Insider Economy Surplus of 4.8% of GDP according to preliminary General Government fiscal results...

Surplus of 4.8% of GDP according to preliminary General Government fiscal results for January-November 2019 period

The preliminary General Government fiscal results for the period of January-November 2019, which are prepared by the Statistical Service of Cyprus (CYSTAT), indicate a surplus of €1,041.2 mn or 4.8% of GDP as compared to a deficit of €699,1 mln for the corresponding period of 2018 (-3.3% of GDP).

According to the figures released Tuesday, the total  expenditure for the first eleven months of 2019 reached €7,279.3 mln, which corresponds to a decrease of €644.1 mln or 8.1%,  as compared to the corresponding period of 2018 (€7,923.4 mln in January-November 2018).

Social benefits recorded an increase of €553.6 mln or 23.5%) to reach €2,908.9 mln in January-November 2019 as compared to €2,355.3 mln in January-November 2018.

The figures by CyStat show that the compensation of employees (including imputed social contributions and pensions of civil servants) recorded an increase of €232.5 mn  or 11.2% and reached €2,306.6 mn in January-November 2019, as compared to €2,074.1 mln in January-November 2018.

Intermediate consumption increased by €121.3 mln or 18.6% and reached €774.3 mln for the first eleven months of 2019 as compared to €653.0 mln in the corresponding period of 2018.

CyStat figures show that current transfers recorded an increased expenditure by €65.2 mln or 16,3% and reached €464.9 mln in comparison to €399.7 mln in the corresponding period of the previous year, while payable interest increased by €49.1 mln or 11.4% during the period of January-November 2019 and reached €480.5 mln. The corresponding amount for the same period of 2018 was €431.4 mln.

Investment was confined to €238.7 mln, a reduction of €812.3 mln  or 77.3%  during the first eleven months of 2019, and capital transfers were limited to €65.6 mln, a reduction of €846.2 mln or 92,8% during the same period. The corresponding expenditure recorded in 2018 were €1, 051.0 mln and €911.8 mln respectively.

Subsidies decreased by €7.3 mln  or 15,5% to reach €39.8 mln during the first eleven months of 2019 as compared to €47.1 mn during the corresponding period of last year.

Total revenue increased by €1,096.2 mln or 15.2% to reach €8,320.5 mln during the period of January-November 2019, as compared to €7,224.3 mln during the corresponding period of 2018.

Social contributions collected by the State during this period increased significantly, by €556.6 mln or 33.6%, to total €2,213.1 mln, as compared to €1,656.5 mln in the corresponding period of 2018.

Revenue from taxes on income and wealth also increased significantly (by €112.9 mln, that is +7.3%) and reached €1,663.6 mln during the period of January-November 2019, as opposed to €1,550.7 mln during the corresponding period of 2018. Capital transfers received by the State reached €159.2 mln, an increase of €63.7 mln, which corresponds to 66.7%, as opposed to the €95.5 mn received during the corresponding period of 2018.

Revenue received from taxes on production and imports recorded an increase of €68.2 mln or 2,2% to reach €3,134.2 mln, as compared to €3,066.0 mn received during the corresponding period of 2018. However, net VAT revenue (that is included in this category) registered an increase of €95.3 mln or 4.9% and reached €2,035.2 mln in 2019, as compared to €1,939.9 mln in 2018.

Property income recorded a €58.0 mln increase or 74.8% to reach €135.5 mn during the period of January-November 2019, as compared to €77.5 mln in January-November 2018.

Revenue from the sale of goods and services recorded an increase of €236.0 mln or 40.0% and reached €826.4 mln as compared to €590.4 mln during the first eleven months of 2018.

A small increase was also recorded by current transfers, that were increased by €0.8 mln (0.4%) to reach €188.5 mln during the period of January-November 2019 as compared to €187.7 mln in the corresponding period of 2018.

(Cyprus News Agency)

Top Stories

Expert: crowds in churches and shops jeopardize effectiveness of COVID-19 measures

The images of citizens crowded in places of worship and shops during the weekend are a great source of concern and endanger both the...

Exports of weapons from Germany to Turkey are very limited German Foreign Ministry tells CNA

German Foreign Ministry has told the Cyprus News Agency that exports of weapons from Germany to Turkey are very limited. Commenting on statements by Greek...

Holy Synod says “Yes” to vaccines and Holy Communion

In a unanimous decision, the Holy Synod of the Church of Cyprus took a position in favor of the vaccinations against COVID-19 while it...

Foreign experts for the cataract patients

The police may call foreign experts in relation to the serious incident with the eight people who were operated for cataract and then had...

Metropolitan of Paphos in self-isolation

Metropolitan of Paphos Georgios is in self-isolation due to the fact that he has been in contact with a COVID-19 confirmed case. The Metropolitan...

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...