Investor Presentaiton
Strong fiscal performance continues during early 2019
• During Jan-Apr 2019 the fiscal position continued to
be in surplus at 2,5% of GDP compared to 2,0% of
GDP of the corresponding period of the previous year.
• Government budget was in surplus in 2018 at 3,2% of
GDP compared to 1,8% the year before.
• The revenue side increased by 7,7% vis-à-vis the
corresponding period of 2017. This improvement can
be attributed to higher income tax receipts reflecting
primarily indirect tax revenue and secondarily, tax
revenue on income and wealth.
The expenditure side increased at a rate of 2,3% vis-à-
vis 2017. An increase was recorded in compensation
of employees, attributed to higher employment in
education, health and security sectors. Intermediate
consumption increased mostly due to expenditure
relating to water supply and pharmaceuticals.
Budget revenue breakdown, EUR million
10.000
8.278
7.671
8.000
6.976
7.087
6.000
4.000
2.000
3.088
3.290
0
2015
2016
2017
2018
Jan-May
2018
Other
Social contributions Direct taxation
Jan-May
2019
Indirect taxation
Budget expenditure breakdown, EUR million
10.000
7.038
8.000
7.028 7.328
7.542
6.000
4.000
2.000
2.672
2.773
0
2015
■Capital Expenditure
Interest
2016
2017
2018
Others
Jan-May
2018
Jan-May
2019
Social Transfers
Consumption
Source: Cyprus Statistical Service, Ministry of Finance
■Compensation of Employees
Note: The budget outcomes of 2014-15 and 2018 exclude government contributions for the Cyprus Cooperative Bank.
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