General government accounts record surplus of Euros 442.8 mn in Q3 2018

The General government accounts in the third quarter of this year recorded a surplus of Euros 442.8 mn, preliminary data released by the Cyprus Statistical Service, on Monday, show.

On the basis of the preliminary data on the General Government accounts for July-September 2018, which are compiled in accordance to EU concepts and definitions (ESA 2010), total revenue amounted Euros 2,163.6 mn recording a 6.5% increase compared to the same period of 2017.

Total expenditure reached Euros 1,720.8 mn (3.3% increase), resulting in a surplus of Euros 442.8 mn compared to a surplus of Euros 366.7 mn in the corresponding period of the previous year.

The main categories of revenue for the period July-September 2018 were taxes on production and imports Euros 854.7 mn which observed an 11.1% increase compared to the third quarter of 2017, of which net VAT was Euros 535.3 mn which a 14.6% increase.

Revenue also came from taxes on income and wealth Euros 632.5 mn which recorded a marginal increase of 0.4% and social contributions Euros 444,9 mn with a 10.3% increase.

Revenue from the sale of goods and services reached Euros 152.9 mn registering an increase of 9.3% as compared to the corresponding period of the previous year.

According to the preliminary data the main categories of expenditure for the period July-September 2018 were social transfers Euros 605.6 mn recording an increase of 3.7% compared to the corresponding period of 2017 and compensation of employees (including imputed social contributions and pensions of civil servants) Euros 572.5 mn which recorded an increase of 5.0%.

The capital account recorded an expenditure of Euros 102.9 mn, of which Euros 90.2 mn was investments and Euros 12.7 mn concerned capital transfers, compared to Euros 98.4 mn in 2017. There was an increase of 4.6% compared to the same period of the previous year.

Intermediate consumption reached Euros 174.7 mn recording an annual increase of 15.8%.

Source: Cyprus News Agency