20/04/2016 15:18
Cyprus recorded a budget deficit of 1% of GDP in 2015, due to the second bail-out of the Central Cooperative Bank, without which it would have achieved a balanced budget.
The public sector registered a deficit of €5,2 mn in 2015, which corresponds to 0,0% of GDP, the Statistical Service of Cyprus announced on Wednesday.
Excluding the equity injection to restore the capital base of the Cooperative Central Bank that amounted to €175.0 mn, total expenditure decreased by 2.3% (€6,806.8 mn) and total revenue decreased by 1.8% (€6,801.6 mn) as compared to 2014, the Statistical Service said.
The recapitalisation amount of the Cooperative Central Bank affects the General Government deficit by one percent, resulting in a deficit of €180.2 mn or 1.0% of GDP for 2015, it added.
In 2014, the deficit increased by €1,5 bln due to the first recapitalization of the Central Cooperative Bank.
On the basis of the preliminary data on the General Government accounts for the period October-December 2015, compiled in accordance to EU concepts and definitions (ESA 2010), total revenue amounted €1,947.8 mn (3.6% increase as compared to the corresponding period of 2014), while total expenditure (excluding the equity injection to restore the capital base of the Cooperative Central Bank of €175.0 mn) reached €2,053.8 mn (3.8% decrease), resulting in a deficit of €106.0 mn as compared to a deficit of €255.0 mn in the corresponding period of the previous year.
According to the Statistical Service, the main categories of revenue for the period October-December 2015 were taxes on production and imports €667.2 mn (5.1% decrease as compared to the last quarter of 2014), of which VAT was €413.6 mn (4.5% decrease), taxes on income and wealth €552.5 mn (6.2% increase) and social contributions €398.3 mn (32.5% increase). Revenue from sales of goods and services decreased by 11.2% as compared to the corresponding period of the previous year reaching €138.7 mn.
The main categories of expenditure for the period October-December 2015 were social transfers €729.4 mn (15.9% increase compared to the corresponding period of 2014), and compensation of employees (including imputed social contributions and pensions of civil servants) €675.7 mn (6.0% decrease). Intermediate consumption reached €228.9 mn (11.9% increase as compared to the corresponding period of the previous year).
The public sector registered a deficit of €5,2 mn in 2015, which corresponds to 0,0% of GDP, the Statistical Service of Cyprus announced on Wednesday.
Excluding the equity injection to restore the capital base of the Cooperative Central Bank that amounted to €175.0 mn, total expenditure decreased by 2.3% (€6,806.8 mn) and total revenue decreased by 1.8% (€6,801.6 mn) as compared to 2014, the Statistical Service said.
The recapitalisation amount of the Cooperative Central Bank affects the General Government deficit by one percent, resulting in a deficit of €180.2 mn or 1.0% of GDP for 2015, it added.
In 2014, the deficit increased by €1,5 bln due to the first recapitalization of the Central Cooperative Bank.
On the basis of the preliminary data on the General Government accounts for the period October-December 2015, compiled in accordance to EU concepts and definitions (ESA 2010), total revenue amounted €1,947.8 mn (3.6% increase as compared to the corresponding period of 2014), while total expenditure (excluding the equity injection to restore the capital base of the Cooperative Central Bank of €175.0 mn) reached €2,053.8 mn (3.8% decrease), resulting in a deficit of €106.0 mn as compared to a deficit of €255.0 mn in the corresponding period of the previous year.
According to the Statistical Service, the main categories of revenue for the period October-December 2015 were taxes on production and imports €667.2 mn (5.1% decrease as compared to the last quarter of 2014), of which VAT was €413.6 mn (4.5% decrease), taxes on income and wealth €552.5 mn (6.2% increase) and social contributions €398.3 mn (32.5% increase). Revenue from sales of goods and services decreased by 11.2% as compared to the corresponding period of the previous year reaching €138.7 mn.
The main categories of expenditure for the period October-December 2015 were social transfers €729.4 mn (15.9% increase compared to the corresponding period of 2014), and compensation of employees (including imputed social contributions and pensions of civil servants) €675.7 mn (6.0% decrease). Intermediate consumption reached €228.9 mn (11.9% increase as compared to the corresponding period of the previous year).
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