Surplus of 4.8% of GDP according to preliminary General Government fiscal results for January-November 2019 period

The preliminary General Government fiscal results for the period of January-November 2019, which are prepared by the Statistical Service of Cyprus (CYSTAT), indicate a surplus of Euros 1,041.2 mn or 4.8% of GDP as compared to a deficit of Euros 699,1 mln for the corresponding period of 2018 (-3.3% of GDP).

According to the figures released Tuesday, the total expenditure for the first eleven months of 2019 reached Euros 7,279.3 mln, which corresponds to a decrease of Euros 644.1 mln or 8.1%, as compared to the corresponding period of 2018 (Euros 7,923.4 mln in January-November 2018).

Social benefits recorded an increase of Euros 553.6 mln or 23.5%) to reach Euros 2,908.9 mln in January-November 2019 as compared to Euros 2,355.3 mln in January-November 2018.

The figures by CyStat show that the compensation of employees (including imputed social contributions and pensions of civil servants) recorded an increase of Euros 232.5 mn or 11.2% and reached Euros 2,306.6 mn in January-November 2019, as compared to Euros 2,074.1 mln in January-November 2018.

Intermediate consumption increased by Euros 121.3 mln or 18.6% and reached Euros 774.3 mln for the first eleven months of 2019 as compared to Euros 653.0 mln in the corresponding period of 2018.

CyStat figures show that current transfers recorded an increased expenditure by Euros 65.2 mln or 16,3% and reached Euros 464.9 mln in comparison to Euros 399.7 mln in the corresponding period of the previous year, while payable interest increased by Euros 49.1 mln or 11.4% during the period of January-November 2019 and reached Euros 480.5 mln. The corresponding amount for the same period of 2018 was Euros 431.4 mln.

Investment was confined to Euros 238.7 mln, a reduction of Euros 812.3 mln or 77.3% during the first eleven months of 2019, and capital transfers were limited to Euros 65.6 mln, a reduction of Euros 846.2 mln or 92,8% during the same period. The corresponding expenditure recorded in 2018 were Euros 1, 051.0 mln and Euros 911.8 mln respectively.

Subsidies decreased by Euros 7.3 mln or 15,5% to reach Euros 39.8 mln during the first eleven months of 2019 as compared to Euros 47.1 mn during the corresponding period of last year.

Total revenue increased by Euros 1,096.2 mln or 15.2% to reach Euros 8,320.5 mln during the period of January-November 2019, as compared to Euros 7,224.3 mln during the corresponding period of 2018.

Social contributions collected by the State during this period increased significantly, by Euros 556.6 mln or 33.6%, to total Euros 2,213.1 mln, as compared to Euros 1,656.5 mln in the corresponding period of 2018.

Revenue from taxes on income and wealth also increased significantly (by Euros 112.9 mln, that is +7.3%) and reached Euros 1,663.6 mln during the period of January-November 2019, as opposed to Euros 1,550.7 mln during the corresponding period of 2018. Capital transfers received by the State reached Euros 159.2 mln, an increase of Euros 63.7 mln, which corresponds to 66.7%, as opposed to the Euros 95.5 mn received during the corresponding period of 2018.

Revenue received from taxes on production and imports recorded an increase of Euros 68.2 mln or 2,2% to reach Euros 3,134.2 mln, as compared to Euros 3,066.0 mn received during the corresponding period of 2018. However, net VAT revenue (that is included in this category) registered an increase of Euros 95.3 mln or 4.9% and reached Euros 2,035.2 mln in 2019, as compared to Euros 1,939.9 mln in 2018.

Property income recorded a Euros 58.0 mln increase or 74.8% to reach Euros 135.5 mn during the period of January-November 2019, as compared to Euros 77.5 mln in January-November 2018.

Revenue from the sale of goods and services recorded an increase of Euros 236.0 mln or 40.0% and reached Euros 826.4 mln as compared to Euros 590.4 mln during the first eleven months of 2018.

A small increase was also recorded by current transfers, that were increased by Euros 0.8 mln (0.4%) to reach Euros 188.5 mln during the period of January-November 2019 as compared to Euros 187.7 mln in the corresponding period of 2018.

Source: Cyprus News Agency