In April to June, public revenue and spending rose 8.1% to €1.8 billion and 0.8% to also €1.8bn respectively compared to a year before, Cystat said.

Tax on production and imports rose in April to June an annual 10% to €778.4m compared to the respective period last year, Cystat said. Value added tax (VAT) revenue, social contributions and income and wealth tax went up 20% to €488.6m, 15% to €460m and 6.3% to €276.4m respectively. Revenue from the sale of services fell 12% to €140.6m.

In the second quarter, social spending and wages and salaries rose 4.3% to €715m and 0.6% to €553.6m respectively, Cystat said. Intermediate consumption rose 1.3% to €176.4m.

In the second quarter, “the capital account recorded an expenditure of €209m compared to €209.9m in (the respective period of) 2017,” which translates to a 0.4% reduction.

In the first six months of the year, the government generated a fiscal surplus of €326.9m.

Source: Cyprus Mail