ICC SOVEREIGN GROUP

Cyprus stands out for its financial excess

25 Oct 2019

Cyprus stands apart for its financial performance, as indicated by the figures published by the International Monetary Fund.

According to IMF data, in 2019, Cyprus is expected to record the biggest primary surplus from all nations, reaching 5.9% of GDP.

As indicated by the most recent CYSTAT data, the spending surplus surpassed 4% of GDP in the first eight months of 2019, with the biggest contribution being the GESY increased instalments in spite of the increase in salaries after the return of the cuts made in July 2018. Nevertheless, the primary surplus does not include interest payments on loans.

Also, large primary surpluses are expected in Norway (5.1%), Greece (3.3%) and Portugal (2.9%). On the other hand, the US is anticipated to record the biggest essential shortage that will reach 3.6% of GDP.

As the IMF explains, expenditure and budget balances adjust in the United States, are adjusted to exclude the imputed interest from unfunded pension liabilities and imputed employee allowances, calculated as expenditure under the context of the 2008 System of National Accounts established by the United States. United States data may contrast from the data published by the US Bureau of Economic Analysis. Notwithstanding the US, shortfalls are anticipated in seven additional nations, Japan, France, Israel, Hong Kong, Canada, Finland and Estonia.

As far as the budget balance, Cyprus is expected to record the third biggest surplus after Norway and Singapore. It is evaluated to reach 3.6%. In Norway, the surplus is expected to reach 7.6% of GDP and in Singapore 4.3%.

Cyprus enormous surpluses are expected to contribute gradually, bit by bit to lessening the high public debt reaching 96%. It is one of the most elevated debt of states in the world, clearly showing the need to channel a noteworthy segment of surpluses to reimburse the government advances.

Finally, this additionally explains the moderately enormous contrast between the primary spending surplus and the spending excess.

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