Budget yields €367m surplus in Q3

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By Stelios Orphanides

The government generated a fiscal surplus of €366.7m in the third quarter, while in the respective period last year revenue exceeded spending by €185.8m, the statistical service said.
Total revenue rose 12 per cent in July to September compared with the respective quarter of 2016 to €2bn while spending rose 2 per cent to well below €1.7bn, Cystat said in a statement on its website on Tuesday.

Revenue from tax on production and imports rose in the third quarter an annual 10 per cent to €759m, which includes €466.9m in value added tax (VAT) which is 14 per cent more, while revenue from tax on income and wealth rose 14 per cent to €633.2m, Cystat said. Social security contributions rose 11 per cent to €403.3m and revenue from the sale of services rose 20 per cent to €127.4m.

From July to September, welfare spending rose 2.4 per cent to €584.1m compared with the respective period last year, while the payroll, including social contributions and pensions for civil servants rose 4.1 per cent to €545.2m, Cystat said. Intermediary consumption rose 2.6 per cent to €154m.

From January to September, the government posted a fiscal surplus of €429.2m, or roughly 2.3 per cent of the economy, against a forecast surplus of 0.9 per cent of the economy for the entire year.

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About Author

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

  • Benny bumble

    Just in time for Nic,s great Christmas/ election goody bag .

  • dave

    Is this before or after payment of interest and principal on government borrowings?

  • AnalogMind

    Bravo Cyprus!