General Government Accounts Record Surplus in Q3

15/11/2019

General Government accounts for July-September 2019 recorded a surplus of €394.5 mn as compared to a deficit of €1,221.6 mn in the corresponding period of the previous year, according to the Statistical Service of Cyprus.  The surplus for the nine months of 2019 amounted to € 1013.5 million.

On the basis of the preliminary data on the, which are compiled in accordance to EU concepts and definitions (ESA 2010), total revenue amounted €2,478.0 mn, while total expenditure reached €2,083.5 mn.
 
The main categories of revenue for the period July-September 2019 were: taxes on production and imports €920.8 mn (12.5% increase as compared to the third quarter of 2018), of which net VAT was €595.8 mn (21.1% increase), taxes on income and wealth €698.0 mn (10.2% increase), and social contributions €620.5 mn (39.2% increase). Revenue from the sale of goods and services reached €161.7 mn registering an increase of 2.5% as compared to the corresponding period of the previous year.

The main categories of expenditure for the period July-September 2019 were: social transfers €757.4 mn (25.0% increase as compared to the corresponding period of 2018), and compensation of employees (including imputed social contributions and pensions of civil servants) €641.2 mn (10.7% increase). Intermediate consumption reached €228.0 mn (32.7% increase as compared to the corresponding period of the previous year).