Latest Figures: Fiscal Accounts of General Government, Jan-Sep 2017
The preliminary fiscal results of General Government, which are prepared by the Statistical Service of Cyprus (CYSTAT), indicate a surplus of €429,2 mn (2,3% of GDP) for the first nine-month period of 2017, as compared to a surplus of €143,4 mn for the corresponding period of the previous year (0,8% of GDP).
Total expenditure for the period recorded an increase of €169,2 mn as compared to the corresponding period of 2016 and reached €4.943,1 mn from €4.773,9 mn the previous year (3,5% increase).
Intermediate consumption increased by €46,2 mn (+11,4%) and reached €452,4 mn in comparison to €406,2 mn during the corresponding period of the previous year, while the compensation of employees (including imputed social contributions and pensions of civil servants) also increased by €64,4 mn (+4,1%) to reach €1.623,6 mn (from €1.559,2 mn in 2016). Social benefits registered an increase of €48,9 mn (+2,7%) to reach €1.863,4 mn (as opposed to €1.814,5 mn in 2016), and current transfers increased by €46,8 mn (or 16,5%) to reach a total of €330,7 mn for the first nine months of 2017, as opposed to a corresponding expenditure of €283,9 mn in 2016.
Payable interest also increased by €19,9 mn (+5,3%) to reach €395,4 mn as compared to €375,5 mn which was the interest paid during the corresponding period of the previous year.
Investments decreased by €6,3 mn (-2,8%) and reached €215,2 mn (€221,5 mn in 2016). Apart from land annexations, that are included in investments, this expenditure records an increase of €16,8 mn, which corresponds to an increase of 10,3% (€180,5 mn in 2017 as compared to €163,7 mn in 2016).
Subsidies have been decreased by €32,5 mn and reached €27,7 mn (as compared to €60,2 mn during the period of January-September 2016), while capital transfers registered a decrease of €18,2 mn to reach €34,7 mn (as opposed to €52,9 mn in 2016).
Total revenue increased by 9,3% (an increase of €455,0 mn) to total €5.372,3 mn in the first nine months of 2017 (as from €4.917,3 mn in the corresponding period of 2016).
Most of the categories of revenue exhibited an increase for the period of January-September 2017. Specifically, taxes on production and imports registered an 11.7% increase from 2016, that is an increase of €226,7 mn (€2.160,4 mn in 2017 as opposed to €1.933,7 mn in 2016), of which net VAT revenue increased by 13,8%, which corresponds to €154,1 mn, and reached a total of €1.269,9 mn (as opposed to €1.115,8 mn in 2016).
Revenue from taxes on income and wealth increased by €56,6 mn or 4,6% and reached €1.295,5 mn for the nine-month period of January-September 2017 in comparison to €1.238,9 mn in 2016, while social contributions collected during this period increased by 9,7% (or €107,8 mn) and reached €1,224,3 mn (as compared to €1.116,5 mn during January-September 2016). Revenue from the sale of goods and services also increased by €46,1 mn (or 14,0%) and totalled €376,0 mn.
Capital transfers receivable were increased by €37,1 mn as compared to 2016 and reached €67,4 mn (as from €30,3 mn in the first nine months of 2016).
The only categories that registered a decrease are current transfers and property income, that decreased by €13,4 mn (-8,6%) and €5,9 mn (-5,2%) respectively to reach €141,7 mn and €107,0 mn (as from €155,1 mn and €112,9 mn in 2016).
Cyprus Fiscal Development (Post-programme Surveillance)