Cyprus Mail

Government generates €190m surplus in first four months

The government generated in the first four months of the year a fiscal surplus of €189.9m on a cash basis against a surplus of €99.4m in the respective period of 2014, the finance ministry said.

The January-to-April surplus was mainly on increased revenue, which rose by €130m, to just under €2.2bn compared with the previous year, the finance ministry said in a statement on its website on Tuesday. Total spending dropped by €59m to €1.9bn.

While direct taxes in the first four months of the year dropped by €15m compared with the respective period of 2016 to €586.9m, the decrease was more than offset mainly by a €100m increase in indirect taxes to €897.1m and a €39m rise in social security contributions to €365.4m, the ministry said.

The drop in spending from January to April was mainly a result of a €66m annual decline in current transfers to €422.5m, a €22m and €15m decrease in subsidies and social security payments to €26.9m and €474.3m respectively, the ministry said. Wages and salaries rose by €12m to €535.6m and expenditure on goods and services rose by €10m to €103.9m.

The primary surplus, which is the difference between total revenue and spending excluding interest payments -they fell by €3m to €105.3m- rose to €292.5m in January to April compared to €200m in the respective period of 2016, the ministry said.

Related Posts

Coronavirus: €4,000 fine for working without SafePass

Staff Reporter

Growing chagrin over new port charges

Jonathan Shkurko

Reduce your impact on the planet, one meal at a time

Alix Norman

Cyprus property prices go up due to strong apartment demand

Kyriacos Nicolaou

Cyprus Business Now

Kyriacos Nicolaou

Scam warnings issued by tax department and postal service

Staff Reporter