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ECONOMY

Cystat: Government Surplus at €200.9M in Q1 2017

Cystat: Government Surplus at €200.9M in Q1 2017

According to the Cyprus Statistical Service of Cyprus, on the basis of the preliminary data on the General Government accounts for January-March 2017, which are compiled in accordance to EU concepts and definitions (ESA 2010), total revenue amounted €1,716.1 mn (4.9% increase as compared to the corresponding period of 2016), while total expenditure reached €1,515.2 mn (1.7% increase), resulting in a surplus of €200.9 mn as compared to a surplus of €146.3 mn in the corresponding period of the previous year.

 

The main categories of revenue for the period January-March 2017 were: taxes on production and imports €680.5 mn (12.6% increase as compared to the first quarter of 2016), of which VAT was €395.1 mn (18.3% increase), social contributions €419.7 mn (9.1% increase), and taxes on income and wealth €402.4 mn (0.9% increase). Revenue from sales of goods and services reached €101.1 mn registering a decrease of 5.3% as compared to the corresponding period of the previous year.

 

The main categories of expenditure for the period January-March 2017 were: social transfers €593.5 mn (1.0% increase compared to the corresponding period of 2016), and compensation of employees (including imputed social contributions and pensions of civil servants) €520.1 mn (1.6% increase). Intermediate consumption reached €128.0 mn (7.8% increase as compared to the corresponding period of the previous year).

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