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Ministry of Finance, Statistical Service

Latest Figures: Fiscal Accounts of General Government, Jan-Jul 2019

The preliminary General Government fiscal results for the period of January-July 2019, which are prepared by the Statistical Service of Cyprus (CYSTAT), indicate a surplus of €695,8mn (3,2% of GDP), as compared to a surplus of €488,5mn for the corresponding periodof 2018 (2,4% of GDP).

Total expenditure for the first sevenmonths of 2019 recorded an increase of €345,9mn (+8,7%) as compared to the same period of 2018 and reached 4.332,2mn (€3.986,3mn in 2018).

Social benefits recorded the biggest increase (€143,8mn or 9,5%) and reached €1.662,9mn in January-July 2019 as compared to €1.519,1mn in January-July 2018.

The compensation of employees (including imputed social contributions and pensions of civil servants)also recorded a considerable increase (€125,6mn or 9,7%) and reached €1.419,9mn (as compared to €1.294,3 mn in January-July 2018).

Intermediate consumption increased by €71,5mn and reached €441,7mn for the first seven monthsof 2019 as compared to €370,2mn in the corresponding period of last year. Current transfers recorded an increased expenditure (by €48,8mn) and reached €312,3mn (as compared to €263,5mn in 2018).

Payable interest increased by €31,8 mn during the period of January-July 2019 to reach €345,2 mn as compared to €313,4 mn during the same period of 2018.

A smaller increase was recorded by capital transfers and subsidies, which increased by €8,1 mn and €1,9 mn correspondingly to reach €35,4mnand €25,0 mn(as opposed to €27,3mnand €23,1 mn correspondingly in January-July 2018).

A decrease was recorded for investment, which was reduced by €85,6mn and was confined to €89,8mn as opposed to €175,4mn that were recorded during the period of January-July 2018.Excluding land annexations, that are included in investment, a decrease of €80,4mn is observed (€69,9mn in 2019 as compared to €150,3mn in 2018).

Total revenue increased by 12,4%, that is €553,2mn, to reach €5.028,0mnduring the period of January-July2019 (€4.474,8mn in the corresponding period of 2018).

Social contributions collected by the State during this period increased significantly (by €320,4mn) to total €1.374,5mn (€1.054,1mn in 2018).

The revenue from taxes on income and wealth also increased significantly (by €101,9mn) and reached €1.060,1 mn as opposed to €958,2 mn in the corresponding period of 2018. Capital transfers received by the State reached €142,7mn, an increase of €82,5mn, as opposed to the €60,2mn received during the corresponding period of 2018.

Revenue received from taxes on production and imports recorded an increase of €44,0mn to reach €1.941,7mn, as compared to €1.897,7mn received in 2018. However, net VAT revenue (that is included in this category) registered an increase of €60,4mn and reached €1.249,0mn in 2019, as compared to €1.188,6mn in 2018.

Property income recorded a €22,0mn increase to reach €92,5mn during the period of January-July 2019 (as compared to €70,5mn in January-July 2018).

The remaining two categories of revenue recorded a decrease. Current transfers were reduced by €13,5 mn to total €94,8 mn during the said period (€108,3 mn in 2018), while revenue for the sale of goods and services were reduced by 1,3% (or€4,1mn) to total €321,7mn in 2019 as compared to €325,8mn in January-July 2018.


Cyprus Fiscal Development (Post-programme Surveillance)

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