Surplus for the first time in 7 years

26/04/2017
Preliminary data on the General Government accounts for 2016 showed that the annual public sector balance registered a surplus of €64,4 mn, that corresponds to 0,4% of GDP, the Statistical Service of Cyprus announced on Monday.

This is the first time in the past seven years that the public sector balance records a surplus, the last time was in 2008. Total expenditure decreased by 2,4% (€6.955,0 mn) and total revenue increased by 1,5% (€7.019,4 mn) as compared to 2015, Cystat said. In addition, the general government`s primary balance, excluding debt servicing, reached a surplus of €529,1 million in 2016.

This is the second consecutive year that a primary surplus is recorded, after the deficits of the period 2009-2014. For the period October-December 2016, total revenue amounted €2.102,1 mn (6,5% increase as compared to the corresponding period of 2015), while total expenditure reached €2.181,1 mn (5,0% decrease), resulting in a deficit of €79,0 mn as compared to a deficit of €320,8 mn in the corresponding period of the previous year. The main categories of revenue for the period October-December 2016 were: taxes on production and imports €799,1 mn (17,0% increase as compared to the last quarter of 2015), of which VAT was €547,8 mn (29,2% increase), taxes on income and wealth €516,3 mn (7,9% decrease) and social contributions €421,0 mn (4,9% increase). Revenue from sales of goods and services increased by 29,8% as compared to the corresponding period of the previous year reaching €197,1 mn.

The main categories of expenditure for the period October-December 2016 were: social transfers €748,7 mn (2,7% increase compared to the corresponding period of 2015), and compensation of employees (including imputed social contributions and pensions of civil servants) €696,8 mn (2,4% increase). Intermediate consumption reached €239,3 mn (2,3% increase as compared to the corresponding period of the previous year). The decrease in total expenditure is mainly attributed to the sharp decrease in current and capital transfers, -30,1% and -85,5% respectively.

 


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