For the first time in 16 years, a surplus was registered in government finance in the second quarter of 2016, the government said in a statement. The surplus was of €11 million, compared to the deficit of €38 million in the corresponding period last year.

The government said government expenditure dropped by 3.2% compared to last year, while income increased by 2.2%.

The government pocketed €383 million in income tax in the second quarter this year, which is €140 million more than that collected by the previous administration in its last year in office.