Cyprus Mail

State records minor surplus in April

By Staff Reporter

THE consolidated accounts of the central government recorded a surplus in April 2014, covering the previous month’s 0.12 per cent deficit that corresponds to €18.95 million.

According to finance ministry data, a 0.86 per cent surplus, or €135.7m, was recorded in the first quarter of 2014.

By comparison, the surplus in the corresponding period of 2013 was 0.11 per cent or €18.23m.
The primary surplus for the first quarter stood at €280.8m, compared with €204.6m in the same period last year.

State revenues increased in the first quarter of the year reaching €2.12 billion, from €2.1b in 2013, while public expenditure dropped to €2b, from €2.09b in the same period last year.

Tax revenue reached €1.72b, from €1.66b, with direct taxes reaching to €651.74m, from €620.97m.

Indirect taxes rose to €763.24m, compared with €726.05mn.

VAT revenues also grew by 4.32 per cent to €451.02m, while income tax revenue declined by 13.06 per cent to €239.08m.

Expenditures from wages and salaries dropped between January and April 2014 by 4.69 per cent to €529.4m, compared with €555.46m in the first quarter of 2013.

Social security payments reached €482.33m, up from €458.88m, while payments for pensions fell from €209.01m to €191.34m.

Finally, interest payments fell by 22.13 per cent to €145.09m in the first quarter of 2014, compared with €186.33m in 2013.

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