According to data released by the Finance Ministry, consolidated accounts presented a 0.86% GDP surplus in the first quarter of 2014, which corresponds to €135.7 million. In comparison, the surplus in the corresponding period of 2013 was 0.11% or €18.23 million.

The primary balance for the first quarter stood at €280.8 million, compared to €204.56 million in the same period lastyear.

Moreover, revenue increased from January to April 2014 to €2.12 billion, from €2.1 billion, while public expenditure decreased to €2 billion, from €2.09 billion in the same period last year.

Furthermore, tax revenue went up to €1.72 billion, from €1.66 billion, direct taxes also increased to €651.74 million, from €620.97 million, and indirect taxes rose to €763.24 million, compared to €726.05 million.

VAT also grew by 4.32% to €451.02 million, while income tax revenue declined by 13.06% to €239.08 million.

Expenditures from wages and salaries decreased between January and April 2014 by 4.69% to €529.4 million, compared to €555.46 million in the first quarter of 2014.

Social security payments reached €482.33 million, up from €458.88 million, while payments for pensions were lowered to €191.34 million, from €209.01 million.

Finally, interest payments decreased by 22.13% to €145.09 million in the first quarter of 2014, compared to €186.33 million in the same period of 2013.

Source: Famagusta Gazette