Filenews 5 May 2021
The General Government deficit reached 1.1% of GDP in the first quarter of 2021, according to preliminary budgetary results prepared by the Cyprus Statistical Office.
In particular, in the period January-March 2021 there was a general government deficit of €251.7 million. (1.1% in GDP) compared to a surplus of €226.9m in 2014. (1.1% in GDP) for the period January-March 2020.
Spending increased as part of measures to support the economy to deal with the impact of the crown, while there was a decrease in tax revenues.
Expenditure
Total expenditure in the period January-March 2021 increased by €372.8 million. (+19,4%) amounted to €2,290.3 million. compared to €1,917.5 million in the same time as €1,917.5 million in the same time as €1,917.5 million in the the corresponding period of 2020. It is noted that this increase in expenditure is due to expenditure under the support measures to deal with the effects of coronavirus.
In particular, social benefits increased by €77.1m in 2014, up from €77.1m in 2014. (+10,3%) amounted to €826.6 million. compared to €749.5m in the same time as €749.5m in 2014. 2020. Staff salaries (including imputed social contributions and civil servants' pensions) increased by €30.1m in 2014. (+4,6%) amounted to €679.8 million. compared to €649.7m in the same time as €649.7m in 2014. 2020. Subsidies increased by €264.4m in 2014, up from €264.4m in 2014. amounted to €274.8 million. compared to €10.4 million in the same time as €10.4 million in 2014. 2020. The increase in this category is mainly attributed to measures to support enterprises due to the coronavirus pandemic. Current transfers increased by €10.9m in 2014, up from €10.9m in 2014. (+7,3%) amounted to €159.5 million. compared to €148.6m in the same time as €148.6m in 2014. 2020. Interest paid increased by €22.4m in 2014, up from €22.4m in 2014. (+42,4%) amounted to €75.2 million. compared to €52.8m in the same time as €52.8m in 2014. 2020.
The capital account was reduced by €19.7m in 2014. (-14,5%) and was limited to €115.8 million. compared to €135.5m in the same time as €135.5m in 2014. 2020. This decrease is mainly due to fixed capital investments, which decreased by €34.0 million in 2014. (-30,6%) and were limited to €77.3 million. compared to €111.3 million in the same time as €111.3 million in 2014. 2020. In contrast, other capital transfers increased by €14.3m in 2014, up from €14.3m in 2014. (+59,3%) amounted to €38.5 million. compared to €24.2m in the same time as €24.2m in 2014. 2020. Intermediate consumption decreased by €12.5m in 2014 to €12.5m in 2014. (-7,3%) and was limited to €158.6 million. compared to €171.1 million in the same time as €171.1 million in 2014. 2020.
Revenue
Total revenues in the period January-March 2021 decreased by €105.8 million. (-4,9%) and were limited to €2,038.6 million. compared to €2,144.4 million in the same time as €2,144.4 million in the same time as €2,144.4 million in the the corresponding period of 2020.
In particular, total taxes on production and imports were reduced by €49.1 million. (-6,5%) and were limited to €702.7 million. compared to €751.8m in the same time as €751.8m in 2014. in 2020, of which net VAT revenues (after deduction of refunds) decreased by €38.7 million. (-8,3%) and were limited to €427.2 million. compared to €465.9m in the same time as €465.9m in 2014. 2020. Income and wealth tax revenue slumped by €31.4m in 2014 to €31.4m in 2014. (-6,1%) and were limited to €480.4 million. compared to €511.8 million in the same time as €511.8 million in 2014. 2020. Social contributions were reduced by €24.5m in 2014, while social contributions were reduced by €24.5m in 2014. (-4,0%) and were limited to €592.0 million. compared to €616.5m in the same time as €616.5m in 2014. 2020. Current transfers decreased by €3.2m in 2014 to €3.2m in 2014. (-7,0%) and were limited to €42.8 million. compared to €46.0 million in the same time as €46.0 million in the previous year. 2020. Service revenue slumped by €18.1m in 2014 to €18.1m in 2014. (-12,6%) and were limited to €125.3 million. compared to €143.4m in the same time as €143.4m in 2014. 2020.
By contrast, capital transfers increased by €15.6m in 2014, up from €15.6m in 2014. (+32,8%) amounted to €63.2 million. compared to €47.6m in the same time as €47.6m in 2014. 2020. Interest and dividends received increased by €4.9m in 2014, up from €4.9m in 2014. (+17,8%) amounted to €32.2 million. compared to €27.3m in the same time as €27.3m in 2014. 2020.
Increases in certain categories of expenditure and revenue are partly attributable to the full implementation of the General Health Plan as of 01.06.2020.
Eyenews/AFP
