Latest Figures: Fiscal Accounts of General Government, Jan-May 2019
The preliminary General Government fiscal results for the period of January-May 2019, which are prepared by the Statistical Service of Cyprus (CYSTAT), indicate a surplus of €517,7 mn (2,4% of GDP), as compared to a surplus of €393,4 mn for the corresponding period of 2018 (1,9% of GDP).
Total expenditure for the first five months of 2019 recorded an increase of €131,2 mn (+4,9%) as compared to the same period of 2018 and reached 2.824,4 mn (€2.693,2 mn in 2018).
The compensation of employees (including imputed social contributions and pensions of civil servants) recorded the biggest increase (€54,5 mn or 5,9%) and reached €975,1 mn in January-May 2019 as compared to €920,6 mn in January-May 2018.
Intermediate consumption increased by €51,4 mn and reached €292,6 mn for the first five months of 2019 as compared to €241,2 mn in the corresponding period of last year. Current transfers recorded an increased expenditure (by €36,1 mn) and reached €234,5 mn (as compared to €198,4 mn in 2018).
Social benefits also recorded an increase (amounting to €34,1 mn) and reached €1.074,7 mn (as compared to €1.040,6 mn in 2018).
A smaller increase was recorded by subsidies, which increased by €1,9 mn to reach €18,1 mn (as opposed to €16,2 mn in January-May 2018).
On the other hand, payable interest recorded a decrease of €10,9 mn and was reduced to €146,5 mn as compared to €157,4 mn in 2018.
A decrease was also recorded for the two remaining expenditure categories that concern capital. Investment was reduced by €30,0 mn and was confined to €65,5 mn as opposed to €95,5 mn that were recorded during the period of January-May 2018. Excluding land annexations, that are included in investment, a decrease of €31,6 mn is observed (€50,1 mn in 2019 as compared to €81,7 mn in 2018). Furthermore, capital transfers also decreased (by €5,9 mn) and totalled €17,4 mn (€23,3 mn in 2018).
Total revenue increased by 8,3%, that is €255,5 mn, to reach €3.342,1 mn during the period of January-May 2019 (€3.086,6 mn in the corresponding period of 2018).
The revenue from taxes on income and wealth increased significantly (by €83,0 mn) and reached €702,1 mn in the first five months of 2019 as opposed to €619,1 mn in the corresponding period of 2018. Social contributions collected by the State for the same period of 2019 also increased significantly (by €82,2 mn) to total €838,7 mn (€756,5 mn in 2018).
An even greater increase was recorded by the capital transfers received by the State, which registered an important increase of €85,2 mn and reached €140,8 mn for the current year as opposed to €55,6 mn received in 2018).
Property income recorded a €25,5 mn increase to reach €90,6 mn during the period of January-May 2019 (as compared to €65,1 mn in January-May 2018). Revenue for the sale of goods and services also increased (by €17,0 mn) and reached €224,5 mn in 2019 as compared to €207,5 mn in 2018.
On the contrary, the revenue received from taxes on production and imports recorded a decrease of €22,3 mn and was confined to €1.279,8 mn, as opposed to €1.302,1 mn in 2018. However, net VAT revenue (that is included in this category) registered an increase of €2,2 mn and reached €819,4 mn in 2019, as compared to €817,2 mn received in 2018.
Finally, current transfers received were decreased by €15,1 mn and were confined to €65,6 mn during the first five months of 2019.
Cyprus Fiscal Development (Post-programme Surveillance)