articles | 16 February 2017 | ServPRO

Cyprus records a surplus of 9.1 million euros in 2016

According to data released by the Statistical Service of Cyprus last Friday, Cyprus has recorded a surplus of 9.1 million euros in the year 2016.

In January and December 2016, the budget surplus was recorded at 9.1 million euros compared to the deficit of 196.4 million euros in the corresponding months of 2015.  Moreover, the primary balance also recorded a significant rise with a surplus of 473.8 million euros compared to the surplus of 299 million euros in 2015.

The total revenue increased by 105 million euros which was recorded at 6.668 billion euros in 2016, compared to the 6.563 billion euros in 2015.

According to the data, direct taxes increased to 2.123 billion euros, from 2.121 billion euros in 2015 (up by 2 million euros). Indirect taxes increased to 2.603 billion euros, from 2.460 billion euros in 2015 (up by 142 million euros). Revenues from social contributions also increased and were recorded at 1.028 billion euros, from 982 million euros in 2015 (up by 46 million euros).

The data release also noted that the total expenses for 2016 decreased from 6.789 billion euros in 2015, to 6.756  billion euros in 2016 (down by 33 million euros). Wages and salaries increased to 1.707 billion euros, from 1.684 billion euros in 2015 (up by 23 million euros). Payments to social contributions increased to 1.557 billion euros, from 1.521 billion euros in 2015 (up by 37 million euros). Pensions were reduced to 577 million euros (down by 22 million euros) and social pensions increased to 69 million euros (up by 1 million euros).

Current transfers decreased to 1.436 billion euros from 1.529 billion euros in 2015 (down by 94 million euros).

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