Tweet

Email

The Cyprus government has posted a surplus of €207.6 million – or 1.32% of GDP – in the first nine months of the year, compared with a deficit of €411.7 million – or 2.5% of GDP – in the same period last year.

According to figures released by the Ministry of Finance, the primary balance, which excludes the servicing of the public debt, was €601.1 million between January and September, compared with a surplus of €67.7 million in the corresponding period of 2013.

During a meeting earlier this month with the parliamentary Committee on Budgetary and Financial Affairs, Harris Georgiades noted that the Ministry expects a primary surplus of some 0.5% at the conclusion of 2014.

The economic adjustment programme signed between Cyprus and its Troika of international lenders – comprised by the European Central Bank, European Commission and International Monetary Fund – stipulates that the country must record a primary deficit of €210 million (1.3% of GDP) at the end of 2014, a primary deficit of €258 million (1.6% of GDP) at the end of 2015 and generate a primary surplus of €201 million (1.2% of GDP) in 2016.

Data from the Finance Ministry also reveals that revenue increased in the period January – September to €4.73 billion, up some 4.47% from the €4.53 billion recorded in the same period of 2013.

Expenditure, meanwhile, fell to €4.61 billion, down 7.17% from €4.96 billion.