Total revenue rose by €267m to below €4.3bn in the first seven months of the year, Cystat said in a statement on Thursday. The rise was mainly on a €219m and €72m increase in indirect tax revenue, to €1.9bn, and social security contributions, to €730.2m, respectively.

During the same period, government spending rose by €1m, to €3.8bn, Cystat said. A €35m increase in wages and salaries, to €984.5m, accompanied by an increase of €22m and €15m in payments for social security, and purchase of goods and services, to €914.4m and €235.5m respectively. The increases practically offset a €63m drop in interest payments which fell to €312.1m.

The primary surplus which excludes interest payments on government debt, rose in the first seven months of this year, to €828.1m, from €547.5m the previous year before, Cystat said.

Source: Cyprus Mail