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Ministry of Finance, Statistical Service



31/12/2019
Latest Figures: Fiscal Accounts of General Government, Jan-Nov 2019

The preliminary General Government fiscal results for the period of January-November 2019, which are prepared by the Statistical Service of Cyprus (CYSTAT), indicate a surplus of €1.041,2 mn (4,8% of GDP) as compared to a deficit of €699,1 mn for the corresponding period of 2018 (-3,3% of GDP).

EXPENDITURE
Total expenditure for the first eleven months of 2019 reached €7.279,3 mn, which corresponds to a decrease of €644,1 mn (-8,1%) as compared to the corresponding period of 2018 (€7.923,4 mn in January-November 2018).

Social benefits recorded an increase of €553,6 mn (+23,5%) to reach €2.908,9 mn in January-November 2019 as compared to €2.355,3 mn in January-November 2018.

The compensation of employees (including imputed social contributions and pensions of civil servants) recorded an increase of €232,5 mn (+11,2%) and reached €2.306,6 mn in January-November 2019, as compared to €2.074,1 mn in January-November 2018.

Intermediate consumption increased by €121,3 mn (+18,6%) and reached €774,3 mn for the first eleven months of 2019 as compared to €653,0 mn in the corresponding period of 2018.

Current transfers recorded an increased expenditure by €65,2 mn (+16,3%) and reached €464,9 mn in comparison to €399,7 mn in the corresponding period of the previous year, while payable interest increased by €49,1 mn (+11,4%) during the period of January-November 2019 and reached €480,5 mn. The corresponding amount for the same period of 2018 was €431,4 mn.

Investment was confined to €238,7 mn, a reduction of €812,3 mn (-77,3%), during the first eleven months of 2019, and capital transfers were limited to €65,6 mn, a reduction of €846,2 mn (-92,8%) during the same period. The corresponding expenditure recorded in 2018 were €1.051,0 mn and €911,8 mn respectively.

Subsidies decreased by €7,3 mn (-15,5%) to reach €39,8 mn during the first eleven months of 2019 as compared to €47,1 mn during the corresponding period of last year.


REVENUE
Total revenue increased by €1.096,2 mn (+15,2%) to reach €8.320,5 mn during the period of January-November 2019, as compared to €7.224,3 mn during the corresponding period of 2018.

Social contributions collected by the State during this period increased significantly, by €556,6 mn (+33,6%), to total €2.213,1 mn, as compared to €1.656,5 mn in the corresponding period of 2018.

Revenue from taxes on income and wealth also increased significantly (by €112,9 mn, that is +7,3%) and reached €1.663,6 mn during the period of January-November 2019, as opposed to €1.550,7 mn during the corresponding period of 2018. Capital transfers received by the State reached €159,2 mn, an increase of €63,7 mn, which corresponds to +66,7%, as opposed to the €95,5 mn received during the corresponding period of 2018.

Revenue received from taxes on production and imports recorded an increase of €68,2 mn (+2,2%) to reach €3.134,2 mn, as compared to €3.066,0 mn received during the corresponding period of 2018. However, net VAT revenue (that is included in this category) registered an increase of €95,3 mn (+4,9%) and reached €2.035,2 mn in 2019, as compared to €1.939,9 mn in 2018.

Property income recorded a €58,0 mn increase (+74,8%) to reach €135,5 mn during the period of January-November 2019 (as compared to €77,5 mn in January-November 2018). Revenue from the sale of goods and services recorded an increase of €236,0 mn (+40,0%) and reached €826,4 mn as compared to €590,4 mn during the first eleven months of 2018.

A small increase was also recorded by current transfers, that were increased by €0,8 mn (+0,4%) to reach €188,5 mn during the period of January-November 2019 as compared to €187,7 mn in the corresponding period of 2018.


RELATED TABLES

Cyprus Fiscal Development (Post-programme Surveillance)










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