Overall revenue rose 4.5% to €4.3 billion in January to August compared to the year before mainly on an annual 6.1% increase on direct tax revenues to €1.4 billion, the finance ministry said in a statement on its website Tuesday. Indirect tax revenue rose 3.5% to €1.6 billion.

Public expenditure fell 7.4% to €4.1 billion mainly on a 10% drop in other current transfers to €863 million and a 4.9% reduction in the wage bill, the statement said.

In the first eight months of 2013, Cyprus posted a public deficit of 2.2% of gross domestic product or €365.4 million, the Finance Ministry said.

The primary budget surplus in January to August was €505.6 million, compared to €74.8 million a year ago, the ministry said.

The primary balance is the difference of public revenue and expenditure excluding expenditure related to servicing public debt, which fell in the first eight months this year to €356 million from €440.2 million a year before, according to the Finance Ministry.

Source: Cyprus Mail