Public sector balance registers surplus of Euros 343.6 mln in 2017

The annual public sector balance for 2017 registered a surplus of Euros 343.6 mln, which corresponds to 1.8% of GDP. According to the Statistical Service of the Republic of Cyprus, total annual expenditure increased by 4.3% (Euros 7,327.5 mln) and total annual revenue increased by 8.2% (Euros 7,671.1 mln) as compared to 2016.

On the basis of the preliminary data on the General Government accounts for October-December 2017, total revenue amounted to Euros 2,221.2 mln (7.2% increase as compared to the corresponding period of 2016), while total expenditure reached Euros 2,351.7 mln (6.2% increase), resulting in a deficit of Euros 130.5 mln as compared to a deficit of Euros 140.9 mln in the corresponding period of the previous year.

It is added that the main categories of revenue for the period October-December 2017 included taxes on production and imports Euros 836.1 mln (11.7% increase as compared to the fourth quarter of 2016), of which VAT was Euros 536.6 mln (9.5% increase), taxes on income and wealth Euros 539.8 mln (4.6% increase), and social contributions Euros 482.9 mln (12.8% increase).

Revenue from sales of goods and services reached Euros 217.4 mln registering an increase of 3.4% as compared to the corresponding period of the previous year.

The main categories of expenditure for the period October-December 2017 were social transfers Euros 754.9 mln (0.7% increase compared to the corresponding period of 2016), and compensation of employees (including imputed social contributions and pensions of civil servants) Euros 726.8 mln (3.7% increase).

The capital account recorded an expenditure of Euros 347.7 mln (Euros 286.7 mln investments and Euros 61 mln capital transfers) as compared to Euros 259.5 mln in 2016 (Euros 223.8 mln investments and Euros 35.7 mln capital transfers), increase of 34% as compared to the corresponding period of last year.

Intermediate consumption reached Euros 235.2 mln (10.4% increase as compared to the corresponding period of the previous year).

Source: Cyprus News Agency