Fiscal surplus of 61 million euros recorded in January

A FISCAL surplus of €61.41 million, or 0.35 per cent of Cyprus' GDP was recorded in January, according to data released yesterday by the ministry of finance.
The same data shows that in January 2012, the surplus reached €9.13 million euros, or 0.05 per cent of GDP.
Revenue increased in January 2013 by 10.10 per cent (€55.56 million), reaching €605.60 million compared to €550.04 million in January 2012.
Expenditure increased by 0.28 per cent reaching €544.72 million, compared to €543.19 million in January last year.
Tax revenue rose in January 2013 by 10.93 per cent (€560.39 million compared to €505.18 million in January 2012).
VAT revenue increased in January 2013 by 45.63 per cent to €116.17 million from €79.77 million in January 2012.
Meanwhile, current expenditure also increased in January 2013 by 1.55 per cent to €540.02 million compared to €531.77 million, while spending on salaries decreased by 5.22 per cent to €135.69 million from  €143.16 million in January 2012.
A significant increase of 29.80 per cent was recorded in the expenses for pensions and gratuities. In January 2013 these stood at €66.68 million compared to €51.37 million in January 2012.