Cyprus Mail

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.

Related posts

Lawmakers probe timeline of NatWest money laundering investigation

Reuters News Service

EU court backs Lufthansa, easyJet deals over Air Berlin assets

Reuters News Service

Bitcoin sits below all-time high after US ETF debut

Reuters News Service

New name for Facebook as it sets sights on metaverse

Reuters News Service

Fail whilst trying to change the world

CM Guest Columnist

‘Squid Game’ frenzy helps Netflix top subscriber targets

Reuters News Service