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Ministry of Finance, Statistical Service



31/12/2018
Latest Figures: Quarterly Accounts of General Government, 3rd Quarter 2018

On the basis of the preliminary data on the General Government accounts for July-September 2018, which are compiled in accordance to EU concepts and definitions (ESA 2010), total revenue amounted €2.163,6 mn (6,5% increase as compared to the corresponding period of 2017), while total expenditure reached €1.720,8 mn (3,3% increase), resulting in a surplus of €442,8 mn as compared to a surplus of €366,7 mn in the corresponding period of the previous year.

The main categories of revenue for the period July-September 2018 were: taxes on production and imports €854,7 mn (11,1% increase as compared to the third quarter of 2017), of which net VAT was €535,3 mn (14,6% increase), taxes on income and wealth €632,5 mn (0,4% increase), and social contributions €444,9 mn (10,3% increase). Revenue from the sale of goods and services reached €152,9 mn registering an increase of 9,3% as compared to the corresponding period of the previous year.

The main categories of expenditure for the period July-September 2018 were: social transfers €605,6 mn (3,7% increase compared to the corresponding period of 2017), and compensation of employees (including imputed social contributions and pensions of civil servants) €572,5 mn (5,0% increase). The capital account recorded an expenditure of €102,9 mn (€90,2 mn investments and €12,7 mn capital transfers) as compared to €98,4 mn in 2017 (€91,6 mn investments and €6,8 mn capital transfers), an increase of 4,6% as compared to the corresponding period of last year. Intermediate consumption reached €174,7 mn (15,8% increase as compared to the corresponding period of the previous year).

NOTE:
Given the complexity of the operation regarding the restructuring of the Cyprus Cooperative Bank Ltd (CCB) and the resulting need for detailed information, the impact on net lending/net borrowing is still being investigated by CYSTAT and Eurostat and will be incorporated in the General Government accounts in due time.


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