Cyprus Mail

Government posts a 0.4% budget gap in January to April

By Stelios Orphanides

Cyprus posted a €64.3m budget gap on a cash basis in the first four months of the year which accounts for 0.4 per cent of gross domestic product compared to a 0.8 per cent surplus in the respective 2014 period, the finance ministry said.

The fiscal deterioration in January to April resulted mainly from an 11 per cent drop in public revenue to €1.9bn compared to a year before, as public spending fell 2.2 per cent to below €2bn, the finance ministry said in a statement on its website today.

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