The improvement in public finances in January to February was on a €142m increase in revenue, to €1.2bn, which offset a €28m increase in spending, to €963.4m, the finance ministry said in a statement on its website on Friday.

In the first two months of the year, direct tax revenue rose by €44m, to €369.8m, and indirect tax revenue rose by €66m, to €505.4m, the ministry said. Social insurance contributions rose by €21m, to €223.1m.

The increase in public expenditure was mainly on a €13m increase of the amount spent on goods and services, to €53.6m, and a €10m increase in wages and salaries, the ministry said. Social security payments rose by €8m, to €237.9m.

The primary surplus which is the difference between total revenue and spending excluding interest payments rose to €303.8m in January to February

Source: Cyprus Mail