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articles | 31 July 2017

Cyprus government generates fiscal surplus of €62.5m in H1 2017

The Cypriot government posted a €62.5 million fiscal surplus in the first half of 2017 compared with a deficit of €42.4 million in the respective period of 2016, the Finance Ministry said recently.

According to data released by the Finance Ministry, the government also generated a primary surplus of €287.5 million in the first half of 2017 compared with a surplus of €176.6 million in the first six months of last year.

The improvement in the public finances comes as the increase in public revenue outpaced the rise in expenditure due to the acceleration of economic activity.

Total revenue in the first half of 2017 amounted to €3.24 billion compared with €3.00 billion in the respective period of 2016.

Direct taxes in the first half of 2017 declined by €29 million, to €823 million from €852 million in 2016.

Source: CNA

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