Cyprus Mail
Business Cyprus

Government collects 57% of budget’s revenue in seven months, Treasury says

The central government’s revenue in the first seven months of the year rose by €438m, to almost €3.5bn, on a cash basis, compared to the respective period last year, the Treasury said.

Total government expenditure rose by €165.7m in January to July, to below €3.5bn, compared to the respective seven-month period of 2017, the Treasury said in a statement on its website.

In the first seven months of the year, tThe central government, excluding municipalities and other public entities, has collected 57 per cent of 2017’s expected revenue of over €6bn, the Treasury said. last year’s revenues reached €5.7bn.

In January to July, the government spent 51 per cent of the €6.7bn budgeted for this year, against €3.3bn sent in the respective period of 2016, and €6.1bn in 2016, the Treasury said.

In the first seven months of the year, the government collected 54 per cent of expected revenue from direct taxes for the year — under €1.2bn — and 61 per cent of expected indirect taxes, or €1.8bn.

The government spent a total of €138.8m in capital expenditure in the first seven months, which accounts for 25 per cent of the budgeted amount, €92.9m in other investment projects, or for four-tenths of the budget.

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