Cyprus Mail
Cyprus

Government posts fiscal surplus of 0.4% of GDP in 2016 (update)

The Cypriot government generated a fiscal surplus of €64.4m, or 0.4 per cent of economic output, in 2016, after posting deficits over the past in eight years, the statistical service said.

Improved fiscal performance was on a 1.5 per cent increase in revenue last year to over €7bn, accompanied by a 2.4 per cent drop in spending to below €7bn, Cystat said in a statement on its website on Monday.

The government posted a fiscal surplus of €146.3m in the first quarter and a deficit of €188.7m from April to June, Cystat said. In the third and fourth quarters, the budget produced a surplus of €185.8m and a deficit of €79m respectively.

In 2015 and 2014, when the government had posted fiscal shortfalls of €208.9m and €1.5bn, or 1.2 per cent and 8.8 per cent respectively, it was mainly on capital assistance extended to the Cooperative banking sector.
Until October, the government was expecting to generate a fiscal deficit of 0.3 per cent of the economy last year.

According to a Eurostat statement published also on Monday, Cyprus was among the best fiscal achievers in the 19-member currency bloc last year. Luxembourg generated the largest fiscal surplus of 1.6 per cent of gross domestic product, followed by Malta with 1 per cent, Germany and Greece with 0.8 per cent and 0.7 per cent respectively. The Netherlands also generated a fiscal deficit of 0.4 per cent.



Related posts

Fraud suspect wanted by Russia arrested in Limassol

Elias Hazou

Laws passed against sexism, and bullying in schools

Elias Hazou

House passes animal welfare law, beefs up protections and fines  

Gina Agapiou

Coronavirus: one death, 220 new cases announced on Thursday (Update)

Elias Hazou

Coronavirus: one death, 220 new cases announced on Thursday

Elias Hazou

European Parliament denounces Turkish side’s decision to open Varosha

Elias Hazou