General government fiscal results record surplus of 482,1mn euro

The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT), indicate a surplus of Euros 482,1 mn (2,5% of GDP) for the first eleven-month period of 2017, as compared to a surplus of Euros 88,5 mn for the corresponding period of the previous year (0,5% of GDP).

Total expenditure for the period of January-November 2017 recorded an increase of Euros 174,9 mn (+3,0%) as compared to the corresponding period of 2016 and reached Euros 6.067,3 mn (Euros 5.892,4 mn in 2016).

Intermediate consumption increased by Euros 59,0 mn (+11,4%) to reach Euros 576,0 mn in comparison to Euros 517,0 mn during the corresponding period of the previous year, while the compensation of employees (including imputed social contributions and pensions of civil servants) increased by Euros 81,0 mn (+4,2%) to reach Euros 1.998,8 mn (Euros 1.917,8 mn in 2016). Social benefits registered an increase of Euros 29,3 mn (+1,3%) to reach Euros 2.264,6 mn (as opposed to Euros 2.235,3 mn in 2016), and current transfers increased by Euros 35,2 mn (or 9,6%) to reach a total of Euros 400,8 mn for the first eleven months of 2017, as opposed to a corresponding expenditure of Euros 365,6 mn in 2016.

Payable interest also increased by Euros 22,6 mn (+5,2%) to reach Euros 459,3 mn as compared to Euros 436,7 mn which was the interest paid during the corresponding period of the previous year.

Investments decreased by Euros 2,9 mn (-1,0%) and reached Euros 285,4 mn (Euros 288,3 mn in 2016). Excluding land annexations, that are included in investments, this expenditure records an increase of Euros 9,5 mn, which corresponds to an increase of 4,3% (Euros 231,7 mn in 2017 as compared to Euros 222,2 mn in 2016).

Subsidies decreased by Euros 35,0 mn and reached Euros 33,1 mn (as compared to Euros 68,1 mn during the period of January-November 2016), while capital transfers registered a decrease of Euros 14,3 mn to reach Euros 49,3 mn (Euros 63,6 mn in 2016).

Total revenue increased by 9,5% that corresponds to an increase of Euros 568,5 mn, to total Euros 6.549,4 mn in the first eleven months of 2017 (Euros 5.980,9 mn in the corresponding period of 2016).

Most of the categories of revenue registered an increase for the period of January-November 2017. Specifically, taxes on production and imports registered a 13,0% increase from 2016, that is an increase of Euros 313,1 mn (Euros 2.728,8 mn in 2017 as opposed to Euros 2.415,7 mn in 2016), of which net VAT revenue increased by 14,8%, which corresponds to Euros 210,8 mn, and reached a total of Euros 1.639,3 mn (as opposed to Euros 1.428,5 mn in 2016).

Revenue from taxes on income and wealth increased by Euros 50,7 mn or 3,6% and reached Euros 1.472,1 mn during the period of January-November 2017 in comparison to Euros 1.421,4 mn in 2016, while social contributions collected during this period increased by 10,5% (or Euros 145,0 mn) and reached Euros 1.521,2 mn (as compared to Euros 1.376,2 mn during January-November 2016). Revenue from the sale of goods and services increased by Euros 46,8 mn (or 11,0%) and totalled Euros 474,0 mn.

Capital transfers receivable increased by Euros 34,6 mn as compared to 2016 and reached Euros 71,8 mn (Euros 37,2 mn in the first eleven months of 2016).

The only categories that registered a decrease are current transfers and property income, that decreased by Euros 15,2 mn (-8,1%) and Euros 6,5 mn (-5,6%) respectively to reach Euros 172,8 mn and Euros 108,7 mn (as from Euros 188,0 mn and Euros 115,2 mn in 2016).

Source: Cyprus News Agency