Latest Figures: Fiscal Accounts of General Government, Mar-Apr 2019
The preliminary General Government fiscal results for the period of January-April 2019, which are prepared by the Statistical Service of Cyprus (CYSTAT), indicate a surplus of €547,1 mn (2,5% of GDP), as compared to a surplus of €426,9 mn for the corresponding period of 2018 (2,1% of GDP).
Total expenditure for the first four months of 2019 recorded an increase of €100,2 mn (+4,8%) as compared to the same period of 2018 and reached €2.189,6 mn (€2.089,4 mn in 2018).
The compensation of employees (including imputed social contributions and pensions of civil servants) recorded the biggest increase (€48,4 mn) and reached €787,0 mn in January-April 2019 as compared to €738,6 mn in January-April 2018.
Intermediate consumption increased by €35,7 mn and reached €216,8 mn for the first four-months of 2019 as compared to €181,1 mn in the corresponding four-month period of last year. Current transfers also registered an increase (19,4% or €30,8 mn) and reached €189,2 mn (as opposed to €158,4 mn in 2018).
A smaller increase was exhibited by social benefits, which increased by €11,5 mn in 2019 to reach €830,8 mn (€819,3 mn in 2018), and subsidies, which increased by €2,4 mn to reach €14,8 mn (€12,4 mn in January-April 2018). Payable interest increased by €1,4 mn and reached €94,0 mn as compared to €92,6 mn in 2018.
The remaining two expenditure categories, that concern capital, registered a decrease. Investment was reduced by €26,6 mn and was confined to €43,3 mn as compared to €69,9 mn that were recorded during the period of January-April 2018. Excluding land annexations, that are included in investment, a decrease of €28,5 mn is observed (€32,4 mn in 2019 as compared to €60,9 mn in 2018). Capital transfers also decreased (-€3,4 mn) to total €13,7 mn (€17,1 mn in 2018).
Total revenue increased by 8,8%, that is €220,4 mn, to reach €2.736,7 mn during the period of January-April 2019 (€2.516,3 mn in the corresponding period of 2018).
An important increase was recorded by the capital transfers received by the State, which were increased by €78,5 mn and reached €133,0 mn (€54,5 mn in 2018).
Moreover, taxes on income and wealth increased by €68,6 mn (+12,9%) and reached €599,7 mn in January-April 2019 in comparison to €531,1 mn received during the corresponding period of 2018.
Social contributions collected by the State during the period of January-April 2019 increased by 9,1% (or €54,2 mn) to reach €650,9 mn (€596,7 mn during the first four months of 2018), and property income recorded a €35,4 mn increase to register an income of €83,0 mn during the same period (as compared to €47,6 mn in January-April of 2018).
On the contrary, revenue for the sale of goods and services recorded a decrease of €12,1 mn and were confined to €152,9 mn during the period of January-April of the current year, since this revenue totalled €165,0 mn during the corresponding period of last year.
A small reduction amounting to €2,3 mn (-0,2%) was recorded by the revenue received from taxes on production and imports, which amounted to €1.062,4 mn during the first four months of 2019. However, net VAT revenue registered an increase of €8,0 mn and reached €690,9 mn in 2019, as compared to €682,9 mn received in 2018.
Finally, current transfers received were decreased slightly by €1,9 mn and were confined to €54,8 mn during the first four months of 2019.
Cyprus Fiscal Development (Post-programme Surveillance)