CYPRUS: General government records €147.2 mln surplus in Q1

The General Government accounts recorded a surplus of EUR 147.2 mln in the first quarter of the year, compared to a deficit of EUR 19.0 mln in the corresponding period of the previous year, the Statistical Service said on Monday.

 
On the basis of preliminary data, the total revenue amounted to EUR 1,626.8 mln, up 8.4% compared to the corresponding period of 2015, while total expenditure reached EUR 1,479.6 mln, down by 2.7%, the Statistical Service announced.
The main categories of revenue for the period of January-March were: taxes on production and imports EUR 604.2 mln (0.2% increase as compared to the corresponding quarter of 2015), of which VAT was EUR 334.1 mln (4.9% decrease), and taxes on income and wealth EUR 386.8 mln (1.5% increase). Revenue from sales of goods and services increased by 1.6%, compared to the corresponding period of the previous year reaching EUR 106.8 mln.
The main categories of expenditure for the period were: social transfers EUR 587.4 mln (7.9% increase), and compensation of employees (including imputed social contributions and pensions of civil servants) of EUR 500.1 mln (5.2% decrease). Intermediate consumption reached EUR 118.7 mln (1.5% increase as compared to the corresponding period of the previous year).