Cyprus records its highest fiscal surplus since 2007

_: Cyprus registered in 2017 a budget surplus of Euros 360.7 million amounting to 1.9% of GDP, marking the highest surplus in the last decade.

This is the highest surplus since 2007 when the surplus amounted to Euros 505.

According to preliminary results of the general government for 2017 published by the Cyprus Statistical Service, total expenditure rose by Euros 311.6 million or 4.5% year on year reaching 7.26 billion.

Total revenues increased by 8.4% year on year amounting to Euros 7.62 billion.

Total taxes on production and imports reached Euros 3.02 billion in 2017 recording an increase of 11% compared to 2016, of which net VAT revenue reached Euros 1.85 billion marking an increase of 11.1% compared with 2016.

Revenue from taxation on income and wealth rose by 4.6% year on year amounting to Euros 1.83 billion.

Furthermore, the momentum continued in 2018, as the general government generated a fiscal surplus of 255.2 million in the first month of the year or 1.3% of GDP.

Total revenue amounted to Euros 765.4 million recording an increase of 20.3% compared with the respective period of last year.

Expenditure in January 2018 rose by 9% reaching Euros 510 million compared with Euros 468 million in January of 2017.

Source: Cyprus News Agency