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Preliminary data show increased fiscal surplus during the 2nd quarter

August 14, 2019 at 5:32pm
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The general government’s fiscal surplus increased to €215.4 m in the second quarter of the year compared with a surplus of €106.0 m in the corresponding period of 2018, the Statistical Service announced on Wednesday.

Cystat said that on the basis of preliminary data on the General Government accounts for April-June 2019, total revenue amounted to €2.1267 b, while total expenditure reached €1.9113 b, resulting in a surplus of €215.4 m.

The main categories of revenue during the period April-June 2019 were: taxes on production and imports €924.6 m (2.4% increase compared with the second quarter of 2018), of which net VAT was €634.1 m (3.4% increase), social contributions €621.5 m (35.1% increase), and taxes on income and wealth €308.3 m (11.5% increase). Revenue from the sale of goods and services reached €163.8 m registering an increase of 16.5% compared with the corresponding period of the previous year.

The main categories of expenditure were: social transfers €780.8 m (9.2% increase compared with the corresponding period of 2018), and compensation of employees (including imputed social contributions and pensions of civil servants) €618.0 m(11.6% increase). Intermediate consumption reached €214.5 m (21.6% increase compared with the corresponding period of the previous year).

(Cyprus News Agency)