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Second-Quarter Government Deficit Falls by 45 pct y/y - CySTAT

The government deficit dropped by 45 percent from 409.4 million euros to 225.6 million euros in the second quarter versus the same period last year, said the Cyprus Statistical Service (CySTAT).

Total revenue was 1.6175 billion euros - a 9.2 percent increase compared to the second quarter in 2012.

Expenses fell 2.5 percent to 1.8431 billion euros, resulting in a deficit of 225.6 million euros, said CySTAT.

Main revenues came from taxes on production and imports, of which VAT increased 14.5 percent to 411.6 million euros.

The public payroll was reduced by 10.6 percent to 580 million euros, said CySTAT.

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