The results for 2024, audited and verified within the Excessive Deficit Procedure framework of the European Commission, indicate a fiscal surplus of €1,439.2m, which corresponds to 4.1% of GDP and a fiscal debt of €21,822.8m, which corresponds to 62.8% of GDP, according to the Cyprus Statistical Service.
Revenue
In 2024, total revenue increased by €1,012.1m (7.4%) and amounted to €14,750.3m, compared to €13,738.2m in 2023.
In detail, taxes on production and imports increased by €227.8m (5.1%) and amounted to €4,682.8m, compared to €4,455m in 2023, of which net VAT revenue increased by €190.8m (6.4%) and amounted to €3,169.6m, compared to €2,978.8m in 2023.
Social contributions increased by €139.5m (3.2%) and amounted to €4,520m, compared to €4,380.5m in 2023.
Revenue from taxes on income and wealth increased by €539.8m (16.5%) and amounted to €3,804.7m, compared to €3,264.9m in 2023.
Other current transfers increased by €27.4m (7.5%) and amounted to €393.2m, compared to €365.8m in 2023.
Revenue from the sale of goods and services increased by €52.3m (6.2%) and amounted to €889.8m, compared to €837.5m in 2023.
Capital transfers increased by €40.2m (13.5%) and amounted to €336.9m, compared to €296.7m in 2023.
On the contrary, property income receivable decreased by €14.9m (-10.8%) to €122.9m, from €137.8m in 2023.
Expenditure
In 2024, total expenditure increased by €127.3m (1%) and amounted to €13,311.1m, from €13,183.8m in 2023.
Specifically, compensation of employees (including imputed social contributions and pensions of civil servants) increased by €257.8m (7.1%) and amounted to €3,877.9m, compared to €3,620.1m in 2023.
Social transfers increased by €365.1m (7.4%) and amounted to €5,303.7m, compared to €4,938.6m in 2023.
Intermediate consumption increased by €110.1m (8.1%) and amounted to €1,475.7m, compared to €1,365.6m in 2023.
Property income payable increased by €36.7m (9.2%) and amounted to €434.8m, compared to €398.1m in 2023.
Subsidies increased by €0.7m (0.4%) and amounted to €171.4m, compared to €170.7m in 2023.
On the contrary, other current expenditure decreased by €271.1m (-24.3%) to €842.4m, from €1,113.5m in 2023.
Total capital expenditure decreased by €372m (-23.6%) to €1,205.2m (€966.1m gross capital formation and €239.1m other capital expenditure), compared to €1,577.2m (€1,018.1m gross capital formation and €559.1m other capital expenditure) in 2023.
