Gov’t posts € 12.2 mln bud­get deficit as spend­ing out­paces rev­enue

Financial Mirror (Cyprus) - - FRONT PAGE -

The gov­ern­ment posted a fis­cal deficit of EUR 12.2 mln in the sec­ond quar­ter of the year, com­pared to a EUR 16.8 mln sur­plus in the same quar­ter of 2014 due to higher ex­pen­di­ture, ac­cord­ing to the Sta­tis­ti­cal Ser­vice, Cy­s­tat.

The fis­cal deficit in the first quar­ter stood at EUR 19 mln with the deficit for the first six months ris­ing EUR 31.2 mln.

Based on the pre­lim­i­nary data on the Gen­eral Gov­ern­ment ac­counts for the April-June pe­riod, com­piled in ac­cor­dance to EU con­cepts and def­i­ni­tions (ESA 2010), to­tal rev­enue amounted EUR 1,629.0 mln (1.4% in­crease as com­pared to the cor­re­spond­ing pe­riod of 2014), while to­tal ex­pen­di­ture reached EUR 1,641.2 mln (3.3% in­crease).

In the same quar­ter, taxes on pro­duc­tion and im­ports rose by 2.8% year on year to EUR 615.8 mln, of which VAT rev­enue rose 3.3% to EUR 354.1 mln. Taxes on in­come and wealth de­clined by 6.7% year on year to EUR 274.6 mln, while rev­enue from sales of goods and ser­vices in­creased by 27.9% as com­pared to the same pe­riod of the pre­vi­ous year, reach­ing EUR 129.8 mln.

With re­gard to ex­pen­di­ture, the public pay­roll (in­clud­ing im­puted so­cial con­tri­bu­tions and pen­sions of civil ser­vants) de­clined by 2.2% year on year to EUR 517.2 mln, whereas so­cial trans­fers reached EUR 659.2 mln, an in­crease of 2.8%.

In­ter­me­di­ate con­sump­tion de­clined by 6.5% reach­ing EUR 145.6 mln, Cy­s­tat con­cluded.

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