The July to September budget surplus more than offset the €43.7m fiscal deficit generated in the first half of the year, resulting in a €142.8m fiscal surplus in January to September, Cystat said in a statement on its website on Monday.

Total government revenue in the third quarter rose to €1.8bn and spending fell to €1.6bn compared with less than €1.8bn and well below €1.7bn in the respective three-month period of 2015, Cystat said.

In January to September, total revenue was almost €4.9bn and total spending exceeded €4.7bn, Cystat said.

The main revenue sources in the third quarter were taxes on production and import duties, which rose an annual 1.2% to €698.9m, a figure that includes €409.6m in value added tax revenue, up 5.8%, Cystat said. Income and wealth tax revenue rose 5% to €546.3m, while revenue from the sale of services rose 8.4% to €105.8m.

In July to September, social expenditure rose 1.5% to €570.3m compared with the respective period of 2015, while staff costs rose 0.4% to €512.9m, Cystat said. Intermediary consumption dropped 3% to €150.1m.

Source: Cyprus Mail