Cyprus Mail
Business Cyprus

Fiscal deficit reduced by €198m in second quarter of 2014

THE fiscal deficit was reduced by €198m in the second quarter of 2014 compared with the same period in 2013, mainly as a result of a significant decrease of expenditure on civil servants compensation and a decrease in social benefits.

According to data released by the statistical service, on the basis of the preliminary data on the General Government accounts for the period April-June 2014, total revenue amounted to €1612.2m – a 1.0 per cent increase compared to the corresponding period of 2013 – while total expenditure reached €1623.8m, – a 10.1 per cent decrease – resulting in a deficit of €11.6m compared to €209.5m in the corresponding period of the previous year.

The main categories of revenue for the period April-June 2014 were: taxes on production and imports €579.8m – a 17.2 per cent decrease – of which VAT was €335.4m (a 18.5 per cent decrease), taxes on income and wealth €302.9m – a 17.4 per cent decrease.

Revenue from sales of goods and services increased by 7.0 per cent compared to the corresponding period of the previous year reaching €99.6m.

During the period April-June 2014, revenue from dividends amounted to €181.4m compared to €89.4m received during 2013 and recorded in the period January-March 2013.
The main categories of expenditure for the period April-June 2014 were: compensation of employees – including imputed social contributions and pensions of civil servants – €527.3m – a 9.4 per cent decrease – and social transfers €669.3m – an 11.5 per cent decrease. Current transfers reached €78.1m, a 17.3 per cent decrease.

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