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Invest Cyprus 30/04-30/03/2019
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ECONOMY

Preliminary Data Show Increased Fiscal Surplus during the 2nd Quarter

Preliminary Data Show Increased Fiscal Surplus during the 2nd Quarter

The general government’s fiscal surplus increased to €215,4 mn in the second quarter of the year compared with a surplus of €106,0 mn in the corresponding period of 2018, the Statistical Service has announced.

Cystat said that on the basis of preliminary data on the General Government accounts for April-June 2019, total revenue amounted to €2.126,7 mn, while total expenditure reached €1.911,3 mn, resulting in a surplus of €215,4 mn.

The main categories of revenue during the period April-June 2019 were: taxes on production and imports €924,6 mn (2.4% increase compared with the second quarter of 2018), of which net VAT was €634,1 mn (3.4% increase), social contributions €621,5 mn (35.1% increase), and taxes on income and wealth €308,3 mn (11.5% increase). Revenue from the sale of goods and services reached €163,8 mn registering an increase of 16.5% compared with the corresponding period of the previous year.

The main categories of expenditure were: social transfers €780,8 mn (9.2% increase compared with the corresponding period of 2018), and compensation of employees (including imputed social contributions and pensions of civil servants) €618,0 mn (11.6% increase). Intermediate consumption reached €214,5 mn (21.6% increase compared with the corresponding period of the previous year).

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