International Blaise User Conference 2020 European Statistics Competition European Statistical System (ESS) ESS Vision 2020 European Statistical Data Support Population Census 2011 Cyprus Innovation Award 2011 Use ALERT for online notification RSS Feed Official Website for the COVID-19 Electronic Platform Cyprus Flight Pass


Ministry of Finance, Statistical Service



30/03/2018
Latest Figures: Fiscal Accounts of General Government, Jan-Feb 2018

The preliminary General Government fiscal results for the first two months of 2018, which are prepared by the Statistical Service of Cyprus (CYSTAT), indicate a surplus of €250,6 mn (1,2% of GDP), as compared to a surplus of €133,0 mn for the first two months of 2017 (0,7% of GDP).

Expenditure

Total expenditure for the period of January-February 2018 recorded an increase of €28,9 mn (+3,0%) as compared to the corresponding period of 2017 and reached €1.008,2 mn (€979,3 mn in 2017).

The compensation of employees (including imputed social contributions and pensions of civil servants) increased by €18,8 mn (+5,4%) to reach €366,8 mn (€348,0 mn in 2017), while intermediate consumption increased by €12,5 mn to reach €81,3 mn in comparison to €68,8 mn during the corresponding period of last year. Social benefits registered an increase of €10,4 mn (+2,7%) to reach €397,0 mn (as opposed to €386,6 mn in 2017), while a small increase was also recorded in capital transfers that reached €5,1 mn.

Payable interest recorded a decrease of €10,2 mn to reach €53,2 mn as compared to €63,4 mn which was the interest paid during the corresponding months of the previous year. A slight decrease was also recorded in investments that decreased by €2,5 mn as compared to the first two months of 2017 to reach €21,4 mn (€23,9 mn in 2017). Excluding land annexations, that are included in investments, this decrease is reduced to €0,7 mn. Current transfers recorded a slight decrease of €1,0 mn in comparison to 2017 and reached €79,1 mn.

Subsidies remained constant at €4,3 mn.

Revenue

Total revenue increased by 13,2% that corresponds to an increase of €146,5 mn, to total €1.258,8 mn for the first two months of 2018 (€1.112,3 mn in the corresponding months of 2017).

All revenue categories except from the category of property income exhibited an increase during the period of January-February 2018.

Specifically, taxes on production and imports registered a 16,4% increase from 2017, that is an increase of €72,3 mn (€513,0 mn in 2018 as opposed to €440,7 mn in 2017), of which net VAT revenue increased by 28,3%, which corresponds to €70,3 mn, and reached a total of €319,0 mn (as opposed to €248,7 mn in 2017).

Revenue from taxes on income and wealth increased by €45,7 mn or 17,0% and reached €315,0 mn during the first two months of 2018 in comparison to €269,3 mn in 2017, while social contributions collected during this period increased by 9,6% (or €27,9 mn) and reached €318,4 mn (as compared to €290,5 mn in January-February 2017). Revenue from the sale of goods and services increased by €5,6 mn (or 8,3%) and totalled €73,4 mn. Current transfers received increased by €2,5 mn and reached €32,6 mn.

Finally, property income, the only category that recorded a decrease, reached €4,0 mn during the period of January-February 2018 (a €9,2 mn decrease from the corresponding period of 2017).



RELATED TABLES

Cyprus Fiscal Development (Post-programme Surveillance)










The Website is best viewed with screen resolution: 1024 with 768 pixels


Please click here to print this document.
Print