Cyprus Records Its Highest Fiscal Surplus Since 2007

Cyprus Records Its Highest Fiscal Surplus Since 2007

Cyprus registered in 2017 a budget surplus of €360.7 million amounting to 1.9% of GDP, marking the highest surplus in the last decade.

This is the highest surplus since 2007 when the surplus amounted to €505.

According to preliminary results of the general government for 2017 published by the Cyprus Statistical Service, total expenditure rose by €311.6 million or 4.5% year on year reaching 7.26 billion.

Total revenues increased by 8.4% year on year amounting to €7.62 billion, the Cyprus News Agency reports.

Total taxes on production and imports reached €3.02 billion in 2017 recording an increase of 11% compared to 2016, of which net VAT revenue reached €1.85 billion marking an increase of 11.1% compared with 2016.

Revenue from taxation on income and wealth rose by 4.6% year on year amounting to €1.83 billion.

Furthermore, the momentum continued in 2018, as the general government generated a fiscal surplus of 255.2 million in the first month of the year or 1.3% of GDP.

Total revenue amounted to €765.4 million recording an increase of 20.3% compared with the respective period of last year.

Expenditure in January 2018 rose by 9% reaching €510 million compared with €468 million in January of 2017.