Latest Figures: Fiscal Accounts of General Government, Jan-Nov 2017
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).
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).
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).
Cyprus Fiscal Development (Post-programme Surveillance)