The surplus of General Government for the period January-October 2018 increased by €357,4 million, according to the preliminary results prepared by the Statistical Service of Cyprus.
The surplus increased to €852,8 mn (4.1% of GDP), as compared to a surplus of €495,4 mn for the corresponding period of 2017 (2.5% of GDP).
Total expenditure for the period of January-October 2018 recorded an increase of €151.4 mn (+2.8%) as compared to the corresponding period of 2017 and reached €5,624.0 mn (€5,472.6 mn in 2017).
Social benefits increased by €60.8 mn (+2,9%) to reach €2,128.0 mn (€2,067.2 mn in 2017) while the compensation of employees (including imputed social contributions and pensions of civil servants) registered an increase of €54.4 mn (+3.0%) to reach €1,870.6 mn (as opposed to €1,816.2 mn in 2017). Intermediate consumption increased by €35.7 mn (+7.0%) to reach €547.2 mn (€511.5 mn in 2017).
Current transfers increased by €14.6 mn to reach €369.8 mn (€355.2 mn in 2017) and investment exhibited an increase of €5.8 mn to reach €254.0 mn. Excluding land annexations, that are included in investment, the increase reached €17.8 mn (€224.1 mn in 2018 as compared to €206.3 mn in 2017). Subsidies also recorded an increase of €3.1 mn and reached €33.7 mn. Finally, capital transfers increased by €1.1 mn to reach €41.5 mn.
The only expenditure category to record a decrease is that of payable interest, which decreased by €24.1 mn thus registering an expenditure of €379.2 mn.
Total revenue increased by 8.5%, that is €508.8 mn, to total €6,476.8 mn during the period of January-October 2018 (€5,968.0 mn in the corresponding period of 2017).
All revenue categories except that of property income exhibited an increase during this period.
Specifically, taxes on production and imports registered a 10.6% increase from 2017, that is an increase of €261.0 mn (€2,717.9 mn in 2018 as opposed to €2,456.9 mn in 2017), of which net VAT revenue increased by 16.4%, which corresponds to €240.4 mn, and reached a total of €1,708.6 mn (in comparison to €1,468.2 mn in 2017).
Social contributions collected during this period increased by 9.2% (or €126,8 mn) and reached €1,500.0 mn (as compared to €1,373.2 mn in January-October 2017). Taxes on income and wealth increased by €77.2 mn (5.6%) and reached €1,458.3 mn during the first ten-month period of 2018 in comparison to €1,381.1 mn in 2017, while revenue from the sale of goods and services increased by €40.8 mn and totalled €466.2 mn. Capital transfers received by the State increased by €29.0 mn and reached €96.6 mn. Finally, current transfers received increased by €8.9 mn to reach €164.8 mn.
The only revenue category that recorded a decrease during the period of January-October 2018, that of property income, was reduced to €73.0 mn (€107.9 mn in 2017).