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Government posts fiscal surplus of €514.7 m in January-July 2018

August 30, 2018 at 6:26pm
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The preliminary General Government fiscal results for the first seven months of 2018 are very positive and better than expected Government Spokesman Prodromos Prodromou said on Thursday.

According to the data released by the Statistical Service (CyStat) Cyprus posted a surplus of €514.7 m (2.6% of GDP) in the period from January to July 2018, as compared to a surplus of €217.2 m for the corresponding period of 2017 (1.1% of GDP).

Prodromou also noted that revenue increased by 9.1%, compared to 2% in the same period last year, which he attributed to a large extend to the development of the economy.

He added that due to prudent fiscal management, spending on social welfare surpass €1.5 bl.

The Finance Ministry follows a policy that supports growth, bringing the country one step closer to investment grade, the spokesman concluded