Fiscal surplus rises to €429.2m in the first nine months, Cystat says

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By Stelios Orphanides

The government generated a fiscal surplus of €429.2m on a cash basis in the first nine months, against a surplus of €143.4m in the same period of 2016, the statistical service said.

The increase was mainly due to higher revenues, up by €430m, in the first nine months of the year to €5.2bn, Cystat said in a statement on its website on Tuesday. Total expenditure rose by €78m, to €4.8bn.

Indirect and direct tax revenue rose by €217m and €42m, to €2.1bn and €1.5bn respectively. Social security contributions rose by €78m, to €837.6m.

Expenditure rose mainly on a €44m increase in interest payments in the first nine months of the year, to €445.7m, and government bond buybacks in the previous months, Cystat said. Wages and salaries rose by €38m and spending for goods and services rose by €30m, to €1.2bn and €289.9m respectively. Subsidies dropped by €35m, to €48.5m.

The primary surplus which reflects the difference of revenue and spending minus interest payments on public debt, rose from €518.9m in the first three quarters of 2016, to €824.6m in January to September this year, Cystat said.

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About Author

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

  • Eye on Cyprus

    “The government generated a fiscal surplus of €429.2m on a cash basis . . .”
    The government generated? No
    The government skimmed off? Yes

    • SuzieQ

      I think the time is right for me to acquire one of these NPLs that everyone is talking about.

      • Eye on Cyprus

        I’ll be Guarantor (Tee! Hee!) for yours; if you’ll be Guarantor for mine. No risks associated, of course.

        • SuzieQ

          That’s a deal!

  • AnalogMind

    Very good.

  • Cydee

    Well well, everything appears to be rosy on the run-up to the election.