By Christos T. Panagopoulos –
Cyprus fiscal deficit declined at 2.05% of the Gross Domestic Product (GDP) during the first eight months of 2013, in comparison with the corresponding period of 2012, when the same index was 3.03%, according to data released on Monday by the Ministry of Finance.
The same source reiterated that Cypriot economy remains within the target of the Memorandum, which sets the primary deficit at 2.4% of GDP.
The budget deficit declined during the period January – August 2013 to 336.37 million euros from 541.38 million, which was in the corresponding period last year.
In addition, revenues decreased in eight months’ time at 0.33% to 6.06 billion euros from 6.07 billion, which were at the first eight months of 2012, while government spending fell by 5.22% to 4.41 billion euros from 4.66 billion euros.
Moreover, current expenses decreased during the period January – August 2013 at 3.65% to 4.31 billion euros, compared with 4.48 billion in the first eight months of 2012, while spending on wages and salaries decreased by 6.29% to 1.11 billion euros from 1.19 billion euros.