The increase was mainly due to higher revenues, up by €430m, in the first nine months of the year to €5.2bn, Cystat said in a statement on its website on Tuesday. Total expenditure roseby €78m, to €4.8bn.

Indirect and direct tax revenue rose by €217m and €42m, to €2.1bn and €1.5bn respectively. Social security contributions rose by €78m, to €837.6m.

Expenditure rose mainly on a €44m increase in interest payments in the first nine months of the year, to €445.7m, and government bond buybacks in the previous months, Cystat said. Wages and salaries rose by €38m and spending for goods and services rose by €30m, to €1.2bn and €289.9m respectively. Subsidies droppedby €35m, to €48.5m.

The primary surplus which reflects the difference of revenue and spending minus interest payments on public debt, rose from €518.9m in the first three quarters of 2016, to €824.6m in January to September this year, Cystat said.

Source: Cyprus Mail