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Third Quarter Govt. Revenue Down 1.9%

government spending cyprusGovernment income for the third quarter of 2010 fell 1.9 percent to 1.833 billion euros year-on-year, while spending rose 1.5 percent to 1.935 billion, resulting in a deficit of 101.9 million euros, said the Cyprus Statistical Service (CYSTAT).

Income for the period July-September 2010 came from taxes on production and imports €682,8 mn (0,7% increase), of which VAT was €438,9 mn (5,0% increase), taxes on income and wealth €572,7 mn (3,4% decrease).

Spending was mainly on public employee payroll €638,3 mn (0,9% increase), and social transfers €599,9 mn (14,3% increase),current transfers reached €158,5 mn (2,1% increase). Negative growth rates were observed in the categories of the capital formation (29,5% decrease) and intermediate consumption by 6,8%, according to the survey.

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