Latest Figures: Fiscal Accounts of General Government, Jan-Oct 2017
The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT), indicate a surplus of €498,0 mn (2,6% of GDP) for the first ten-month period of 2017, as compared to a surplus of €138,9 mn for the corresponding period of the previous year (0,8% of GDP).
Total expenditure for the period of January-October 2017 recorded an increase of €159,5 mn (+3,0%) as compared to the corresponding period of 2016 and reached €5.469,7 mn (€5.310,2 mn in 2016).
Intermediate consumption increased by €52,4 mn (+11,4%) to reach €512,7 mn in comparison to €460,3 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 €74,5 mn (+4,3%) to reach €1.812,7 mn (€1.738,2 mn in 2016). Social benefits registered an increase of €40,0 mn (+2,0%) to reach €2.067,2 mn (as opposed to €2.027,2 mn in 2016), and current transfers increased by €28,3 mn (or 8,6%) to reach a total of €355,6 mn for the first ten months of 2017, as opposed to a corresponding expenditure of €327,3 mn in 2016.
Payable interest also increased by €18,5 mn (+4,8%) to reach €405,3 mn as compared to €386,8 mn which was the interest paid during the corresponding period of the previous year.
Investments decreased by €3,0 mn (-1,2%) and reached €245,2 mn (€248,2 mn in 2016). Excluding land annexations, that are included in investments, this expenditure records an increase of €17,1 mn, which corresponds to an increase of 9,2% (€203,3 mn in 2017 as compared to €186,2 mn in 2016).
Subsidies were decreased by €33,5 mn and reached €30,6 mn (as compared to €64,1 mn during the period of January-October 2016), while capital transfers registered a decrease of €17,7 mn to reach €40,4 mn (€58,1 mn in 2016).
Total revenue increased by 9,5% that corresponds to an increase of €518,6 mn, to total €5.967,7 mn in the first ten months of 2017 (€5.449,1 mn in the corresponding period of 2016).
Most of the categories of revenue exhibited an increase for the period of January-October 2017. Specifically, taxes on production and imports registered a 12,4% increase from 2016, that is an increase of €270,0 mn (€2.453,4 mn in 2017 as opposed to €2.183,4 mn in 2016), of which net VAT revenue increased by 14,4%, which corresponds to €184,9 mn, and reached a total of €1.468,2 mn (as opposed to €1.283,2 mn in 2016).
Revenue from taxes on income and wealth increased by €45,2 mn or 3,4% and reached €1.384,3 mn during the period of January-October 2017 in comparison to €1.339,1 mn in 2016, while social contributions collected during this period increased by 10,7% (or €133,0 mn) and reached €1,373,2 mn (as compared to €1.240,2 mn during January-October 2016). Revenue from the sale of goods and services increased by €63,6 mn (or 17,6%) and totalled €425,4 mn.
Capital transfers receivable were increased by €33,9 mn as compared to 2016 and reached €67,6 mn (€33,7 mn in the first ten months of 2016).
The only categories that registered a decrease are current transfers and property income, that decreased by €21,2 mn (-12,0%) and €5,9 mn (-5,2%) respectively to reach €155,9 mn and €107,9 mn (as from €177,1 mn and €113,8 mn in 2016).
Cyprus Fiscal Development (Post-programme Surveillance)