General Government surplus grows to 2,1% of GDP in first four months of 2018

The General Government surplus increased by approximately Euros 233 mn in the first four months of the year and rose to Euros 425,1mn or 2,1% of GDP, compared to a surplus of Euros 191,9 mn or 1,0% in the corresponding period of 2017.

According to the preliminary General Government fiscal results for the first four months of 2018, prepared by the Statistical Service of Cyprus (CYSTAT), total revenue increased by 13,6%, or Euros 300,5 mn, while total expenditure rose by Euros 67,3 mn (3,3%) compared to the corresponding period of 2017 and reached Euros 2.084,7 mn, against Euros 2.017,4 mn last year.

The compensation of employees (including imputed social contributions and pensions of civil servants) increased by Euros 30,2mn (+4,3%) to reach Euros 736,4 mn. Social benefits registered an increase of Euros 30,9mn (+3,9%) and rose to Euros 819,3 mn and current transfers increased by Euros 10,3 mn to Euros 158,4 mn.

An increase was also recorded by intermediate consumption (Euros 7,8mn) and capital transfers (Euros 4,2 mn) that reached Euros 178,6 mn and Euros 17,1 mn respectively. Subsidies recorded a small increase of Euros 0,9mn to reach Euros 12,4 mn.

Finally, investments were down by Euros 9,0mn as compared to the first four months of 2017, recording an expenditure of Euros 69,9 mn (Euros 78,9 mn in 2017).

Total revenue rose by 13,6% or Euros 300,5 mn, to total Euros 2.509,8 mn during the first four months of 2018.

All revenue categories, apart from property income, showed an increase between January-April 2018.

Taxes on production and imports were up by 17,0% or Euros 154,5 mn, amounting to Euros 1.062,1 mn in 2018.

Revenue from sales of goods and services increased by Euros 22,3mn or 16,1% and totalled Euros 161,1 mn. Social contributions collected during this period increased by 11,7% or Euros 62,4 mn) and reached Euros 596,7 mn. Revenue from taxes on income and wealth increased by Euros 49,4mn or 10,3% and reached Euros 531,1 mn during the first four months of 2018, while current transfers increased by Euros 1,7 mn and reached Euros 56,7 mn.

An important increase of Euros 45,9mn was recorded in capital transfers received by the State during this period, that reached Euros 54,5 mn.

Property income, the only category that saw a decrease, declined to Euros 47,6mn during the period of January-April 2018.

Source: Cyprus News Agency