Government Total Revenue Increases By 11% in Q2 2017

16/08/2017
On the basis of the preliminary data on the General Government accounts for April-June 2017 published by the Statistical Service of Cyprus, total revenue amounted €1,633.0 mn, 11.0% increase as compared to the corresponding period of 2016, while total expenditure reached €1,771.4 mn, 6.7% increase, resulting in a deficit of €138.4 mn as compared to a deficit of €188.7 mn in the corresponding period of the previous year.

The main categories of revenue for the period April-June 2017 were taxes on production and imports €710.9 mn (12.7% increase as compared to the first quarter of 2016), of which VAT was €407.9 mn (9.6% increase), social contributions €401.3 mn (9.0% increase), and taxes on income and wealth €259.9 mn (8.1% decrease). Revenue from sales of goods and services reached €147.5 mn registering an increase of 25.7% as compared to the corresponding period of the previous year.

The main categories of expenditure for the period April-June 2017 were social transfers €685.8 mn (4.4% increase compared to the corresponding period of 2016), and compensation of employees (including imputed social contributions and pensions of civil servants) €558.3 mn (6.7% increase). Intermediate consumption reached €178.0 mn (29.5% increase as compared to the corresponding period of the previous year).



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