Coronavirus: Government deficit inflated by lockdown

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Coronavirus: Government deficit inflated by...
 © CyprusMail 2020
The general government deficit – the balance of income and expenditure – at the end of May came to €528.8m (or 2.6 per cent of GDP) as a result of the steep decline in tax revenue during the coronavirus-related lockdown.

This compared to a general government surplus of €201.3m registered for the same period last year, the Statistical Service said.

It said the deficit is due to the drop in tax revenue and customs duties, and the simultaneous increase in welfare spending by the state to prop up businesses and individuals affected by the...


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Coronavirus: Government deficit inflated by lockdown


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Article Tags: coronavirus, government, deficit, inflated, lockdown,