articles | 01 December 2014

Cyprus records fiscal surplus of €275 million in Jan-Oct 2014

Cyprus general government accounts achieved a surplus of €274,9 million for the period of January – October 2014.

According to figures released by the Ministry of Finance on Monday, the overall surplus reached 1.58% of GDP comparedwith a deficit of 2.62% or €474.8 million in the corresponding period of 2013.

The primary balance (excluding debt servicing expenditure) for January – October reached €679.8 million, compared with €15.8 million in January – October 2013.

The improvement is mainly due the reduction in public spending, which reached 9.2%.

Public revenue for the period of January – October 2014 reached €5,37 billion, registering an increase of 4.56% compared with €5.14 billion in the corresponding period of 2013.

Tax revenue increased by 3.72% in January – October 2014, reaching €4.51 billion from €4.34 billion.

Source: CNA

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