Local
articles | 18 May 2016

Cyprus government records surplus of €147.2m in Q1 2016

The general government recorded a surplus of €147.2m, in the first quarter of 2016, as compared to a deficit of €19,0m in the corresponding period of the previous year, the Statistical Service said recently.

On the basis of preliminary data, the total revenue amounted to €1.626,8 million, increased by 8.4% as compared to the corresponding period of 2015, while total expenditure reached €1.479,6 million, down by 2.7%, the Statistical Service announced.

The main categories of revenue for the period January-March 2016 were: taxes on production and imports €604,2 million (0.2% increase as compared to the corresponding quarter of 2015), of which VAT was €334,1 million (4.9% decrease), and taxes on income and wealth €386,8 million (1.5% increase). Revenue from sales of goods and services increased by 1.6% as compared to the corresponding period of the previous year reaching €106,8 million.

The main categories of expenditure for the period January-March 2016 were: social transfers €587,4 million (7.9% increase), and compensation of employees (including imputed social contributions and pensions of civil servants) €500,1 million (5.2% decrease). Intermediate consumption reached €118,7 million (1.5% increase as compared to the corresponding period of the previous year).

Source: Famagusta Gazette

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