27/04/2015 07:15
Public spending returned to the 2007 levels in 2014 amid the memorandum course followed in the past few years and the measures that have been taken to curb deficit.
According to Cystat data released on Friday, total expenditure (excluding the €1,5bn Cooperative Central Bank injection) decreased by 5,4% to €7.096,6 mn from €7.501,1 mn in 2013 and €8.168,9 mn in 2012.
This is the lowest amount of expenditure since 2007 when it amounted to €6.596,7 mn, before starting to climb rapidly.
The main categories of expenditure for the period were the social benefits which increased by 2.6% to €2575,8 mn from €2509,5 mn.
The staff salaries (including imputed social contributions and pensions of civil servants) decreased by 10.6% to €2299,1 mn, while operating costs (interim consumption) fell by 12%.
Current transfers rose by 6.4%.
Expenditure for interest payments declined by 11.6%.
As for the public revenues, they increased by 6.7% to €7053,1 mn from €6610,4mn.
The main categories of revenue for the period January-December 2014 were taxes on production and imports which increased by 5% to € 2615,4 mn of which VAT was increased by 7.8% to €1512 mn.
Revenue from sale of goods increased by 7.9% compared with 2013.
The main categories of revenue for the period October-December 2014 were the taxes which rose by 5% to €2615,4 mn, of which the VAT increased by 7.8% to €1512 mn.
Revenue from sale of goods increased by 7.9% compared with 2013.
With regard to the fiscal deficit, excluding the support to the COOP, it amounted to €43,5 mn which corresponds to 0.2% of GDP.
Taking into account the aid, the deficit reaches €1,5 bn or 8.8% of GDP against a deficit of €890,7 mn in 2013 or 4.9% of GDP.
The fiscal performance of Cyprus in 2014 exceeded expectations, said Fitch in a recent report, which however maintained Cyprus’ rating to B-.
According to Cystat data released on Friday, total expenditure (excluding the €1,5bn Cooperative Central Bank injection) decreased by 5,4% to €7.096,6 mn from €7.501,1 mn in 2013 and €8.168,9 mn in 2012.
This is the lowest amount of expenditure since 2007 when it amounted to €6.596,7 mn, before starting to climb rapidly.The main categories of expenditure for the period were the social benefits which increased by 2.6% to €2575,8 mn from €2509,5 mn.
The staff salaries (including imputed social contributions and pensions of civil servants) decreased by 10.6% to €2299,1 mn, while operating costs (interim consumption) fell by 12%.
Current transfers rose by 6.4%.
Expenditure for interest payments declined by 11.6%.
As for the public revenues, they increased by 6.7% to €7053,1 mn from €6610,4mn.The main categories of revenue for the period January-December 2014 were taxes on production and imports which increased by 5% to € 2615,4 mn of which VAT was increased by 7.8% to €1512 mn.
Revenue from sale of goods increased by 7.9% compared with 2013.
The main categories of revenue for the period October-December 2014 were the taxes which rose by 5% to €2615,4 mn, of which the VAT increased by 7.8% to €1512 mn.
Revenue from sale of goods increased by 7.9% compared with 2013.
With regard to the fiscal deficit, excluding the support to the COOP, it amounted to €43,5 mn which corresponds to 0.2% of GDP.
Taking into account the aid, the deficit reaches €1,5 bn or 8.8% of GDP against a deficit of €890,7 mn in 2013 or 4.9% of GDP.
The fiscal performance of Cyprus in 2014 exceeded expectations, said Fitch in a recent report, which however maintained Cyprus’ rating to B-.
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