General government surplus widens in Q1

The general governments surplus widened to Euros 200.9 million in the first quarter of this year, as compared to a surplus of Euros 146,3 mn in the corresponding period of the previous year, according to preliminary data released on Monday by the Statistical Service of Cyprus.

Compared to the corresponding quarter of 2016, the surplus increased by 37.3%, mainly due to revenue increase. In the last quarter of 2016, the general government balance showed a surplus of Euros 64.4 million.

Total revenue amounted to Euros 1.716,1 mn recording a 4,9% increase compared to the corresponding period of 2016, while total expenditure reached Euros 1.515,2 mn recording a 1,7% increase.

The main categories of revenue for the period January-March 2017 were: taxes on production and imports Euros 680,5 mn (12,6% increase as compared to the first quarter of 2016), of which VAT was Euros 395,1 mn (18,3% increase), social contributions Euros 419,7 mn (9,1% increase), and taxes on income and wealth Euros 402,4 mn (0,9% increase). Revenue from sales of goods and services reached Euros 101,1 mn registering a decrease of 5,3% as compared to the corresponding period of the previous year.

The main categories of expenditure for the period January-March 2017 were: social transfers Euros 593,5 mn (1,0% increase compared to the corresponding period of 2016), and compensation of employees (including imputed social contributions and pensions of civil servants) Euros 520,1 mn (1,6% increase). Intermediate consumption reached Euros 128,0 mn (7,8% increase as compared to the corresponding period of the previous year).

Source: Cyprus News Agency