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Ministry of Finance, Statistical Service



28/02/2018
Latest Figures: Fiscal Accounts of General Government, Annual Results 2017 and Jan 2018

The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT), indicate a surplus of €360,7 mn (1,9% of GDP) for 2017, as compared to a surplus of €82,4 mn for 2016 (0,5% of GDP).

The fiscal results for the month of January 2018 also indicate a surplus of €255,2 mn (1,3% of GDP), as compared to a surplus of €167,8 mn in January 2017 (0,9% of GDP).

ANNUAL RESULTS 2017
Expenditure 2017
Total expenditure for 2017 recorded an increase of €311,6 mn (+4,5%) as compared to 2016 and reached €7.257,6 mn (€6.946,0 mn in 2016).

Intermediate consumption increased by €66,7 mn (+10,3%) to reach €712,7 mn in comparison to €646,0 mn during the the previous year, while the compensation of employees (including imputed social contributions and pensions of civil servants) increased by €90,2 mn (+4,0%) to reach €2.346,2 mn (€2.256,0 mn in 2016). Social benefits registered an increase of €54,4 mn (+2,1%) to reach €2.618,3 mn (as opposed to €2.563,9 mn in 2016), and payable interest also increased by €15,0 mn to reach €479,9 mn as compared to €464,9 mn which was the interest paid in 2016.

Investments increased by €71,5 mn (+17,2%) and reached €487,9 mn (€416,4 mn in 2016). Excluding land annexations, that are included in investments, this expenditure records an increase of €70,8 mn, which corresponds to an increase of 20,6% (€414,4 mn in 2017 as compared to €343,6 mn in 2016).

Capital transfers registered a decrease of €8,1 mn to reach €95,7 mn (€103,8 mn in 2016) while current transfers increased by €64,0 mn (or +16,1%) to reach a total of €461,8 mn in 2017, as opposed to a corresponding expenditure of €397,8 mn in 2016. Subsidies were decreased by €42,1 mn (-43,3%) and reached €55,1 mn (as compared to €97,2 mn in 2016).

Revenue 2017
Total revenue increased by 8,4% that corresponds to an increase of €589,9 mn, to total €7.618,3 mn in 2017 (€7.028,4 mn in 2016).

Most of the revenue categories exhibited an increase in 2017. Specifically, taxes on production and imports registered an 11,0% increase from 2016, that is an increase of €299,4 mn (€3.032,2 mn in 2017 as opposed to €2.732,8 mn in 2016), of which net VAT revenue increased by 11,1%, which corresponds to €185,3 mn, and reached a total of €1.848,9 mn (as opposed to €1.663,6 mn in 2016).

Social contributions collected during 2017 increased by 10,5% (or €162,5 mn) and reached €1.707,2 mn (as compared to €1.544,7 mn in 2016). Revenue from taxes on income and wealth increased by €81,3 mn or 4,6% and reached €1.836,5 mn in 2017 in comparison to €1.755,2 mn in 2016, while revenue from the sale of goods and services increased by €52,4 mn (or 9,9%) and totalled €579,4 mn.

The revenue categories that registered a decrease are property income and current transfers that decreased by €46,1 mn and €6,0 mn respectively to reach €145,6 mn and €228,2 mn (as from €191,7 mn and €234,2 mn in 2016).

JANUARY 2018 RESULTS
Expenditure
Total expenditure for the month of January 2018 recorded an increase of €42,0 mn (+9,0%) as compared to the corresponding month of 2017 and reached €510,2 mn (€468,2 mn in 2017).

Intermediate consumption increased by €12,2 mn to reach €35,7 mn in comparison to €23,5 mn during the corresponding period of the previous year, while the compensation of employees (including imputed social contributions and pensions of civil servants) increased by €10,9 mn (+6,3%) to reach €183,9 mn (€173,0 mn in 2017). Social benefits registered an increase of €11,5 mn (+6,0%) to reach €202,2 mn (as opposed to €190,7 mn in 2017), and payable interest also increased by €6,5 mn to reach €24,0 mn as compared to €17,5 mn which was the interest paid during the corresponding month of the previous year.

Investments increased by €3,4 mn and reached €6,6 mn (€3,2 mn in 2017). Excluding land annexations, that are included in investments, this expenditure records an increase of €2,9 mn (€4,8 mn in 2018 as compared to €1,9 mn in 2017). Capital transfers increased by €1,1 mn and reached €3,1 mn (€2,0 mn in 2017).

The only expenditure categories recording a decrease are current transfers that reached €54,2 mn in 2018 as opposed to a corresponding expenditure of €57,6 mn in 2017 (-3,4%), and subsidies that decreased by €0,2 mn and reached €0,5 mn.

Revenue
Total revenue increased by 20,3% that corresponds to an increase of €129,4 mn, to total €765,4 mn for the first month of 2018 (€636,0 mn in the corresponding month of 2017).

Most of the revenue categories exhibited an increase in January 2018. Specifically, taxes on production and imports registered a 23,3% increase from 2017, that is an increase of €56,6 mn (€299,7 mn in 2018 as opposed to €243,1 mn in 2017), of which net VAT revenue increased by 39,9%, which corresponds to €54,5 mn, and reached a total of €191,0 mn (as opposed to €136,5 mn in 2017).

Revenue from taxes on income and wealth increased by €44,9 mn or 24,2% and reached €230,2 mn in January 2018 in comparison to €185,3 mn in 2017, while social contributions collected during this month increased by 10,9% (or €17,6 mn) and reached €179,1 mn (as compared to €161,5 mn in January 2017). Revenue from the sale of goods and services increased by €11,0 mn (or 36,1%) and totalled €41,5 mn.

The revenue categories that registered a decrease are property income and current transfers, that decreased by €2,0 mn and €0,1 mn respectively to reach €1,5 mn and €12,0 mn (as from €3,5 mn and €12,1 mn in 2017).


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