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ECONOMY

General Government Deficit At 3.1% Of GDP For First Seven Months Of 2021

General Government Deficit At 3.1% Of GDP For First Seven Months Of 2021

General Government deficit recorded a decrease for the period of January-July 2021, at €684.9 mn (3.1% of GDP), compared to a deficit of €686.5 mn (3.3% of GDP) that was recorded during the period of January-July 2020, according to the preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT).

EXPENDITURE

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During the period of January-July 2021, total expenditure increased by €478.3 mn (+9.2%) and amounted to €5,700.6 mn, compared to €5,222.3 mn in the corresponding period of 2020.

It is noted, that the increase in specific expenditure categories is due to the support measures taken to address the effects of the Covid-19 pandemic.

Specifically, social benefits increased by € 248.0 mn (+ 13.2%) and amounted to € 2,132.4 mn, compared to € 1,884.4 mn in 2020. Compensation of employees (including imputed social contributions and pensions of civil servants ) increased by € 92.1 mn (+ 6.1%) and amounted to € 1,610.7 mn, compared to € 1,518.6 mn in 2020. Subsidies increased by € 77.1 mn (+ 18.0%) and amounted to € 505.0 mn, compared to € 427.9 mn in 2020. The increase in the specific category is mainly attributed to additional support measures to enterprises due to the continuance of the Covid-19 pandemic. Current transfers increased by € 32.4 mn (+ 9.9%) and amounted to € 359.2 mn, compared to € 326.8 mn in 2020. Interest payable increased by € 19.3 mn (+ 6.4% ) and amounted to € 321.9 mn, compared to € 302.6 mn in 2020. Intermediate consumption increased by € 52.3 mn (+ 11.6%) and amounted to € 503.2 mn, compared to € 450, 9 mn in 2020.

On the contrary, the capital account decreased by € 42.9 mn (-13.8%) to € 268.2 mn, from € 311.1 mn in 2020. In detail, gross capital formation decreased by € 11.1 mn (-4.6%) to € 231.5 mn, from € 242.6 mn in 2020 and other capital expenditure decreased by € 31.8 mn (-46.4%) to € 36.7 mn, from € 68 ,5 mn in 2020.

REVENUE

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During the period January-July 2021, total revenue increased by € 479.9 mn (+ 10.6%) and amounted to € 5,015.7 mn, compared to € 4,535.8 mn in the corresponding period 2020.

In detail, taxes on production and imports increased by € 210.0 mn (+ 12.7%) and amounted to € 1,864.3, compared to € 1,654.3 mn in 2020, of which net VAT revenue increased by € 112.6 mn (+ 10.7%) and amounted to € 1,165.8 mn, compared to € 1,053.2 mn in 2020. Revenue from taxes on income and wealth increased by € 63.2 mn (+ 6.1%) and amounted to € 1,102.0 mn, compared to € 1,038.8 mn in 2020. Social contributions increased by € 177.1 mn (+ 13.8%) and amounted to € 1,464.3 mn, compared to € 1,287.2 mn in 2020. Capital transfers increased by € 17.5 mn (+ 30.0%) and amounted to € 75.8 mn, compared to € 58.3 mn in 2020. Current transfers increased by € 20.3 mn (+19.6%) and amounted to € 124.0 mn, compared to € 103.7 mn in 2020.

On the contrary, revenue from the sale of goods and services decreased by € 7.5 mn (-2.3%) to € 319.4 mn, from € 326.9 mn in 2020. Property income decreased by € 0.8 mn (-1.3%) and amounted to € 65.9 mn, compared to € 66.7 mn in 2020.

Source: CNA

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