Insider Economy General Government's deficit at €277.4 m in Q4 2019

General Government’s deficit at €277.4 m in Q4 2019

The General Government’s deficit increased by €104.4 million in the fourth quarter of 2019 on an annual basis, the Cyprus Statistical Service announced on Wednesday.

On the basis of the preliminary data on the General Government accounts for October-December 2019, which are compiled in accordance to EU concepts and definitions (ESA 2010), total revenue amounted €2,534.9 m, while total expenditure reached €2,812.3 m, resulting in a deficit of €277.4 m, as compared to a deficit of €173.0 m in the corresponding period of the previous year.

The main categories of revenue for the period October-December 2019 were: taxes on production and imports €792.6 m (2,5% decrease as compared to the fourth quarter of 2018), of which net VAT was €471.1 m (4.5% decrease, which is attributed to the payment of tax arrears to the Government, from €188 m in 2018 to €118 m in 2019), taxes on income and wealth €581.8 m (2.9% increase), and social contributions €638.3 m (25,6% increase). Revenue from the sale of goods and services reached €330.0 m registering an increase of 33.3% as compared to the corresponding period of the previous year.

The main categories of expenditure for the period October-December 2019 were: social transfers €856.6 m (8.4% increase compared to the corresponding period of 2018) and compensation of employees (including imputed social contributions and pensions of civil servants) €877.2 m (10.0% increase). The capital account recorded an expenditure of €234.1 m (€204.0 m investment and €30.1 m capital transfers) as compared to €305.5 m during the corresponding period of 2018 (€277.5 m investment and €28.0 m capital transfers) registering a decrease of 23.4%. Intermediate consumption reached €476.8 m (52.9% increase as compared to the corresponding period of the previous year).

Increased amounts in specific categories of revenue and expenditure are partly attributed to the implementation of the National Health System as of 01.03.2019.

Annual Fiscal Balance

After the completion of the fourth quarter of fiscal accounts, the annual fiscal balance exhibited a surplus of €380.4 m, which corresponds to 1.7% of GDP. Total expenditure decreased by 5.6% (€8,667.0 m) and total revenue increased by 7.6% (€9,047.4 m) as compared to 2018.

Top Stories

Joint Declaration of the 8th Cyprus – Egypt – Greece Trilateral Summit

We, Nicos Anastasiades, the President of the Republic of Cyprus, Abdel Fattah El-Sisi, the President of the Arab Republic of Egypt and Kyriakos Mitsotakis, the...

Mitsotakis-Anastasiadis hope Tatar will proceed with negotiations

Cyprus President, Nicos Anastasiades, and Greek Prime Minister, Kyriakos Mitsotakis, expressed on Wednesday hope that the new Turkish Cypriot leader, Ersin Tatar, will not...

HIO on lack of flu shots at pharmacies

Head of the Health Insurance Organisation's (HIO) drugs team Gnosia Achnioti referred to the issue of the lack of flu shots at pharmacies saying...

Mitsotakis and al- Sisi stress the importance of the Greece-Egypt EEZ demarcation agreement

Greek Prime Minister Kyriakos Mitsotakis has said that demarcation agreement between Greece and Egypt was a guide on how other issues in the Eastern...

New COVID-19 cases in Limassol cause concern

State services have been alert due to the fact that people from the Limassol Court, the Limassol Municipality and another person from the same...


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...


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...