The Cyprus general government accounts achieved a surplus of €274.9 million for the period of January – October 2014.
According to figures released by the Ministry of Finance on Monday 1 December, the overall surplus reached 1.58% of GDP compared with a deficit of 2.62% or €474.8 million in the corresponding period of 2013.
The primary balance (excluding debt servicing expenditure) for January – October reached €679.8 million, compared with €15.8 million in January – October 2013.
The improvement is mainly due to the reduction in public spending, which reached 9.2%.
Public revenue for the period of January – October 2014 reached €5.37 billion, registering an increase of 4.56% compared with €5.14 billion in the corresponding period of 2013.
Tax revenue increased by 3.72% in January – October 2014, reaching €4.51 billion.