Latest Figures: Fiscal Accounts of General Government, Jan-Aug 2019
The preliminary General Government fiscal results for the period of January-August 2019, which are prepared by the Statistical Service of Cyprus (CYSTAT), indicate a surplus of €924,2mn (4,3% of GDP), as compared to a surplus of €732,6mn for the corresponding periodof 2018 (3,5% of GDP).
Total expenditure for the first eight months of 2019 recorded an increase of €436,7mn(+9,7%) as compared to the same period of 2018 and reached €4.949,8mn (€4.513,1 mn in 2018).
Social benefits recorded the biggest increase (€190,3mn or 11,0%) and reached €1.917,1mn in January-August 2019 as compared to €1.726,8mn in January-August 2018.
The compensation of employees (including imputed social contributions and pensions of civil servants) also recorded a considerable increase (€149,2mn or 10,1%) and reached €1.630,7mn (as compared to €1.481,5mn in January-August2018).
Intermediate consumption increased by €90,0mn (+20,9%) and reached €521,5mn for the first eight monthsof 2019 as compared to €431,5mn in the corresponding period of last year. Current transfers recorded an increased expenditure (by €64,7mn or 22,2%) and reached €356,5mn (as compared to €291,8mn in 2018).
Payable interest increased by €31,2mn(+9,6%) during the period of January-August 2019 to reach €355,3mn as compared to €324,1mn during the same period of 2018.
A smaller increase was recorded by capital transfers and subsidies, which increased by €6,1mn(+19,9%) and €1,6mn(+5,9%) respectivelyto reach €36,7mnand €28,5mn(as opposed to €30,6mnand €26,9mn correspondingly in January-August 2018).
A decrease was recorded for investment, which was reduced by €96,4mn(-48,2%) and was confined to €103,5mn as opposed to €199,9mn that were recorded during the period of January-August 2018. Excluding land annexations, that are included in investment, a decrease of €94,2mn is observed (€79,0mn in 2019 as compared to €173,2mn in 2018, that is a decrease of 54,4%).
Total revenue increased by 12,0%, that is €628,3mn, to reach €5.874,0mnduring the period of January-August2019 (€5.245,7mn in the corresponding period of 2018).
Social contributions collected by the State during this period increased significantly (by €360,1mn, that is +29,7%) to total €1.571,8mn (€1.211,7mn in 2018).
The revenue from taxes on income and wealth also increased significantly (by €122,4mn, that is +9,6%) and reached €1.391,0mn as opposed to €1.268,6mn in the corresponding period of 2018. Capital transfers received by the State reached €155,1mn, an increase of €89,9mn, which corresponds to +137,9%, as opposed to the €65,2mn received during the corresponding period of 2018.
Revenue received from taxes on production and imports recorded an increase of €60,2mn(+2,8%) to reach €2.174,9mn, as compared to €2.114,7 mn received in 2018. However, net VAT revenue (that is included in this category) registered an increase of €84,2mn(+6,4%) and reached €1.389,9mn in 2019, as compared to €1.305,7mn in 2018.
Property income recorded a €21,0mn increase (+29,2%) to reach €92,9mn during the period of January-August 2019 (as compared to €71,9mn in January-August 2018).
The remaining two categories of revenue recorded a decrease. Current transfers were reduced by €17,0mn(-12,8%) to total €116,3mn during the said period (€133,3 mn in 2018), while revenue for the sale of goods and services were reduced by 2,2% (or€8,3mn) to total €372,0mn in 2019 as compared to €380,3mn in January-August2018.
Cyprus Fiscal Development (Post-programme Surveillance)