Treasury says 2017 government revenue exceeds expectations by 7%

The Treasury said the government’s actual revenues last year rose to €6.5bn from €5.9bn the previous year, against over €6bn provided in the 2017 budget.

Actual spending last year rose to €6.4bn from €6.1bn the year before, against a budget of €7.1bn, the Treasury said in a statement on its website on Thursday.

The more than expected total government revenue which exceeded initial expectations by 7%, was mainly on an 11% annual increase in indirect tax revenue, to €3.2bn, accompanied by a 4% rise direct tax revenue, to €2.2bn, the Treasury said. All figures are on a cash basis.

Most savings resulted from the partial execution of budgeted development projects, according to the Treasury’s statement. While last year’s budget provided for a total of €820.5m in capital expenditure, the government implemented on 71% of the total, or €579.6m.

Source: Cyprus Mail