Insider Business Cyprus budget surplus at €437 million in January – October 2018

Cyprus budget surplus at €437 million in January – October 2018

Cyprus recorded a budget surplus amounting to €436.8 million for the period of January – October 2018, mainly driven by indirect taxes which reached €2.6 billion, according to data released by the Treasury of the Republic on budget execution for the first ten months of year.

Indirect taxes (mainly VAT) represented 51.5% of total revenue, that amounted to €5.04 billion for the period of January – October 2018 compared with €5.01 billion in the respective period of 2017. Total revenue amounted to 84% of the revenue budgeted for the whole of the year.

Compared with 2017, indirect taxes marked an increase of 1.5% in January – October 2018 reflecting the acceleration of economic activity.

Revenue from direct taxes in the first ten months of 2018 reached €1.72 billion, marking an increase of 2.34% compared with the respective period of 2017. Revenue from direct taxes amounted to 77% of total direct taxes projected for the year.

In October 2018 state coffers received €472 million in revenue, marking a marginal decrease (€18 million) compared with September 2018 as well compared with October 2017.

Budget expenditure for the period of January – October 2018 amounted to €4.6 billion, reduced by 3.41% compared with the respective period of 2017. Expenditure execution amounted 67% of the total spending projected for the year.

Expenditure for state employees amounted to €1.37 billion, marking an increase of 4.01% compared with the respective period of 2017, whereas welfare state spending, the budget second highest expenditure, amounted to €673.8 million, compared with €663 million in January – October 2017.

Debt servicing expenditure for January – October 2018 declined by 16.7% to €382 million.

The Treasury tables are reported on cash basis and exclude debt collections and debt repayments.

(Cyprus News Agency)

Top Stories

President Anastasides to get the second dose of COVID-19 vaccine next Monday

Cyprus President, Nicos Anastasiades, will receive the second dose of the vaccine against COVID-19, next Monday at the Health Center of Latsia, according to...

Expert says milder version of pandemic likely to be present in 2022

Dr Constantinos Tsioutis, Assistant Professor, Internal Medicine & Infection Prevention and Control at the Department of Medicine of the European University Cyprus and head...

Spain’s COVID-19 incidence climbs above 500 cases per 100,000 people

Increased activity at hospitals and health centres near Madrid was seen on Friday (January 15) as Spain's coronavirus incidence as measured over the past...

Citizens chase burglar and send him to hospital

A 29-year-old man suspected of burglary in the commercial center of Paphos is currently being treated guarded at the Paphos General Hospital after civilians...

Finance Minister: new budget rejection to push Cyprus to default

A new rejection of the 2021 state budget could lead Cyprus to default on its payments, Minister of Finance Costantinos Petrides warned on Friday,...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...