Latest Figures: Fiscal Accounts of General Government, Jan 2019
The preliminary General Government fiscal results for January 2019, which are prepared by the Statistical Service of Cyprus (CYSTAT), indicate a surplus of €257,5 mn (1,2% of GDP), as compared to a surplus of €255,2 mn for the corresponding month of 2018 (also 1,2% of GDP).
Total expenditure for January 2019 recorded an increase of €32,1 mn (+6,3%) as compared to January 2018 and reached €544,1 mn (€512,0 mn in 2018).
Current transfers recorded the biggest increase (€33,7 mn) and reached €87,9 mn in January 2019 as compared to €54,2 mn in January 2018. The compensation of employees (including imputed social contributions and pensions of civil servants) registered an increase of 4,3% or €7,9 mn to reach €191,8 mn (as opposed to €183,9 mn in 2018).
A smaller increase was exhibited by subsidies (€2,2 mn) that reached €2,7 mn and by investment (€2,5 mn) that reached €9,1 mn as opposed to €6,6 mn in January 2018. Excluding land annexations, that are included in investment, a decrease of €3,1 mn is observed (€1,7 mn in 2019 as compared to €4,8 mn in 2018). Lastly, social benefits increased slightly by €1,6 mn in 2019 to reach €203,8 mn.
The remaining three expenditure categories recorded a decrease. Specifically, intermediate consumption was reduced by €11,1 mn and was confined to €24,6 mn (as opposed to €35,7 mn in January of 2018). Payable interest decreased by €3,6 mn to record an expenditure of €22,2 mn (€25,8 mn in January 2018) and capital transfers decreased by €1,1 mn to total €2,0 mn.
Total revenue increased by 4,5%, that is €34,4 mn, to reach €801,6 mn during the first month of 2019 (€767,2 mn in the corresponding month of 2018).
Specifically, taxes on income and wealth increased by €26,5 mn (11,5%) and reached €256,7 mn in January 2019 in comparison to €230,2 mn in January of 2018. Revenue from the sale of goods and services increased by €6,7 mn and totalled €48,2 mn and capital transfers received by the State were increased by €3,9 mn and reached €5,3 mn. The only remaining category that recorded an increase during January 2019 is that of social contributions collected by the State that increased by 1,9% (€3,4 mn) to reach €182,5 mn, as opposed to €179,1 mn in January of 2018.
Revenue from the remaining categories recorded a decrease. Current transfers received were decreased by €3,9 mn and were confined to €8,1 mn, while property income recorded a €1,5 mn decrease to register an income of €1,8 mn during January of 2019 (€3,3 mn in January of 2018).
Total revenue from taxes on production and imports registered a marginal decrease of €0,7 mn when compared to the January 2018 receipts (€299,0 mn in 2019 and €299,7 mn in 2018), of which net VAT revenue decreased by 4,2%, which corresponds to €8,0 mn, to total €183,0 mn in January of 2019 (in comparison to €191,0 mn in 2018).
Cyprus Fiscal Development (Post-programme Surveillance)