According to new data from the Finance Ministry, Cyprus’ primary surplus for the eleven months of 2016 amounted to €509 million compared with €472 in the corresponding period of 2015. 

The budget deficit for January–November 2016 declined to €4.8 million, representing a reduction of €169 million compared with the deficit of the period in 2015.

Total revenue amounted to €5.76 billion from €5.63 billion in January–November 2015. The increase was mainly due to indirect taxes which increased by €138 million reaching €2.36 billion from €2.22 billion in the period of January–November 2015.

Revenue from VAT amounted to €1.42 billion in January–November from €1.33 billion in the corresponding period of 2015, whereas direct taxes (income and corporate tax) declined by €13 million to €1.73 billion in the first eleven months of 2016 compared with €1.75 billion in the corresponding period of 2015.

Social security contributions increased by €45 million reaching €936 million in January–November 2016 compared with €892 million in January–November 2015.

Total expenditure declined by €42 million to €5.76 billion in the first eleven months of 2016 from €5.81 billion in the corresponding period of 2015, mainly owing to the reduction in current transfers which declined to €1.29 billion from €1.35 billion in January–November 2015.

Wages and salaries increased by €18 million reaching €1.45 billion reaching €1.45 billion in January–November 2016 from €1.43 billion in the same period of 2015.

Pensions declined by €23 million to €492 million in January–November 2016 from €515 million in the same period of 2015.

Debt servicing expenditure for January–November 2016 reached €461 million compared with €500 million in the same period of 2015.

Source: Famagusta Gazette