Cyprus Mail
Business Cyprus

Cyprus Fiscal deficit for Q2 2013 reduced to €225.5 million

CYPRUS’ fiscal deficit for the second quarter (Q2) of 2013 declined to €225.6 million compared with €409.4 million in Q2 2012, according to data released on Friday by the Statistical Service (CyStat).

For the first half of 2013, the fiscal deficit was limited to €202.9 million compared with €557.4 million in the first half of the previous year.

Total revenues for the first half of the current year declined to €3.0 million compared with €3.3 million in the corresponding period of 2012 amid the deep recession.

Total expenditure on the other hand for the first six months of 2013 marked a significant decline to €3.2 million from 3.8 million in the first half of 2012.

The main categories of income for the second quarter ending April 2013 were taxes on production and imports that reached €704.9 million, up by 13.6 per cent compared with Q2 of 2012, of which VAT receipts reached €411.6 million (+14.5 per cent), income and wealth tax €369.8 million (+23.9 per cent). Income from services declined by 5.8 per cent to €103.7 million.

The key expenditure categories were personnel salaries with €580 million, marking a reduction of 10.6 per cent compared with 2012 and social transfers 756.3 million (up by 8.2 per cent). Current transfers reached €108.6 million (down by 3.3 per cent). Capital formation declined by 43.3 per cent.

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