Treasury says 2017 government revenue exceeds expectations by 7%

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By Stelios Orphanides

The Treasury said the government’s actual revenues last year rose to €6.5bn from €5.9bn the previous year, against over €6bn provided in the 2017 budget.

Actual spending last year rose to €6.4bn from €6.1bn the year before, against a budget of €7.1bn, the Treasury said in a statement on its website on Thursday.

The more than expected total government revenue which exceeded initial expectations by 7 per cent, was mainly on an 11 per cent annual increase in indirect tax revenue, to €3.2bn, accompanied by a 4 per cent rise direct tax revenue, to €2.2bn, the Treasury said. All figures are on a cash basis.

Most savings resulted from the partial execution of budgeted development projects, according to the Treasury’s statement. While last year’s budget provided for a total of €820.5m in capital expenditure, the government implemented on 71 per cent of the total, or €579.6m.

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