General Government surplus up by Euros 111 million in Q1 2019

The General Government surplus increased by Euros 111 million in the period January-March 2019, based on the preliminary data of the General Government accounts for January-March 2019, which are compiled in accordance to EU concepts and definitions (ESA 2010).

As announced by the Statistical Service of Cyprus, total revenue amounted Euros 2,092.0 mn, while total expenditure reached Euros 1,639.6 mn, resulting in a surplus of Euros 452.4 mn as compared to a surplus of Euros 341.6 mn in the corresponding period of the previous year.

The main categories of revenue for the period January-March 2019 were: taxes on production and imports Euros 779.0 mn (0.8% decrease as compared to the first quarter of 2018), of which net VAT was Euros 507.6 mn (3.7% increase), taxes on income and wealth Euros 494.4 mn (10.5% increase), and social contributions Euros 484.8 mn (11.9% increase). Revenue from the sale of goods and services reached Euros 126.9 mn registering an increase of 10.4% as compared to the corresponding period of the previous year.

The main categories of expenditure for the period January-March 2019 were: social transfers Euros 613.0 mn (2.5% increase as compared to the corresponding period of 2018), and compensation of employees (including imputed social contributions and pensions of civil servants) Euros 586.9 mn (6.3% increase). Intermediate consumption reached Euros 144.6 mn (12.3% increase as compared to the corresponding period of the previous year).

Source: Cyprus News Agency