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ECONOMY

Cyprus Ends Fiscal Year 2017 with A €368 M. Budget Deficit

Cyprus Ends Fiscal Year 2017 with A €368 M. Budget Deficit

Cyprus government finished the fiscal year 2017 with a budget deficit of €368 million compared with a surplus of €263 million in 2016, taking into consideration the withdrawals and payments of loans during 2017, the Cyprus News Agency reports.

According to the Financial Report for 2017 published by the Treasury of the Republic of Cyprus, the surplus from operating and investing activities, that resulted from the financial transactions of 2017, amounted to €641 m. compared with a surplus of €293 m. in 2016.

After the inclusion of net payments for the Servicing of Public Debt, there is a surplus of €123 m. in relation to deficit of €208 m. in 2016.

The increase of the surplus from Operating and Investing Activities to €641 m. in 2017 from €293 m. in 2016, mainly arises due to increased receipts from Indirect Taxes (2017: €3.199m. 2016: €2.833 m.), whilst it is reversely affected by increased expenditure in Refunds of Taxes and Fees (2017: €326 m., 2016: €257 m.) and increased Defence and Policing Expenditure (2017: €209 m., 2016: €153 m.).

In 2017, total revenue amounted to € 7.909 million, of which € 1.438 million related to financing activities. Total expenditure amounted to € 8.277 million, of which € 2.447 million related to financing activities.

In 2017, in line with the previous three years, the Receipts from Operating and Investing Activities exceeded the Payments for Operating and Investing Activities.

The total borrowings at 31 December 2017, including intra governmental borrowings of €7.921 m., amounted to €26.327 m.  compared to €26.878 m. as at 31 December 2016, out of which €15.347 m. are Foreign Loans (2016: €15.311 m.).

The total amount of Government Guarantees outstanding at 31.12.2017 was €2.007 m. compared to €2.028 m. as at 31.12.2016, decreasing by 1%.

At 31.12.2017 the outstanding balance of Loans granted by the Government was €958 m. compared to €992 m. at 31.12.2016, decreasing by 3,4%

The Financial Statement of the Republic of Cyprus for the financial year 2017 was submitted to the House of Representatives on 29 March 2018 and was submitted to the Minister of Finance by the Accountant General of the Republic on 14 March 2018.  After a proposal of the Minister of Finance, it was approved by the Cabinet on 28 March 2018.
 

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