There was a total of €2.89 billion expenditure by June 2016 out of a projected €6.73 for all 2017.

Disbursements for development expenditure reached 24% of the projected expenditure for the entire 2017 budget, compared with 23% in the respective period of 2016.

A total of €0.18 billion has been disbursed from the total projected expenditure amounting to €0.788 billion.

The rate of implementation of state revenues reached 46% with the state collecting €2.82 billion out of the €6.45 billion of the projected revenues for the entire 2017.

Revenue from direct taxes reached 39% of the projected revenue of €2.12 billion, while revenue from indirect taxes amounted to €1.49 billion or 51% of the projected revenue for the entire 2017 totalling €2.87 billion, the Treasury said.

Source: InCyprus