Strong revenue increase pushes up Government surplus in first two months of the year

Strong increase in state revenue by 19.3% pushed up the General Government surplus in the first two months of the year to Euros 407.3 million or 1.9% of the GDP, from Euros 254.3 million or 1.2% of the GDP in the same period last year, according to the preliminary General Government fiscal results for the period of January-February 2019 announced on Friday.

The strong increase was a result of a significant rise in capital transfers of Euros 125 million received by the state.

Total expenditure for the first two months of the year increased by Euros 90.2 mn or 8.9% compared with the same period of 2018 and reached Euros 1.098,4 mn.

Total revenue rose by 19.3% or Euros 243.2 mn, to reach Euros 1.505,7 mn in the same period, from Euros 1.262,5 mn in the corresponding period of 2018.

The primary surplus rose to Euros 468.7 million from Euros 307.5 million in the same period last year.

EXPENDITURE

Total expenditure in the first two-month period of 2019 increased by Euros 90.2 mn or 8.9% compared with the same period of 2018 and reached Euros 1.098,4 mn from Euros 1.008,2 mn in 2018.

Current transfers recorded the biggest increase, that is Euros 33.4 million and reached Euros 112.5 mn in January-February 2019 compared with Euros 79.1 mn in the same period of 2018. The compensation of employees (including imputed social contributions and pensions of civil servants) rose by 7.3% or Euros 26.6 mn to reach Euros 393.4 mn.

A smaller increase of Euros 13.6 million was recorded in social benefits that reach Euros 410.6 mn from Euros 397.0 mn in 2018, and also in payable interest, which increased by Euros 8.2 mn reaching Euros 61.4 mn from Euros 53.2 mn in January-February 2018.

Investment rose by Euros 7.6 mn to Euros 29.0 mn compared with Euros 21.4 mn invested in January-February 2018.

Capital transfers also increased by Euros 5.9 mn to Euros 11.0 mn, whereas subsidies increased by Euros 1.5 mn to Euros 5.8 mn.

Intermediate consumption declined by Euros 6.6 mn to Euros 74.7 mn from Euros 81.3 mn during the first two months of 2018.

REVENUE

Total revenue rose by 19.3% or Euros 243.2 mn to reach Euros 1.505,7 mn between January and February 2019, compared with Euros 1.262,5 mn in the same period of 2018.

Capital transfers received by the State recorded a significant increase of Euros 125.0 mn and reached Euros 127.4 mn from Euros 2.4 mn in 2018.

Moreover, taxes on income and wealth increased by Euros 60.7 mn or 19.3% and reached Euros 375.7 mn in January-February 2019 compared with Euros 315.0 mn in the same period of 2018. Property income recorded a Euros 36.2 mn increase reaching Euros 40.2 mn during the first two months of 2019.

Social contributions collected by the State in the first two months of the year increased by 8.2% or Euros 26.2 mn rising to Euros 344.6 mn, whereas revenue from sale of goods and services increased by Euros 6.1 mn and amounted to Euros 82.0 mn from Euros 75.9 mn in 2018.

Total revenue from taxes on production and imports registered a small increase of Euros 2.2 mn reaching Euros 516.4 mn in 2019. VAT revenue remained unchanged at Euros 319.1 mn.

Current transfers received decreased by Euros 13.2 mn to Euros 19.4 mn during the first two months of 2019, compared with Euros 32.6 mn in the same period of 2018.

Source: Cyprus News Agency

Strong revenue increase pushes up Government surplus in first two months of the year

Strong increase in state revenue by 19.3% pushed up the General Government surplus in the first two months of the year to Euros 407.3 million or 1.9% of the GDP, from Euros 254.3 million or 1.2% of the GDP in the same period last year, according to the preliminary General Government fiscal results for the period of January-February 2019 announced on Friday.

The strong increase was a result of a significant rise in capital transfers of Euros 125 million received by the state.

Total expenditure for the first two months of the year increased by Euros 90.2 mn or 8.9% compared with the same period of 2018 and reached Euros 1.098,4 mn.

Total revenue rose by 19.3% or Euros 243.2 mn, to reach Euros 1.505,7 mn in the same period, from Euros 1.262,5 mn in the corresponding period of 2018.

The primary surplus rose to Euros 468.7 million from Euros 307.5 million in the same period last year.

EXPENDITURE

Total expenditure in the first two-month period of 2019 increased by Euros 90.2 mn or 8.9% compared with the same period of 2018 and reached Euros 1.098,4 mn from Euros 1.008,2 mn in 2018.

Current transfers recorded the biggest increase, that is Euros 33.4 million and reached Euros 112.5 mn in January-February 2019 compared with Euros 79.1 mn in the same period of 2018. The compensation of employees (including imputed social contributions and pensions of civil servants) rose by 7.3% or Euros 26.6 mn to reach Euros 393.4 mn.

A smaller increase of Euros 13.6 million was recorded in social benefits that reach Euros 410.6 mn from Euros 397.0 mn in 2018, and also in payable interest, which increased by Euros 8.2 mn reaching Euros 61.4 mn from Euros 53.2 mn in January-February 2018.

Investment rose by Euros 7.6 mn to Euros 29.0 mn compared with Euros 21.4 mn invested in January-February 2018.

Capital transfers also increased by Euros 5.9 mn to Euros 11.0 mn, whereas subsidies increased by Euros 1.5 mn to Euros 5.8 mn.

Intermediate consumption declined by Euros 6.6 mn to Euros 74.7 mn from Euros 81.3 mn during the first two months of 2018.

REVENUE

Total revenue rose by 19.3% or Euros 243.2 mn to reach Euros 1.505,7 mn between January and February 2019, compared with Euros 1.262,5 mn in the same period of 2018.

Capital transfers received by the State recorded a significant increase of Euros 125.0 mn and reached Euros 127.4 mn from Euros 2.4 mn in 2018.

Moreover, taxes on income and wealth increased by Euros 60.7 mn or 19.3% and reached Euros 375.7 mn in January-February 2019 compared with Euros 315.0 mn in the same period of 2018. Property income recorded a Euros 36.2 mn increase reaching Euros 40.2 mn during the first two months of 2019.

Social contributions collected by the State in the first two months of the year increased by 8.2% or Euros 26.2 mn rising to Euros 344.6 mn, whereas revenue from sale of goods and services increased by Euros 6.1 mn and amounted to Euros 82.0 mn from Euros 75.9 mn in 2018.

Total revenue from taxes on production and imports registered a small increase of Euros 2.2 mn reaching Euros 516.4 mn in 2019. VAT revenue remained unchanged at Euros 319.1 mn.

Current transfers received decreased by Euros 13.2 mn to Euros 19.4 mn during the first two months of 2019, compared with Euros 32.6 mn in the same period of 2018.

Source: Cyprus News Agency