Cyprus - Government Budget Balance




Cyprus: Government Budget Balance

Mnemonic GVBAL.ICYP
Unit Mil. EUR, NSA
Adjustments Not Seasonally Adjusted
Quarterly 159.19 %
Data 2020 Q1 164.2
2019 Q4 -277.4

Series Information

Source Statistical Service of the Republic of Cyprus (CYSTAT)
Release Public finance - Quarterly non-financial accounts for general government
Frequency Quarterly
Start Date 3/31/1995
End Date 3/31/2020

Cyprus: Government

Reference Last Previous Units Frequency
Government Budget Balance 2020 Q1 164.2 -277.4 Mil. EUR, NSA Quarterly
Government Expenditures 2020 Q1 1,918 2,812 Mil. EUR, NSA Quarterly
Government Revenues 2020 Q1 2,082 2,534 Mil. EUR, NSA Quarterly
Outstanding Public Debt 2019 -20,451,507 -20,800,064 Ths. EUR Annual
Outstanding Public Debt - Domestic 2019 -3,699,703 -4,578,992 Ths. EUR Annual
Outstanding Public Debt - Foreign 2019 -16,751,804 -16,221,072 Ths. EUR Annual

Release Information

Description

Public (general government) finances in Cyprus, with categorized expenditure and revenue items, in euros, quarterly since 1995.

Methodology

Although Cyprus acceded to the euro zone in 2008, it reported two euro-valued "questionnaires" (spreadsheets) to Eurostat with periods from 1995Q1. They were:

  • ESA95 Questionnaire 2501 - Quarterly non-financial accounts of general government (i.e., expenditures)
  • ESA95 Questionnaire 2502 - Quarterly non-financial accounts of general government (i.e., revenues)

As of November 2014, CYSTAT switched to a single spreadsheet, ESA2010 Questionnaire 2500.

Definitions

Expenditure items

Intermediate consumption
The value of the goods and services consumed as inputs, e.g., operational office expenses, maintenance, lighting, etc.
Capital formation
Acquisitions of fixed assets, e.g., land, buildings, roads, bridges, machinery, etc.
Compensation of employees
The total remuneration of employees. It pertains to wages and salaries and employer's social contributions.
Other taxes on production
All taxes that incur as a result of engaging in production, e.g., VAT, taxes on international transactions, taxes on pollution, etc.
Subsidies
Current unrequited payments by general government to resident producers.
Interest paid
Amounts paid as interest on loans.
Social transfers
Transfers to households intended to relieve them from the financial burden, e.g., old-age pensions, unemployment benefits, etc.
Other current transfers
Transfers to organizations to cover operational costs, transfers to international organizations.
Capital transfers
Transfers in cash or in kind to organisations for the acquisition of fixed assets.

Revenue items

Market output
Revenue from the provision of goods and services.
Taxes on production and imports
VAT, import duties, excise duties, stamp duties, taxes on lottery and betting, etc.
Property income
Income related to interest, dividends etc.
Current taxes on income, wealth etc.
Income taxes, capital taxes, vehicles circulation taxes, taxes on holding gains, taxes on winnings from lottery or gambling, etc.
Social contributions
Contributions to Social Security Funds.
Other current transfers
Contributions from international and local organisations.
Capital transfers
Transfers in cash or in kind for the acquisition of fixed assets.

Revisions

Revisions do take place often for the full length of the series, although usually of small magnitude.