Cyprus records CYP 83.2 mln fiscal surplus in H1

Cyprus recorded a small fiscal surplus in the first half of 2007 according to preliminary data on the general government accounts for the period January-June 2007, compiled in accordance to EU concepts and definitions.
Total revenue amounted to CYP 1,834.4 mln (17.8% increase compared to the corresponding period of 2006), while total expenditure reached CYP 1,751.2 mln, (8.2% increase), resulting in a surplus of CYP 83.2 mln as compared to a CYP 60.9 mln deficit in the corresponding period of the previous year.
The main categories of revenue for the period April-June 2007 were: taxes on production and imports CYP 418.0 mln (11% increase), of which VAT was CYP 234.9 mln (10.2% increase), taxes on income and wealth CYP 209.8 mln (30.3% increase).
Revenue from sales of goods and services increased by 24.8% as compared to the corresponding period of the previous year.
The main categories of expenditure for the period April-June 2007 were: compensation of employees CYP 307.9 mln (5% increase), and social transfers CYP 279.9 mln (13.8% increase), current transfers reached CYP 84.7 mln (27.0% increase).
Negative growth rates were observed in the categories of capital formation (30.5% decrease) and intermediate consumption (14.7% decrease).