Latest Figures: Fiscal Accounts of General Government, Jan-Aug 2018
The preliminary General Government fiscal results for the period of January-August 2018, which are prepared by the Statistical Service of Cyprus (CYSTAT), indicate a surplus of €732,6 mn (3,5% of GDP), as compared to a surplus of €433,5 mn for the corresponding period of 2017 (2,2% of GDP).
Total expenditure for the period of January-August 2018 recorded an increase of €124,5 mn (+2,8%) as compared to the corresponding period of 2017 and reached €4.513,1 mn (€4.388,6 mn in 2017).
Social benefits increased by €52,6 mn (+3,1%) to reach €1.726,8 mn (€1.674,2 mn in 2017) while the compensation of employees (including imputed social contributions and pensions of civil servants) registered an increase of €40,4 mn (+2,8%) to reach €1.481,5 mn (as opposed to €1.441,1 mn in 2017). Intermediate consumption increased by €31,4 mn (+7,8%) to reach €431,5 mn (€400,1 mn in 2017).
Current transfers exhibited an increase of €10,1 mn to reach €291,8 mn, while investments increased by €4,7 mn to total €199,9 mn for the period of January-August 2018. Excluding land annexations, that are included in investments, the increase in investments is €10,0 mn (€173,2 mn in 2018 as compared to €163,2 mn in 2017). Subsidies also recorded an increase of €2,1 mn and reached €26,9 mn.
The only expenditure category that recorded a decrease is that of payable interest, which decreased by €16,9 mn thus registering an expenditure of €324,1 mn.
Total revenue increased by 8,8%, that is €423,6 mn, to total €5.245,7 mn during the period of January-August 2018 (€4.822,1 mn in the corresponding period of 2017).
All revenue categories, except from the category of property income, exhibited an increase during this period.
Specifically, taxes on production and imports registered a 10,4% increase from 2017, that is an increase of €199,4 mn (€2.114,7 mn in 2018 as opposed to €1.915,3 mn in 2017), of which net VAT revenue increased by 16,5%, which corresponds to €185,4 mn, and reached a total of €1.305,7 mn (in comparison to €1.120,3 mn in 2017).
Social contributions collected during this period increased by 9,9% (or €109,5 mn) and reached €1.211,7 mn (as compared to €1.102,2 mn in January-August 2017). Taxes on income and wealth increased by €65,0 mn (5,4%) and reached €1.268,6 mn during the first eight months of 2018 in comparison to €1.203,6 mn in 2017, while revenue from the sale of goods and services increased by €47,0 mn and totalled €380,3 mn.
Capital transfers received by the State increased by €29,0 mn and reached €65,2 mn and current transfers also increased by €7,8 mn to reach €133,3 mn.
Finally, property income was the only revenue category that recorded a decrease and was reduced to €71,9 mn during the period of January-August 2018 (€106,0 mn in 2017).
Cyprus Fiscal Development (Post-programme Surveillance)