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



06/08/2021
Latest Figures: Fiscal Accounts of General Government, Jan-Jun 2021

The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT) indicate a deficit of €711,9 mn (3,3% of GDP) for the period of January-June 2021, as compared to a deficit of €611,5 mn (2,9% of GDP) that was recorded during the period of January-June 2020.

EXPENDITURE
During the period of January-June 2021, total expenditure increased by €523,5 mn (+12,1%) and amounted to €4.840,3 mn, compared to €4.316,8 mn in the corresponding period of 2020.
It is noted, that the increase in specific expenditure categories is due to the support measures taken to address the effects of the Covid-19 pandemic.

Specifically, social benefits increased by €203,1 mn (+12,6%) and amounted to €1.817,2 mn, compared to €1.614,1 mn in 2020. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €78,0 mn (+6,0%) and amounted to €1.376,4 mn, compared to €1.298,4 mn in 2020. Subsidies increased by €169,2 mn and amounted to €476,2 mn, compared to €307,0 mn in 2020. The increase in the specific category is mainly attributed to additional support measures to enterprises due to the continuance of the Covid-19 pandemic. Current transfers increased by €37,7 mn (+13,2%) and amounted to €322,9 mn, compared to €285,2 mn in 2020. Interest payable increased by €45,4 mn (+25,0%) and amounted to €227,1 mn, compared to €181,7 mn in 2020. Intermediate consumption increased by €29,1 mn (+7,6%) and amounted to €410,2 mn, compared to €381,1 mn in 2020.


On the contrary, the capital account decreased by €38,9 mn (-15,6%) to €210,3 mn, from €249,2 mn in 2020. In detail, gross capital formation decreased by €24,2 mn (-11,9%) to €180,2 mn, from €204,4 mn in 2020 and other capital expenditure decreased by €14,7 mn (-32,8%) to €30,1 mn, from €44,8 mn in 2020.

REVENUE
During the period of January-June 2021, total revenue increased by €423,1 mn (+11,4%) and amounted to €4.128,4 mn, compared to €3.705,3 mn in the corresponding period 2020.

In detail, taxes on production and imports increased by €191,3 mn (+13,9%) and amounted to €1.564,3, compared to €1.373,0 mn in 2020, of which net VAT revenue increased by €111,3 mn (+12,7%) and amounted to €990,3 mn, compared to €879,0 mn in 2020. Revenue from taxes on income and wealth increased by €37,1 mn (+4,7%) and amounted to €819,7 mn, compared to €782,6 mn in 2020. Social contributions increased by €160,3 mn (+14,7%) and amounted to €1.251,0 mn, compared to €1.090,7 mn in 2020. Capital transfers increased by €17,2 mn (+30,1%) and amounted to €74,3 mn, compared to €57,1 mn in 2020. Property income increased by €4,1 mn (+7,6%) and amounted to €57,5 mn, compared to €53,4 mn in 2020. Current transfers increased by €22,2 mn (+25,7%) and amounted to €108,5 mn, compared to €86,3 mn in 2020.

On the contrary, revenue from the sale of goods and services decreased by €9,1 mn (-3,5%) to €253,1 mn, from €262,2 mn in 2020.


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