Cyprus Mail
Business

Government generates a €102.7m fiscal surplus in January

The government posted a €102.7m budget surplus on a cash basis in January compared to €83.1m in the respective month of 2015 mainly on reduced expenditure, the finance ministry said.

Overall expenditure fell by €42 million euros or an annual 8.7 per cent to €440.3m in January outstripping a drop in revenue, the finance ministry said in a statement on its website. Total revenue fell by €24m or 4.3 per cent to €535.2m.

The overall drop in government spending in January was on a 17 per cent annual drop in current transfers to €116.3m or by €23m and an 88 per cent drop in subsidies or €19m to €2.8m, the statement said.

The reduced revenue resulted mainly from a 3.7 per cent annual decline in direct revenue or €8m and a 19 per cent drop or also by €8m in non-tax revenue to €33m, the finance ministry said.

The government also generated a primary surplus, which excludes interest payments, of €115.6m in January, compared to €99.1m a year before, the statement said. Interest payments fell by €7m to €12.2m.

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