Improved public finances are accompanied by stronger social spending, government says

The improvement in public finances is accompanied by social spending aiming to support social groups, Government Spokesman Prodromos Prodromou says. He adds that the key government policy, to distribute the benefits of economic growth among citizens, is also being implemented.

In a written statement regarding the preliminary financial results for the first nine months of 2018, Prodromou notes that results depict yet another important improvement in public finances.

He adds that the surplus during the January-September 2018 is by Euros 338 mln bigger, compared to the same period last year, and reaches Euros 769.7 mln or 3.7% of GDP.

This improvement is due to the fact that state revenues rise faster than spending he underlines.

He adds that total spending, which is increasing by 2.4%, also includes higher social spending by 3% or Euros 55.5 mln, bringing the total to Euros 1,918.9 mln during the first three quarters.

Source: Cyprus News Agency