Overall revenue fell an annual 3.5% to over €5.6bn in January to November, mainly on decreased non-tax revenue, the ministry said in statement on its website on Thursday. Direct tax revenue fell 5.2% to €1.7bn while indirect tax revenue rose 1.4% to €2.2bn. Social security contributions rose 3.7% to €891.7m, while non-tax revenue fell 15% to €716.6m.

Overall expenditure rose 2.8% to €5.3bn in the first eleven months of the year compared to the respective period of 2014, the finance ministry said. The rise in spending was on increased current transfers which rose 13% to well below €1.4bn, offsetting a 1.7% saving in public wages, which fell to €1.4bn and a 3.5% drop in social security outlays. Spending on pensions rose 1.2% to €514.9m while that on goods and services rose 0.9% to €338.7m.

The primary balance until November, which excludes interest payments, was a €326.1m surplus, which is less than half of the primary surplus of €675.2m the government generated a year before, the ministry said. Interest payments in the first eleven months the year rose an annual 11% to €500,1m. Public debt at the end of November stood at almost €19.4bn which is 4.8% higher compared to the respective period of 2014.

Source: Cyprus Mail