Cyprus posts surplus of 9.1 million euros in 2016

11 February 2017
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Cyprus posted a surplus of 9.1 million euros in 2016, according to data release on Friday by the Statistical Service of Cyprus.

The budget surplus for January-December 2016 was 9.1 million euros compared with a deficit of 196.4 million euros in the corresponding period of 2015.

The primary balance recorded a surplus of 473.8 million euros compared with a surplus of 299 million euros in 2015.

Total revenue for 2016 amounted to 6.668 billion euros, compared with 6.563 billion euros in 2015, up by 105 million euros.

Direct taxes increased by 2 million euros to 2.123 billion euros, compared with 2.121 billion euros in 2016. Indirect taxes increased by 142 million euros to 2.603 billion euros, compared with 2.460 billion euros in 2015. Revenues from social contributions increased by 46 million euros at 1.028 billion euros, from 982 million euros in 2015.

Total expenses for 2016 decreased by 33 million euros to 6.756 billion euros, from 6.789 billion euros in 2015. Wages and salaries increased by 23 million euros to 1.707 billion euros, compared with 1.684 billion euros in 2015. Payments to social contributions increased by 37 million euros to 1.557 billion euros, compared with 1.521 billion euros in 2015. Pensions were reduced by 22 million euros to 577 million euros and social pensions increased by 1 million euros to 69 million euros.

Current transfers decreased by 94 million euros to 1.436 billion euros compared to 1.529 billion euros in 2015.

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