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ECONOMY

Fiscal Accounts of General Government Record Surplus of €482.1M

Fiscal Accounts of General Government Record Surplus of €482.1M

The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT), indicate a surplus of €482.1 mn (2.5% of GDP) for the first eleven-month period of 2017, as compared to a surplus of €88.5 mn for the corresponding period of the previous year (0.5% of GDP). 

 

Expenditure
Total expenditure for the period of January-November 2017 recorded an increase of €174.9 mn (+3.0%) as compared to the corresponding period of 2016 and reached €6,067.3 mn (€5,892.4 mn in 2016).

Intermediate consumption increased by €59.0 mn (+11.4%) to reach €576.0 mn in comparison to €517.0 mn during the corresponding period of the previous year, while the compensation of employees (including imputed social contributions and pensions of civil servants) increased by €81.0 mn (+4.2%) to reach €1,998.8 mn (€1,917.8 mn in 2016). Social benefits registered an increase of €29.3 mn (+1.3%) to reach €2,264.6 mn (as opposed to €2,235.3 mn in 2016), and current transfers increased by €35.2 mn (or 9.6%) to reach a total of €400.8 mn for the first eleven months of 2017, as opposed to a corresponding expenditure of €365.6 mn in 2016.

Payable interest also increased by €22.6 mn (+5.2%) to reach €459.3 mn as compared to €436.7 mn which was the interest paid during the corresponding period of the previous year.

Investments decreased by €2.9 mn (-1.0%) and reached €285.4 mn (€288.3 mn in 2016). Excluding land annexations, that are included in investments, this expenditure records an increase of €9.5 mn, which corresponds to an increase of 4.3% (€231.7 mn in 2017 as compared to €222.2 mn in 2016).

Subsidies were decreased by €35.0 mn and reached €33.1 mn (as compared to €68.1 mn during the period of January-November 2016), while capital transfers registered a decrease of €14.3 mn to reach €49.3 mn (€63.6 mn in 2016). 

 

Revenue
Total revenue increased by 9.5% that corresponds to an increase of €568.5 mn, to total €6,549.4 mn in the first eleven months of 2017 (€5,980.9 mn in the corresponding period of 2016).

Most of the categories of revenue exhibited an increase for the period of January-November 2017. Specifically, taxes on production and imports registered a 13.0% increase from 2016, that is an increase of €313.1 mn (€2,728.8 mn in 2017 as opposed to €2.,415.7 mn in 2016), of which net VAT revenue increased by 14.8%, which corresponds to €210.8 mn, and reached a total of €1,639.3 mn (as opposed to €1,428.5 mn in 2016).

Revenue from taxes on income and wealth increased by €50.7 mn or 3.6% and reached €1,472.1 mn during the period of January-November 2017 in comparison to €1,421.4 mn in 2016, while social contributions collected during this period increased by 10.5% (or €145.0 mn) and reached €1,521.2 mn (as compared to €1,376.2 mn during January-November 2016). Revenue from the sale of goods and services increased by €46.8 mn (or 11.0%) and totalled €474.0 mn.

Capital transfers receivable were increased by €34.6 mn as compared to 2016 and reached €71.8 mn (€37.2 mn in the first eleven months of 2016).

The only categories that registered a decrease are current transfers and property income, that decreased by €15.2 mn (-8.1%) and €6.5 mn (-5.6%) respectively to reach €172.8 mn and €108.7 mn (as from €188.0 mn and €115.2 mn in 2016).

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