Cyrpus posts fiscal deficit of €805 million due to Covid-19 impact
Cyprus posted a General Government deficit of €804.6 million, or 4.0% of GDP for the period of January – June 2020 with compared with a surplus of €240.5 million (1.1% of GDP), as public finances are adversely affected by the coronavirus pandemic.
According to preliminary data published by the Cyprus Statistical Service (Cystat), total expenditure for the fist six months ending in June, increased by 12,9% year on year amounting to €4.30 billion, compared to €3.81 bl in the respective period of last year.
This significant increase in expenditure is due to the support measures taken to address the effects of the covid-19 pandemic on employment, which amounted to €314.7 mn, Cystat added.
Intermediate consumption increased by €233.5 mn (+60.6%) and amounted to €618.8 mn, compared to €385.3 mn in 2019, while social benefits increased by €63.8 mn
(CNA)
*The full text of the news item is available in the paid version of the CNA web service. Subscription Form
*CNA reserves the copyright to the news stories it files, which is granted to subscribers for specific use only.
According to preliminary data published by the Cyprus Statistical Service (Cystat), total expenditure for the fist six months ending in June, increased by 12,9% year on year amounting to €4.30 billion, compared to €3.81 bl in the respective period of last year.
This significant increase in expenditure is due to the support measures taken to address the effects of the covid-19 pandemic on employment, which amounted to €314.7 mn, Cystat added.
Intermediate consumption increased by €233.5 mn (+60.6%) and amounted to €618.8 mn, compared to €385.3 mn in 2019, while social benefits increased by €63.8 mn
(CNA)
*The full text of the news item is available in the paid version of the CNA web service. Subscription Form
*CNA reserves the copyright to the news stories it files, which is granted to subscribers for specific use only.
from Cyprus News Agency
Read The Rest:.cna.org.cy..
Post a Comment