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).
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.
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).
Cyprus Fiscal Development (Post-programme Surveillance)