Cyprus deficit narrows in Q3

The release of the General Government accounts for the period July -September 2005, compiled in accordance to E.U concepts and definitions, shows that total revenue amounted to CYP 803.8 mln (20.9% increase in relation to the third quarter of 2004) while total expenditure reached CYP 832.2 mln (8,3% increase). This helped lower the deficit of CYP 28.4 mln compared to a deficit of CYP 103.4 mln during the third quarter of 2004, the Department of Statistics announced.

For the period January-September 2005 total revenue amounted to CYP 2.297.3 mln and total expenditure amounted to CYP 2.288.6 mln resulting to a surplus of CYP 8.7 mln (0,1% of GDP), compared to a deficit of CYP 201.4 mln (-2.8% of GDP) during the corresponding period (Jan.-Sept.) of 2004.

The main categories of revenue for the period Jan-September 2005 were: taxes on production and imports CYP 952.9 mln (11,6% increase), of which VAT was CYP 560.2 mln (increase 16,6%), taxes on income and wealth CYP 515.7 mln (22,7% increase), social contributions CYP 429.6 mln (2,7% increase).

The main categories of expenditure for the first nine months of 2005 were: compensation of employees CYP 808.6 mln (2,9% increase), and social transfers CYP 643.3 mln (10,4% increase).