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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”.


NavInvest Cyprus advises objectively on the technical, commercial and financial risks and returns of an investment in Cyprus. Please feel free to contact us for a confidential assessment of your investment advisory and consultancy needs in Cyprus.


Sources:

Stockwatch, 14 November 2019

Stockwatch, 15 November 2019

Kathimerini Cyprus, 14 November 2019

Cyprus Mail, October 31 2019

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