ECONOMY: Cyprus posts fiscal surplus of 3.2% of GDP in first seven months

Cyprus posted a fiscal surplus of €695.8 mln or 3.2% of GDP from January – July 2019, compared to €488.5 mln the same period last year, according to official data.

Total spending rose by 8.7% while total revenue increased by 12.4% year on year.

Total expenditure for the first seven months of 2019 recorded an increase of €345.9 mln (+8,7%) reaching €4.33 bln (€3.98 bln in 2018).

Social benefits recorded the biggest increase (€143,8 mln or 9,5%) to €1.66 bln compared to €1.51 bln in January-July 2018.

The compensation of employees (including imputed social contributions and pensions of civil servants) also recorded a considerable increase (€125.6 mln or 9,7%) and reached €1.419 bln (as compared to €1.29 bln in January-July 2018).

Intermediate consumption increased by €71.5 mln to €441.7 mln from €370.2 mln in the same period last year.

Revenue from taxes on income and wealth also increased significantly (by €101.9 mln) and reached €1.06 bln from €958.2 mln in 2018.

Revenue received from taxes on production and imports rose €44 mln to €1.94 bln from €1.89 bln. However, net VAT revenue registered an increase of €60.4 mln to €1.24 bln from €1.18 bln last year.

Property income increased €22 mln to reach €92.5 mln from €70.5mln.