NICOSIA – Cyprus’ fiscal deficit for the second quarter of 2013 declined to 225.6 million compared with 409.4 million in Q2 2012, according to data released on Friday by the island`s Statistical Service (CyStat). For the first half of 2013, the fiscal deficit was limited to 202.9 million compared with 557.4 million in the fist half of the previous year.
Total revenues for the first half of the current year declined to €3,048.9 million compared with €3.256.9 million in the corresponding period of 2012 amid the deep recession hampering the economy. Total expenditure on the other hand for the fist six months of the 2013 marked a significant decline to €3,251.8 million from 3,814 million in the fist half of 2012.
According to CyStat preliminary data of the accounts of the general government, total revenues for the period of April - June reached €1.617.5 million increased by 9.2% compared with Q2 of 2012, whereas total expenditure reached €1,843.1 million, marking a reduction of 2.5%.
The main categories of income for the second quarter ending on April 2013 was taxes on production and imports that reached €704.9 million, up by 13.6% compared with Q2 of 2012, of which VAT receipts reached 411.6 million (+14.5%), income and wealth tax €369.8 million (+23.9%).
Income from services declined by 5.8% to €103.7 million.
The key expenditure categories were personnel salaries with €580 million, marking a reduction of 10.6% compared with 2012 and social transfers 756.3 million (up by 8.2%). Current transfers reached €108.6 million (down by 3.3%). Capital formation declined by 43.3%.
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