Cyprus records surplus in January

Cyprus has recorded a surplus in January on state finances. According to the April Monetary Policy Report on Public Finances issued by the Central Bank of Cyprus, total revenues and grants for January 2007 amounted to CYP 267.2 mln, for a 21.5% YoY increase, while total expenditure increased by 17% YoY to CYP 238.7 mln.

The main categories of income for January 2007 were: direct taxes (+35.8% YoY to 104.2 mln), indirect taxes (+21.8% YoY to CYP 117.2 mln) and social security contributions (-8.8% YoY to CYP 19.6 mln).

The main categories of expenditure for January 2007 were: current expenditure (+16.9% YoY to CYP 234.7 mln) and capital expenditure (+24.2% YoY to CYP 4.1 mln).

Consequently, Public Finances for January 2007 recorded a surplus of CYP 28.5 mln or 0.3% of GDP compared to a surplus of CYP 15.8 mln or 0.2% of GDP in the corresponding 2006 period.