the State reached Euros 158.3 mn, an increase of Euros 63.8 mn, which corresponds to +67.5%, as opposed to the Euros 94.5 mn received during the corresponding period of 2018.

Revenue received from taxes on production and imports recorded an increase of Euros 55.7 mn (+2.0%) to reach Euros 2,8688 mn, as compared to Euros 2,813.1 mn received during the corresponding period of 2018. However, net VAT revenue (that is included in this category) registered an increase of Euros 73.2 mn (+4.1%) and reached Euros 1,859.3 mn in 2019, as compared to Euros 1,786.1 mn in 2018.

Property income recorded a Euros 43.9 mn increase (+57.1%) to reach Euros 120.8 mn during the period of January-October 2019 (as compared to Euros 76.9 mn in January-October 2018). Revenue from the sale of goods and services recorded an increase of Euros 14.9 mn (+2.9%) and reached Euros 533.1 mn as compared to Euros 518.2 mn during the first ten months of 2018.

The only category to record a decrease during this period is that of current transfers, that were reduced by Euros 2.0 mn (-1.2%) and were confined to Euros 162.4 mn during the period of January-October 2019 as compared to Euros 164.4 mn in the corresponding period of 2018.

Source: Cyprus News Agency