In January to March, total government revenue rose an annual 9.5%, to €1.9bn, while total spending rose 2%, to €1.6bn, Cystat said in a statement on its website recently.

Revenue from tax on production rose in the first three months of the year an annual 15%, to €743.2m, value added tax (VAT) 25%, to €450.4m, tax on income and wealth 11%, to €447.5m, and social contributions 3.2%, to €433.3m, Cystat said. Revenue from the sale of services rose 11%, to €126.4m.

On the other hand, staff cost and social spending rose 6.1%, to €552m, and 0.8%, to €598.3m, in January to March, compared to the previous year, Cystat said. The government spent €58.4m on investment in the first three months of 2018 compared to €64.4m in the first quarter of 2017, and €9.1m on capital transfers compared to €9.4m. Intermediate consumption rose 4%, to €100.8m.

Source: Cyprus Mail