Total revenue rose an annual 4.9% to €1.7bn while spending rose 1.7% to €1.5bn in January to March, Cystat said in a statement on its website on Monday.

Revenue from tax on production and imports rose 13% in the first three months of the year to €680m, value added tax 18% to €395.1m, social security contributions 9.1% to €419.7m, income and wealth tax 0.9% to €402.4m, Cystat said. Revenue from the sale of services dropped 5.3% to €101.1m.

The government spent in January to March €593.5m or 1% more compared to the first quarter of 2016, Cystat said. Total staff expenditure, including social contributions and pensions to civil servants, rose 1.6% to €520.1m and intermediate consumption to 7.8% to €128m.

The government revised last month this year’s budget target from a fiscal deficit of 0.5% to a 0.2% fiscal surplus. Last year, the government generated a fiscal surplus of 0.4% against a forecast of a 0.7% deficit.

Source: Cyprus Mail