Overall revenue in the third quarter fell 4.5% compared with a year before to below €1.8bn, while overall government expenditure rose 0.1 % to well below €1.7bn, Cystat said in a statement on its website on Friday.

The government generated a total of €690m in Q3 revenue from taxes on production and imports, which was 3% less compared to a year before, which includes a total of €387.1m in value added tax revenue which fell 6.9%, Cystat said. Revenue from taxes on income and wealth fell 2.6% to €520.4m, while income from the sale of goods and services dropped almost 25% to €98.2m.

The government’s payroll, including social contributions and pensions for civil servants, fell in the third quarter an annual 1.3% to €511.1m, while social transfers fell 3.5% to €590.3m, Cystat said. Intermediated consumption fell 7% to €154.7m in July to September compared with the respective quarter of 2014.

Source: Cyprus Mail