Government generates €200.9m fiscal surplus in Q1

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By Stelios Orphanides

The government generated a fiscal surplus of €200.9m in the first quarter of the year, compared to a surplus of €146.3m a year before, mainly on increased revenue, the statistical service said.

Total revenue rose an annual 4.9 per cent to €1.7bn while spending rose 1.7 per cent to €1.5bn in January to March, Cystat said in a statement on its website on Monday.

Revenue from tax on production and imports rose 13 per cent in the first three months of the year to €680m, value added tax 18 per cent to €395.1m, social security contributions 9.1 per cent to €419.7m, income and wealth tax 0.9 per cent to €402.4m, Cystat said. Revenue from the sale of services dropped 5.3 per cent to €101.1m.

The government spent in January to March €593.5m or 1 per cent more compared to the first quarter of 2016, Cystat said. Total staff expenditure, including social contributions and pensions to civil servants, rose 1.6 per cent to €520.1m and intermediate consumption to 7.8 per cent to €128m.

The government revised last month this year’s budget target from a fiscal deficit of 0.5 per cent to a 0.2 per cent fiscal surplus. Last year, the government generated a fiscal surplus of 0.4 per cent against a forecast of a 0.7 per cent deficit.

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About Author

Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • JS Gost

    More money for AKEL to waste when they come to power next……