Cyprus Mail
BusinessCyprus

Government posts a €19m fiscal gap in Q2

 

The government generated a fiscal deficit of €18.7 million in the second quarter of 2018 compared to a shortfall of €86.5m in the respective three-month period last year, the statistical service said on Wednesday.

In April to June, public revenue and spending rose 8.1 per cent to €1.8 billion and 0.8 per cent to also €1.8bn respectively compared to a year before, Cystat said.

Tax on production and imports rose in April to June an annual 10 per cent to €778.4m compared to the respective period last year, Cystat said. Value added tax (VAT) revenue, social contributions and income and wealth tax went up 20 per cent to €488.6m, 15 per cent to €460m and 6.3 per cent to €276.4m respectively. Revenue from the sale of services fell 12 per cent to €140.6m.

In the second quarter, social spending and wages and salaries rose 4.3 per cent to €715m and 0.6 per cent to €553.6m respectively, Cystat said. Intermediate consumption rose 1.3 per cent to €176.4m.

In the second quarter, “the capital account recorded an expenditure of €209m compared to €209.9m in (the respective period of) 2017,” which translates to a 0.4 per cent reduction.

In the first six months of the year, the government generated a fiscal surplus of €326.9m.

 

Related Posts

International firm chooses Cyprus because it was ‘top of the list’

Kyriacos Nicolaou

Cyprus Business Now

Kyriacos Nicolaou

Ukraine and what it means for European Union enlargement

CM Guest Columnist

‘Government’s safety polices running on autopilot’

Anna Savva

Man, 22, killed in Limassol road collision

Sarah Ktisti

Woman in Limassol arrested in alleged energy grants scam

Sarah Ktisti