Latest Figures: Fiscal Accounts of General Government, Jan-Apr 2018
The preliminary General Government fiscal results for the first four months of 2018, which are prepared by the Statistical Service of Cyprus (CYSTAT), indicate a surplus of €425,1 mn (2,1% of GDP), as compared to a surplus of €191,9 mn for the corresponding period of 2017 (1,0% of GDP).
Total expenditure for the period of January-April 2018 recorded an increase of €67,3 mn (+3,3%) as compared to the corresponding period of 2017 and reached €2.084,7 mn (€2.017,4 mn in 2017).
The compensation of employees (including imputed social contributions and pensions of civil servants) increased by €30,2 mn (+4,3%) to reach €736,4 mn (€706,2 mn in 2017). Social benefits registered an increase of €30,9 mn (+3,9%) to reach €819,3 mn (as opposed to €788,4 mn in 2017) and current transfers increased by €10,3 mn to reach €158,4 mn (€148,1 mn in 2017). An increase was also recorded by intermediate consumption (€7,8 mn) and capital transfers (€4,2 mn) that reached €178,6 mn and €17,1 mn respectively. Subsidies recorded a small increase of €0,9 mn to reach €12,4 mn.
Finally, investments were decreased by €9,0 mn as compared to the first four months of 2017, recording an expenditure of €69,9 mn (€78,9 mn in 2017). Excluding land annexations, that are included in investments, this decrease is reduced to €5,4 mn. Payable interest also recorded a decrease of €8,0 mn registering an expenditure of €92,6 mn.
Total revenue increased by 13,6%, that is €300,5 mn, to total €2.509,8 mn during the first four months of 2018 (€2.209,3 mn in the corresponding months of 2017).
All revenue categories, except from the category of property income, exhibited an increase during the period of January-April 2018.
Specifically, taxes on production and imports registered a 17,0% increase from 2017, that is an increase of €154,5 mn (€1.062,1 mn in 2018 as opposed to €907,6 mn in 2017), of which net VAT revenue increased by 25,6%, which corresponds to €139,3 mn, and reached a total of €682,9 mn (in comparison to €543,6 mn in 2017).
Revenue from the sale of goods and services increased by €22,3 mn (or 16,1%) and totalled €161,1 mn. Social contributions collected during this period increased by 11,7% (or €62,4 mn) and reached €596,7 mn (as compared to €534,3 mn in January-April 2017). Revenue from taxes on income and wealth increased by €49,4 mn or 10,3% and reached €531,1 mn during the first four months of 2018 in comparison to €481,7 mn in 2017, while current transfers received increased by €1,7 mn and reached €56,7 mn.
An important increase of €45,9 mn was recorded in capital transfers received by the State during this period, that reached €54,5 mn (€8,6 mn during January-April 2017).
Finally, property income, the only category that recorded a decrease, was reduced to €47,6 mn during the period of January-April 2018 (€83,3 mn in 2017).
Cyprus Fiscal Development (Post-programme Surveillance)