articles | 30 August 2019

Cyprus posts fiscal surplus of 3.2% of GDP in first seven months of 2019

Cyprus posted a fiscal surplus of €695.8 million or 3.2% of GDP from January – July 2019, compared to €488.5 million the same period last year, according to official data.

Total spending rose by 8.7% while total revenue increased by 12.4% year on year.

Total expenditure for the first seven months of 2019 recorded an increase of €345.9 million (+8,7%) reaching €4.33 billion (€3.98 billion in 2018).

Social benefits recorded the biggest increase (€143,8 million or 9,5%) to €1.66 billion compared to €1.51 billion in January-July 2018.

The compensation of employees (including imputed social contributions and pensions of civil servants) also recorded a considerable increase (€125.6 million or 9,7%) and reached €1.419 billion (as compared to €1.29 billion in January-July 2018).

Intermediate consumption increased by €71.5 million to €441.7 million from €370.2 million in the same period last year.

Revenue from taxes on income and wealth also increased significantly (by €101.9 million) and reached €1.06 billion from €958.2 million in 2018.

Revenue received from taxes on production and imports rose €44 million to €1.94 billion from €1.89 billion. However, net VAT revenue registered an increase of €60.4 million to €1.24 billion from €1.18 billion last year.

Property income increased €22 million to reach €92.5 million from €70.5million.

Source: Financial Mirror

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