Cyprus records first quarter surplus

Cyprus recorded a fiscal surplus of CYP 73.4 mln in the first three months of 2007 compared to a deficit of CYP 14.4 mln recorded in the same period in 2006, according to the Ministry of Finance. The fiscal surplus as a percentage of GDP reached 0.83% in the period January – March 2007 compared to a deficit of 0.17% in the same period in the prior year.

According to the Ministry of Finance, the Public Debt for the period January –March 2007 increased by 11.9% compared to the corresponding 2006 period. Total expenditure reached CYP 756.1 mln (vs. 675.7 1Q07), while total revenue for the same period amounted to CYP 829.5 mln (+25.4% YoY).

According to the Ministry of Finance, fiscal deficit for 2007 is expected to reach 1.9%, whilst the EU forecasts the deficit to reach 2.1%.