The General government accounts in the third quarter of this year recorded a surplus of €442.8 mn, preliminary data released by the Cyprus Statistical Service, on Monday, show.
On the basis of the preliminary data on the General Government accounts for July-September 2018, which are compiled in accordance to EU concepts and definitions (ESA 2010), total revenue amounted €2,163.6 mn recording a 6.5% increase compared to the same period of 2017.
Total expenditure reached €1,720.8 mn (3.3% increase), resulting in a surplus of €442.8 mn compared to a surplus of €366.7 mn in the corresponding period of the previous year.
The main categories of revenue for the period July-September 2018 were taxes on production and imports €854.7 mn which observed an 11.1% increase compared to the third quarter of 2017, of which net VAT was €535.3 mn which a 14.6% increase.
Revenue also came from taxes on income and wealth €632.5 mn which recorded a marginal increase of 0.4% and social contributions €444,9 mn with a 10.3% increase.
Revenue from the sale of goods and services reached €152.9 mn registering an increase of 9.3% as compared to the corresponding period of the previous year.
According to the preliminary data the main categories of expenditure for the period July-September 2018 were social transfers €605.6 mn recording an increase of 3.7% compared to the corresponding period of 2017 and compensation of employees (including imputed social contributions and pensions of civil servants) €572.5 mn which recorded an increase of 5.0%.
The capital account recorded an expenditure of €102.9 mn, of which €90.2 mn was investments and €12.7 mn concerned capital transfers, compared to €98.4 mn in 2017. There was an increase of 4.6% compared to the same period of the previous year.
Intermediate consumption reached €174.7 mn recording an annual increase of 15.8%.