The preliminary General Government fiscal results for January 2019 prepared by the Statistical Service of Cyprus indicate a surplus of €257.5 m (1,2% of GDP), as compared to a surplus of €255.2 m in the corresponding month of 2018 (also 1.2% of GDP).
According to figures released today, total expenditure for January 2019 recorded an increase of €32.1 m (+6.3%) as compared to January 2018 and reached €544.1 m (€512.0 m in 2018).
Current transfers recorded the biggest increase (€33.7 m) and reached €87.9 m in January 2019 as compared to €54.2 m in January 2018. The compensation of employees (including imputed social contributions and pensions of civil servants) registered an increase of 4.3% or €7.9 m to reach €191.8 m (as opposed to €183.9 m in 2018).
A smaller increase was exhibited by subsidies (€2.2 m) that reached €2.7 m and by investment (€2.5 m) that reached €9.1 m as opposed to €6.6 m. in January 2018. Excluding land annexations, that are included in investment, a decrease of €3.1 m is observed (€1.7 m. in 2019 as compared to €4.8 m. in 2018). Lastly, social benefits increased slightly by €1.6 m. in 2019 to reach €203.8 m.
The remaining three expenditure categories recorded a decrease. Specifically, intermediate consumption was reduced by €11.1 m. and was confined to €24.6 m. (as opposed to €35.7 m. in January of 2018). Payable interest decreased by €3.6 m. to record an expenditure of €22.2 m. (€25.8 m. in January 2018) and capital transfers decreased by €1.1 m.to total €2.0 m..
Total revenue increased by 4.5%, that is €34.4 m, to reach €801.6 m. during the first month of 2019 (€767.2 m. in the corresponding month of 2018).
Specifically, taxes on income and wealth increased by €26.5 m. (11,5%) and reached €256.7 m. in January 2019 in comparison to €230.2 m. in January of 2018. Revenue from the sale of goods and services increased by €6.7 m. and totalled €48.2 m. and capital transfers received by the State were increased by €3.9 m. and reached €5.3 m.. The only remaining category that recorded an increase during January 2019 is that of social contributions collected by the State that increased by 1,9% (€3.4 m.) to reach €182.5 m., as opposed to €179.1 m in January of 2018.
Revenue from the remaining categories recorded a decrease. Current transfers received were decreased by €3.9 m and were confined to €8.1 m, while property income recorded a €1.5 m decrease to register an income of €1.8 m during January of 2019 (€3.3 m in January of 2018).
Total revenue from taxes on production and imports registered a marginal decrease of €0.7 m when compared to the January 2018 receipts (€299.0 m. in 2019 and €2997 m. in 2018), of which net VAT revenue decreased by 4.2%, which corresponds to €8.0 m, to total €183.0 m. in January of 2019 (in comparison to €191.0 m. in 2018).
(Cyprus News Agency)