It was reported by statistical service of Cyprus for the period of first 5 months of this year.
Experts explain this with the budget revenue increase. Comparing to financial data of 2016, it increased by 205 million euro and amounted to almost 3 billion euro. This helped offset the increase in spending by 2.5 billion euro.
Income growth was dictated by increase in revenues from indirect taxation (including VAT) and the social insurance fund. Income from direct taxation, in the meantime, has decreased.