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.