Fis­cal deficit rises to in Jan­uary-July € 69m

Financial Mirror (Cyprus) - - FRONT PAGE -

The cen­tral gov­ern­ment posted fis­cal deficit of EUR 69 mln, or 0.40% of GDP for the Jan­uary-July pe­riod, com­pared to a sur­plus of EUR 65.5 mln or 0.37% in the same pe­riod of 2014, jus­ti­fied by a fall in rev­enue.

Ac­cord­ing to the con­sol­i­dated ac­counts and ad­min­is­tered funds on a cash ba­sis, re­leased by the Min­istry of Fi­nance, the cen­tral gov­ern­ment pre­sented a pri­mary sur­plus (the bal­ance ex­clud­ing in­ter­est pay­ments) of EUR 278 mln com­pared to a EUR 412 mln sur­plus in Jan­uary-July 2014.

Public rev­enue and grants from Jan­uary to July reached EUR 3.64 bln, down 3.61% from EUR 3.77 bln in Jan­uaryJuly 2014.

Rev­enue for the first seven months of the year de­clined by 2.65% to EUR 3.59 bln com­pared to EUR 3.69 in the cor­re­spond­ing pe­riod of 2014. Rev­enue from taxes de­clined by 1.77% to EUR 3.05 bln from EUR 3.10 bln in Jan­uary-July last year. Rev­enue from in­come tax ac­cel­er­ated by 2.38% in Jan­uary-July to EUR 577 mln com­pared to EUR 563 mln in the same pe­riod last year. Rev­enue from other di­rect taxes dropped 13.92% to EUR 532.7 mln from EUR 619 mln in Jan­uary-July 2014.

In­di­rect taxes for Jan­uary-July this year saw a mar­ginal re­duc­tion of 0.03% to EUR 1.37 bln, whereas im­port taxes de­clined by 8.73% to EUR 15.5 mln in the seven months of 2015 com­pared to EUR 17.05 mln of the cor­re­spond­ing pe­riod of 2014.

Rev­enue from ex­cise duty rose by 0.63% in Jan­uary-July of 2015 to EUR 363.4 mln com­pared to EUR 361.1 mln in the cor­re­spond­ing pe­riod of 2014.

VAT rev­enue in­creased by 2.8% in Jan­uary-July to EUR 826 mln com­pared with EUR 804 mln in 2014. Rev­enue from other in­di­rect taxes slumped 12.61% to EUR 165 mln com­pared to EUR 189 mln in Jan­uary-July 2014.

Con­tri­bu­tions to So­cial Se­cu­rity rose by 3.32% to EUR 569 mln com­pared to EUR 551 mln in the Jan­uary-July 2014, while non-tax rev­enue de­clined by 7.34%, whereas grants for the Jan­uary-July pe­riod de­clined by 47.12%

Public ex­pen­di­ture and net lend­ing recorded a mar­ginal de­cline of 0.05% to EUR 3.70 bln in Jan­uary-July 2015 com­pared with EUR 3.71 bln in the same pe­riod of 2014.

Public sec­tor wages and salaries reached EUR 914.55 mln down 1.85% from EUR 931.8 mln in Jan­uary-July 2014. Ex­pen­di­ture for goods and ser­vices de­clined by 2.20%, whereas ex­pen­di­ture for sub­si­dies rose by 0.52%.

In­ter­est pay­ments for Jan­uary-July 2015 de­clined marginally to EUR 346 mln com­pared with EUR 347 mln in the same pe­riod of 2014.

So­cial se­cu­rity pay­ments in the seven months of 2015 de­clined by 4.66% to EUR 852.7 mln com­pared with EUR 894 in Jan­uary-July 2014, whereas pen­sion and gra­tu­ities rose by 3.28% to EUR 334.7 mln com­pared to EUR 324.1 mln in the same pe­riod of 2014.

So­cial pen­sions rose by 0.27% to EUR 36.37 mln from EUR 36.27 mln, whereas other cur­rent trans­fers rose by 6.38%.

Cap­i­tal ex­pen­di­tures de­clined by 4.01% in Jan­uary-July to EUR 93 mln com­pared with EUR 96.7 mln in the same pe­riod of 2014.

The cur­rent bal­ance from Jan­uary to July stood at EUR 24.05 mln com­pared with EUR 162.3 mln in Jan­uary-July 2014.

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