Expenditure outstripped revenues and there was less income from semi-government entities, the Finance Ministry said.

Overall revenue rose by €3m in January to May, to below €2.5bn, while spending increased by €10m, to over €2.5bn, the Finance Ministry said in a statement on its website. Other state sector bodies, including local authorities and other entities, mainly semi-government organisations, saw their net contribution drop to €8.3m in the first five months of the year, from €45.5m in January to May 2015.

The government’s primary surplus, which excludes interest payments on public debt, fell to €197.4m from €262.3m, the Finance Ministry added.

Source: Cyprus Mail