In the first two months of the year the accounts presented a surplus of €84.29 million or 0.22% of GDP, while in the first three months of 2013 the surplus was of the order of €35.82 million or 0.22% of GDP.

The primary balance, from which the cost of public debt is excluded, recorded in the first three months of the year a surplus of €115.14 million compared to a surplus of €204.58 million at the same period of 2013.

According to the Memorandum of Understanding (MoU), the basis of a €10 billion international bailout, Cyprus should at the end of 2014 maintain a primary deficit of €277 million or 1.8% of GDP.

Income was recorded €1.49 billion in the period January to March 2014 down by 2.81% from €1.53 billion at the same period of 2013. On the contrary public expenditure was up by 1.22% to €1.52 billion compared to €1.50 billion last year.

Source: Famagusta Gazette