General Government surplus grows to 2,1% of GDP in first four months of 2018

May 25, 2018 at 6:54pm
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The General Government surplus increased by approximately €233 mn in the first four months of the year and rose to €425,1 mn or 2,1% of GDP, compared to a surplus of €191,9 mn or 1,0% in the corresponding period of 2017.

According to the preliminary General Government fiscal results for the first four months of 2018, prepared by the Statistical Service of Cyprus (CYSTAT), total revenue increased by 13,6%, or €300,5 mn, while total expenditure rose by €67,3 mn (3,3%) compared to the corresponding period of 2017 and reached €2.084,7 mn, against €2.017,4 mn last year.

The compensation of employees (including imputed social contributions and pensions of civil servants) increased by €30,2 mn (+4,3%) to reach €736,4 mn. Social benefits registered an increase of €30,9 mn (+3,9%) and rose to €819,3 mn and current transfers increased by €10,3 mn to €158,4 mn.

An increase was also recorded by intermediate consumption (€7,8 mn) and capital transfers (€4,2 mn) that reached €178,6 mn and €17,1 mn respectively. Subsidies recorded a small increase of €0,9 mn to reach €12,4 mn. Finally, investments were down by €9,0 mn as compared to the first four months of 2017, recording an expenditure of €69,9 mn (€78,9 mn in 2017).

Total revenue rose by 13,6% or €300,5 mn, to total €2.509,8 mn during the first four months of 2018.

All revenue categories, apart from property income, showed an increase between January-April 2018.

Taxes on production and imports were up by 17,0% or €154,5 mn, amounting to €1.062,1 mn in 2018.

Revenue from sales of goods and services increased by €22,3 mn or 16,1% and totalled €161,1 mn. Social contributions collected during this period increased by 11,7% or €62,4 mn) and reached €596,7 mn. Revenue from taxes on income and wealth increased by €49,4 mn or 10,3% and reached €531,1 mn during the first four months of 2018, while current transfers increased by €1,7 mn and reached €56,7 mn.

An important increase of €45,9 mn was recorded in capital transfers received by the State during this period, that reached €54,5 mn.

Property income, the only category that saw a decrease, declined to €47,6 mn during the period of January-April 2018.

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Source: CNA