Government generates €297m budget surplus in Q1

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By Stelios Orphanides

The government generated a fiscal surplus of €297.3m in the first three months of the year, compared to a surplus of €166.3m in the respective quarter of 2017, the statistical service said.

In January to March, total government revenue rose an annual 9.5 per cent, to €1.9bn, while total spending rose 2 per cent, to €1.6bn, Cystat said in a statement on its website on Tuesay.

Revenue from tax on production rose in the first three months of the year an annual 15 per cent,to €743.2m, value added tax (VAT) 25 per cent, to €450.4m, tax on income and wealth 11 per cent, to €447.5m, and social contributions 3.2 per cent, to €433.3m, Cystat said. Revenue from the sale of services rose 11 per cent, to €126.4m.

On the other hand, staff cost and social spending rose 6.1 per cent, to €552m, and 0.8 per cent, to €598.3m, in January to March, compared to the previous year, Cystat said. The government spent €58.4m on investment in the first three months of 2018 compared to €64.4m in the first quarter of 2017, and €9.1m on capital transfers compared to €9.4m. Intermediate consumption rose 4 per cent, to €100.8m.

 

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About Author

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

  • Disruptive

    Troika will be very happy…

  • andyspencer

    Presumably this ‘profit’ will be given to the Russians/Europeans to offset some of our debt.

    • Geo

      It has been for a while now. Actually the debt percentage to GPD is now on par with the UK at approx 90%.

  • Wanderer

    Good. So, time to cut some taxes back, right?

  • Bob Ellis

    As usual, the normal accoujtancy flim flam of old. Where will we get the money to bail out the co-op/BoC/Alpha/Helenic/USB etc ? We all know the taxpayer will yet again pay, but how many reporting ‘surpluses’ will it take to fill that bottomless pit ? If indeed, the surplus really exists.

  • Philippos

    WRONG ! WE paid more in taxes than the Government squandered in this quarter, for a change!