Latest Figures: Fiscal Accounts of General Government, Jan-Oct 2018
The preliminary General Government fiscal results for the period of January-October 2018, which are prepared by the Statistical Service of Cyprus (CYSTAT), indicate a surplus of €852,8 mn (4,1% of GDP), as compared to a surplus of €495,4 mn for the corresponding period of 2017 (2,5% of GDP).
Total expenditure for the period of January-October 2018 recorded an increase of €151,4 mn (+2,8%) as compared to the corresponding period of 2017 and reached €5.624,0 mn (€5.472,6 mn in 2017).
Social benefits increased by €60,8 mn (+2,9%) to reach €2.128,0 mn (€2.067,2 mn in 2017) while the compensation of employees (including imputed social contributions and pensions of civil servants) registered an increase of €54,4 mn (+3,0%) to reach €1.870,6 mn (as opposed to €1.816,2 mn in 2017). Intermediate consumption increased by €35,7 mn (+7,0%) to reach €547,2 mn (€511,5 mn in 2017).
Current transfers increased by €14,6 mn to reach €369,8 mn (€355,2 mn in 2017) and investment exhibited an increase of €5,8 mn to reach €254,0 mn. Excluding land annexations, that are included in investment, the increase reached €17,8 mn (€224,1 mn in 2018 as compared to €206,3 mn in 2017). Subsidies also recorded an increase of €3,1 mn and reached €33,7 mn. Finally, capital transfers increased by €1,1 mn to reach €41,5 mn.
The only expenditure category to record a decrease is that of payable interest, which decreased by €24,1 mn thus registering an expenditure of €379,2 mn.
Total revenue increased by 8,5%, that is €508,8 mn, to total €6.476,8 mn during the period of January-October 2018 (€5.968,0 mn in the corresponding period of 2017).
All revenue categories except that of property income exhibited an increase during this period.
Specifically, taxes on production and imports registered a 10,6% increase from 2017, that is an increase of €261,0 mn (€2.717,9 mn in 2018 as opposed to €2.456,9 mn in 2017), of which net VAT revenue increased by 16,4%, which corresponds to €240,4 mn, and reached a total of €1.708,6 mn (in comparison to €1.468,2 mn in 2017).
Social contributions collected during this period increased by 9,2% (or €126,8 mn) and reached €1.500,0 mn (as compared to €1.373,2 mn in January-October 2017). Taxes on income and wealth increased by €77,2 mn (5,6%) and reached €1.458,3 mn during the first ten-month period of 2018 in comparison to €1.381,1 mn in 2017, while revenue from the sale of goods and services increased by €40,8 mn and totalled €466,2 mn. Capital transfers received by the State increased by €29,0 mn and reached €96,6 mn. Finally, current transfers received increased by €8,9 mn to reach €164,8 mn.
The only revenue category that recorded a decrease during the period of January-October 2018, that of property income, was reduced to €73,0 mn (€107,9 mn in 2017).
Cyprus Fiscal Development (Post-programme Surveillance)