Total revenue in January to March rose by €72m in a year to below €1.7bn while spending rose by €3m to below €1.5bn, Cystat said in a statement on its website on Wednesday.

The rise in revenue was on an €89m increase in indirect taxes, including €62m in value added tax, and €27m in social security contributions, which more than offset a €3m drop in direct tax revenue and a decline in non-tax revenue by €46m, Cystat said. Grants rose by €5m.

Wages and salaries rose in the first quarter by €8m, spending on goods and services by €14m, while pensions and current transfers rose by €4m each, Cystat said. Social security payments dropped by €11m and subsidies by €28m.

The first quarter primary balance, which is the difference between total revenue and spending excluding interest payments – which fell by €1m to €98.2m– rose to €295.4m from €237.3m a year before, Cystat said.

Source: Cyprus Mail