General Government posts surplus of 3,8% in first eleven months

The General Government recorded a surplus of Euros 779,6 mn or 3,8% of GDP between January and November 2018, compared to a surplus of Euros 477,1 mn in the same period of 2017 or 2,4% of GDP, according to the preliminary fiscal results announced by the Statistical Service of Cyprus (CYSTAT) on Monday.

Expenditure

Cystat reported that the total expenditure between January-November 2018 recorded an increase of Euros 210,6 mn (+3,5%) as compared to the corresponding period of 2017 and reached Euros 6.285,3 mn (Euros 6.074,7 mn in 2017).

Social benefits increased by Euros 90,7 mn (+4,0%) to reach Euros 2.355,3 mn (Euros 2.264,6 mn in 2017) while the compensation of employees (including imputed social contributions and pensions of civil servants) registered an increase of Euros 63,7 mn (+3,2%) to reach Euros 2.066,0 mn (as opposed to Euros 2.002,3 mn in 2017). Intermediate consumption increased by Euros 59,4 mn (+10,3%) to reach Euros 636,2 mn (Euros 576,8 mn in 2017).

Subsidies registered a Euros 14,0 mn increase, recording an expenditure of Euros 47,1 mn and current transfers increased by Euros 8,6 mn to reach Euros 408,5 mn (Euros 399,9 mn in 2017), while capital transfers exhibited a marginal increase of Euros 0,2 mn to reach Euros 45,9 mn.

On the other hand, payable interest recorded a decrease of Euros 25,9 mn to total Euros 431,4 mn (Euros 457,3 mn in 2017), while investment remained at the same level as 2017 at Euros 294,9 mn (Euros 295,0 mn in 2017). Excluding land annexations, that are included in investment, an increase of Euros 12,9 mn is observed (Euros 254,2 mn in 2018 as compared to Euros 241,3 mn in 2017).

Revenue

According to the Statistical Service, the total revenue increased by 7,8%, that is Euros 513,1 mn, to total Euros 7.064,9 mn during the period of January-November 2018 (Euros 6.551,8 mn in the corresponding period of 2017).

All revenue categories except that of property income exhibited an increase during this period.

Specifically, taxes on production and imports registered an 8,7% increase from 2017, that is an increase of Euros 236,7 mn (Euros 2.969,0 mn in 2018 as opposed to Euros 2.732,3 mn in 2017), of which net VAT revenue increased by 13,6%, which corresponds to Euros 223,1 mn, and reached a total of Euros 1.862,4 mn (in comparison to Euros 1.639,3 mn in 2017).

Social contributions collected during this period increased by 8,9% (or Euros 135,3 mn) and reached Euros 1.656,5 mn (as compared to Euros 1.521,2 mn in January-November 2017). Taxes on income and wealth increased by Euros 78,1 mn (5,3%) and reached Euros 1.547,0 mn during the first eleven months of 2018 in comparison to Euros 1.468,9 mn in 2017, while revenue from the sale of goods and services increased by Euros 57,1 mn and totalled Euros 533,2 mn. Capital transfers received by the State increased by Euros 25,9 mn and reached Euros 97,7 mn. Finally, current transfers received increased by Euros 15,2 mn to reach Euros 188,0 mn.

The only revenue category that recorded a decrease during the period of January-November 2018, that of property income, was reduced to Euros 73,5 mn (Euros 108,7 mn in 2017).

Source: Cyprus News Agency