For the first half of 2013, the fiscal deficit was limited to €202.9 million compared with €557.4 million in the first half of the previous year, according to data released by the Statistical Service (CyStat).

Total revenues for the first half of the current year declined to €3.0 million compared with €3.3 million in the corresponding period of 2012 amid the deep recession. Total expenditure on the other hand for the first six months of 2013 marked a significant decline to €3.2 million from €3.8 million in the first half of 2012.

The main categories of income for the second quarter ending April 2013 were taxes on production and imports that reached €704.9 million, up by 13.6% compared with Q2 of 2012, of which VAT receipts reached €411.6 million (+14.5%), income and wealth tax €369.8 million (+23.9%). Income from services declined by 5.8% to €103.7 million.

The key expenditure categories were personnel salaries with €580 million, marking a reduction of 10.6% compared with 2012 and social transfers €756.3 million (up by 8.2%). Current transfers reached €108.6 million (down by 3.3%). Capital formation declined by 43.3%.

Source: Cyprus Mail