Insider Economy General Government surplus up by €111 million in Q1 2019

General Government surplus up by €111 million in Q1 2019

The General Government surplus increased by €111 million in the period January-March 2019, based on the preliminary data of the General Government accounts for January-March 2019, which are compiled in accordance to EU concepts and definitions (ESA 2010).

As announced by the Statistical Service of Cyprus, total revenue amounted €2.092.0 b, while total expenditure reached €1.6396 b, resulting in a surplus of €452.4 m as compared to a surplus of €341.6 m in the corresponding period of the previous year.

The main categories of revenue for the period January-March 2019 were: taxes on production and imports €779.0 m (0.8% decrease as compared to the first quarter of 2018), of which net VAT was €507.6 m (3.7% increase), taxes on income and wealth €494.4 m (10.5% increase), and social contributions €484.8 m (11.9% increase). Revenue from the sale of goods and services reached €126.9 m registering an increase of 10.4% as compared to the corresponding period of the previous year.

The main categories of expenditure for the period January-March 2019 were: social transfers €613.0 m (2.5% increase as compared to the corresponding period of 2018), and compensation of employees (including imputed social contributions and pensions of civil servants) €586.9 m (6.3% increase). Intermediate consumption reached €144.6 m (12.3% increase as compared to the corresponding period of the previous year).

(Cyprus News Agency)

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