InsiderEconomy€677 million in development spending untapped in 2018

€677 million in development spending untapped in 2018

Development spending in Cyprus in 2018 was restricted to 69% of what was budgeted compared to 71% in 2017, according to figures released on Thursday by the Treasury.

The budget provided for projects worth €819.3 million in 2018, but the actual spending was €565.8. In addition, capital expenditure was 63% of the budgeted amount – €354.2 million instead of €563.6 million.

Actual revenue reached €6.4 billion and accounted for 101% of what was projected. That is, it marginally surpassed state estimations. Of these, direct taxes amounted to €, indirect to €3.171.323.644 and interest income to €40.935.574. These revenues (interest income) exceeded estimates since they reached 298% of the expected amount. But grants were lower than those estimated (69%) at €99,905,277.

Respectively, general expenditure was implemented at 90% of the budget, which was €6.2 billion compared to €6.87 approved. €677 million remained on paper as they were not claimed. The lowest implementation rates were the 46% (€42.6 million) for the Directorate General for Education and Science, 75% (€32.2 million) for the Treasury and for the Ministry for Energy 79% (€52 million).

The most expensive ministries were those of Labour and of Education with a cost exceeding €1 billion each. Specifically, the Labour Ministry implemented 95% of the budget (€1,018,266,494) and that of Education 96% (€1,031,459,711).

As for spending categories, officials received an income of €10.4 million and public servants €1.78 billion, with the budget implementation rate being at 96%. For government personnel paid by the hour, the state spends €217.5 million, with the implementation rate reaching 92%. For pensions and gratuities the state paid €608.4 million (94%).

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