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Ministry of Finance, Statistical Service



11/03/2021
Latest Figures: Fiscal Accounts of General Government, Jan 2021

The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT) indicate a surplus of €147,0 mn (0,7% of GDP) for January 2021, as compared to a surplus of €223,5 mn (1,1% of GDP) that was recorded during January 2020.

EXPENDITURE
During January 2021, total expenditure increased by €40,5 mn (+6,4%) and amounted to €678,2 mn, compared to €637,7 mn in the corresponding month of 2020. It is noted, that this increase in expenditure is due to the support measures taken to address the effects of the Covid-19 pandemic on employment, which amounted to €38,3 mn.

Specifically, intermediate consumption increased by €10,4 mn (+22,3%) and amounted to €57,2 mn, compared to €46,8 mn in 2020. Social benefits increased by €9,6 mn (+3,7%) and amounted to €265,9 mn, compared to €256,3 mn in 2020. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €9,2 mn (+4,4%) and amounted to €220,0 mn, compared to €210,8 mn in 2020. Subsidies increased by €37,3 mn and amounted to €40,1 mn, compared to €2,8 mn in 2020. The increase in the specific category is mainly attributed to the support measures to enterprises due to the consequences of the Covid-19 pandemic. Interest payable increased by €20,7 mn and amounted to €41,5 mn, compared to €20,8 mn in 2020.

The capital account decreased by €5,1 mn (-21,0%) to €19,1 mn, from €24,1 mn in 2020. This decrease is due to gross capital formation, which decreased by €5,1 mn (-26,7%) to €13,9 mn, from €19,0 mn in 2020. Current transfers decreased by €41,7 mn (-54,8%) to €34,4 mn, from €76,1 mn in 2020.

REVENUE
During January 2021, total revenue decreased by €36,0 mn (-4,2%) to €825,1 mn, compared to €861,1 mn in the corresponding month of 2020.

In detail, taxes on production and imports decreased by €33,3 mn (-11,7%) to €252,6 mn, from €285,9 mn in 2020, of which net VAT revenue increased by €11,4 mn (+6,5%) and amounted to €187,1 mn, compared to €175,7 mn in 2020. Current transfers decreased by €1,7 mn (-15,7%) to €9,2 mn, from €10,9 mn in 2020. Social contributions decreased by €23,6 mn (-9,9%) to €214,1 mn, from €237,7 mn in 2020. Capital transfers decreased by €1,5 mn (-42,9%) to €2,0 mn, from €3,5 mn in 2020.

On the contrary, revenue from the sale of goods and services increased by €12,9 mn (+25,5%) and amounted to €63,4 mn, compared to €50,5 mn in 2020. Revenue from taxes on income and wealth increased by €5,1 mn (+1,9%) and amounted to €268,3 mn, compared to €263,2 mn in 2020.Property income increased by €6,2 mn (+65,9%) and amounted to €15,5 mn, compared to €9,4 mn in 2020.


Increased amounts in specific categories of expenditure and revenue are partly attributed to the full implementation of the National Health System as of 01.06.2020.


RELATED TABLES

Cyprus Fiscal Development (Post-programme Surveillance)










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