The primary surplus between January to September was €601.1 million compared with a €67.7 million primary surplus a year before, the ministry said in a statement on its website.

The primary balance is the difference between overall government revenue and spending excluding the servicing of public debt.

Total spending fell 7.2% to €4.6 billion compared to a year before, mainly on a 10% drop in other current transfers to €946.3 million and an 18% drop in interest payment to €393.5 million, the statement said.

Public revenue rose 5.8% to €4.8 million mainly on an annual 7.5% increase in direct tax earnings to €1.6 billion, according to the Finance Ministry.

Finance Minister Harris Georgiades told lawmakers on October 18, that he expected fiscal deficit to be close to 2.5% of the economy this year and a primary surplus of 0.5%.

Source: Cyprus Mail