Cyprus Mail

Government posts fiscal surplus of 0.8% of GDP in Q1

The government generated a fiscal surplus of €147.2 or 0.8 per cent of gross domestic product in the first quarter of the year mainly on increased revenue compared to a €19m deficit a year before, the statistical service said.

Total revenue in the first three months of the year rose 8.4 per cent to over €1.6bn while revenue fell an annual 2.7 per cent to below €1.5bn, Cystat said in a statement on its website on Monday.

Revenue from taxes on production rose in the first three months of the year an annual 0.2 per cent to €604.2m, which includes €334.1m in value added tax revenues which fell 4.9 per cent, €386.8m from taxes on income, which rose 1.5 per cent, Cystat said. In addition, revenue from the sale of services rose 1.6 per cent to €106.8m.

In January to March, expenditure on social benefits rose 7.9 per cent compared to the respective quarter of 2015, while the public payroll including social contributions fell 5.2 per cent to €500.1m, Cystat added. Intermediary consumption rose 1.5 per cent to €118.7m.

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