- Philip Ammerman
Cypriot government generates € 1 billion surplus in 2019
On Thursday 14 November, the Statistical Service of Cyprus reported that the General Government accounts have generated a surplus of € 1.0135 billion in the first nine months of 2019.
This compares to a surplus of € 0.7326 billion for Jan-Sept 2018. Last year’s results were affected by the need to liquidate Cyprus Cooperative Bank.
According to Stockwatch:
The main categories of revenue for the period July-September 2019 were:
taxes on production and imports € 920.8 mln (12.5% increase)
taxes on income and wealth € 698.0 mln (10.2% increase)
social contributions € 620.5 mln (39.2% increase)
revenue from the sale of goods and services €161.7 mln (2.5% increase).
The main categories of expenditure for the period July-September 2019 were:
social transfers € 757.4 mln (25.0% increase)
compensation of employees € 641.2 mln (10.7% increase)
intermediate consumption € 228.0 mln (32.7%).
The Cypriot Minister of Finance, Harris Georgiades, tweeted that the surplus “is the highest in the EU and it constitutes a sound safety margin that we must manage responsibly. It comes after a series of incentives that boosted growth”.
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Kathimerini Cyprus, 14 November 2019