Cyprus’ general government fiscal surplus jumped by 68% amounting to €340.5 million or 1.7% of GDP in the first quarter of 2018, due to increased revenue given the continuing economic expansion.
According to data released by the Finance Ministry, the general government’s primary surplus (excluding debt servicing expenditure) amounted to €428.5 million or 2.1% of GDP, marking an increase of 45% compared with the respective period of 2017.
Total revenue for the first three months of 2018 accelerated by 10.5% year on year reaching €1,819.5 million in the first quarter of 2018.
Income from direct taxes increased by €48 million amounting to €530 whereas revenue from VAT, which show increased consumption, increased by €101 million reaching €776 million in Q1 of 2018.
Total expenditure increased by €17 million compared with Q1 of 2017 amounting to €1.468 million. Wages and salaries accelerated by €16 million amounting to €415 million compared with €399 million in Q1 of 2017.
Social security payments accelerated marginally amounting to €364 million, while social security payments increased by €9 million to €364 million.