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Preliminary fiscal results “better than expected”, says the government

30/08/2018 17:23

The preliminary General Government fiscal results for the first seven months of 2018 are very positive, Government Spokesman Prodromos Prodromou said on Thursday.
Speaking after a Cabinet meeting, at the Presidential Palace, Prodromou said that that the results are “better than expected.”
According to the data released by the Statistical Service (CyStat) a surplus of €514.7 mln (2.6% of GDP) was generated for the period from January to July 2018, as compared to a surplus of €217.2 mln for the corresponding period of 2017 (1.1% of GDP).
Prodromou also noted that revenue increased by 9.1%, compared to 2% in the same period last year, which he attributed to a large extend to the development of the economy.
He added that due to prudent fiscal management, spending on social welfare surpass 1.5 bln euros.
The Finance Ministry follows a policy that supports growth, bringing the country one step closer to investment rating, the Spokesman concluded.