ECONOMY: Cyprus records a government surplus of 3.7% GDP

Cyprus recorded a General Government surplus of €769.7 mln, or 3.7% of GDP, in the nine-month period January-September 2018, according to official data.

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The surplus during the same period last year was (2.2% of GDP) or €431.2 mln.

Total expenditure for the period of January-September increased 2.4% to €117.2 mln compared to €5.05 bln from €4.93 bln.

Social benefits increased by €55.5 mln (3%) to reach €1.918 bln from €1.86 bln in 2017.

Investment rose €12.6 mln to reach €227.8 mln.

Total revenue increased by 8.5% (€455.7 mln) to total €5.82 bln during the first nine months from €5.37 bln in 2017.

All revenue categories, except from the categories of property income and current transfers, were in positive territory.

Taxes on production and imports registered a 12% increase on 2017, reaching €2.42 bln in 2018 from €2.16 bln in 2017), of which net VAT revenue was up 19.5%, to €1.51 bln from €1.26 bln.

Taxes on income and wealth rose by €64.1 mln (5%) to €1.35 bln during the first nine months of 2018 against €1.29 bln in 2017, while revenue from the sale of goods and services increased by €32.4 mln and totalled €408.4 mln.

Property income recorded a 32% decrease and was down to €72.7 mln from €107 mln in 2017.