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Ministry of Finance, Statistical Service



02/12/2019
Latest Figures: Fiscal Accounts of General Government, Jan-Oct 2019

The preliminary General Government fiscal results for the period of January-October 2019, which are prepared by the Statistical Service of Cyprus (CYSTAT), indicate a surplus of €1.066,0 mn (4,9% of GDP) as compared to a deficit of €626,4 mn for the corresponding period of 2018 (-3,0% of GDP).

EXPENDITURE
Total expenditure for the first ten months of 2019 reached €6.349,8 mn, which corresponds to a decrease of €905,4 mn (-12,5%) as compared to the corresponding period of 2018 (€7.255,2 mn in January-October 2018).

Social benefits recorded an increase of €312,5 mn (+14,7%) to reach €2.440,5 mn in January-October 2019 as compared to €2.128,0 mn in January-October 2018.

The compensation of employees (including imputed social contributions and pensions of civil servants) recorded an increase of €201,8 mn (+10,7%) and reached €2.079,7 mn in January-October 2019, as compared to €1.877,9 mn in January-October 2018.

Intermediate consumption increased by €117,6 mn (+20,9%) and reached €680,0 mn for the first ten months of 2019 as compared to €562,4 mn in the corresponding period of 2018.

Current transfers recorded an increased expenditure by €60,7 mn (+16,8%) and reached €421,7 mn in comparison to €361,0 mn in the corresponding period of the previous year, while payable interest increased by €53,6 mn (+14,1%) during the period of January-October 2019 and reached €432,8 mn. The corresponding amount for the same period of 2018 was €379,2 mn.

Subsidies increased by €2,6 mn (+7,7%) to reach €36,3 mn during the first ten months of 2019 as compared to €33,7 mn during the corresponding period of last year.

Investment was confined to €205,2 mn, a reduction of €800,3 mn (-79,6%), during the first ten months of 2019, and capital transfers were limited to €53,6 mn, a reduction of €853,9 mn (-94,1%) during the same period. The corresponding expenditure recorded in 2018 were €1.005,5 mn and €907,5 mn respectively.

REVENUE
Total revenue increased by €787,0 mn (+11,9%) to reach €7.415,8 mn during the period of January-October 2019, as compared to €6.628,8 mn during the corresponding period of 2018.

Social contributions collected by the State during this period increased significantly, by €492,6 mn (+32,8%), to total €1.992,6 mn, as compared to €1.500,0 mn in the corresponding period of 2018.

Revenue from taxes on income and wealth also increased significantly (by €118,1 mn, that is +8,1%) and reached €1.579,8 mn during the period of January-October 2019, as opposed to €1.461,7 mn during the corresponding period of 2018. Capital transfers received by the State reached €158,3 mn, an increase of €63,8 mn, which corresponds to +67,5%, as opposed to the €94,5 mn received during the corresponding period of 2018.

Revenue received from taxes on production and imports recorded an increase of €55,7 mn (+2,0%) to reach €2.868,8 mn, as compared to €2.813,1 mn received during the corresponding period of 2018. However, net VAT revenue (that is included in this category) registered an increase of €73,2 mn (+4,1%) and reached €1.859,3 mn in 2019, as compared to €1.786,1 mn in 2018.

Property income recorded a €43,9 mn increase (+57,1%) to reach €120,8 mn during the period of January-October 2019 (as compared to €76,9 mn in January-October 2018). Revenue from the sale of goods and services recorded an increase of €14,9 mn (+2,9%) and reached €533,1 mn as compared to €518,2 mn during the first ten months of 2018.

The only category to record a decrease during this period is that of current transfers, that were reduced by €2,0 mn (-1,2%) and were confined to €162,4 mn during the period of January-October 2019 as compared to €164,4 mn in the corresponding period of 2018.


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Cyprus Fiscal Development (Post-programme Surveillance)










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