Fiscal surplus €1.4b in 2024, at 4.3% of GDP

The fiscal surplus recorded for 2024 is €1,437.1m, according to CySTAT's preliminary fiscal results for 2024, which have been audited and verified within the Excessive Deficit Procedure framework of the European Commission. This surplus corresponds to 4.3% of GDP.

At the same time, the fiscal debt at the end of 2024 was at €21,827.7m, which corresponds to 65% of GDP.

Revenue

In 2024, total revenue increased by €1,175.7m (8.6%) and amounted to €14,857.2m, compared to €13,681.5m in 2023.

In detail, taxes on production and imports increased by €237.7m (5.3%) and amounted to €4,689.7m, compared to €4,452m 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 €143.6m (3.3%) and amounted to €4,524.1m, 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 €71.1m (21.8%) and amounted to €397.4m, compared to €326.3m in 2023.

Revenue from the sale of goods and services increased by €235.3m (28.3%) and amounted to €1,068m, compared to €832.7m in 2023.

On the contrary, property income receivable decreased by €18.4m (-13.4%) to €119.1m, from €137.5m in 2023.

Capital transfers decreased by €33.4m (-11.6%) to €254.2m, from €287.6m in 2023.

Expenditure

In 2024, total expenditure increased by €270.8m (2.1%) and amounted to €13,420.1m, from €13,149.3m in 2023.

Specifically, compensation of employees, including imputed social contributions and pensions of civil servants, increased by €298m (8.3%) and amounted to €3,897.2m, compared to €3,599.2m in 2023.

Social transfers increased by €366.3m (7.4%) and amounted to €5,308.3m, compared to €4,942m in 2023.

Intermediate consumption increased by €234m (18%) and amounted to €1,531m, compared to €1,297m in 2023.

Property income payable increased by €21.8m (5.3%) and amounted to €430.6m, compared to €408.8m in 2023.

On the contrary, subsidies decreased by €3.2m (1.9%) to €168.4m, from €171.6m in 2023.

Other current expenditure decreased by €282.1m (-24.3%) to €879.1m, from €1,161.2m in 2023.

Total capital expenditure decreased by €364m (-23.2%) to €1,205.5m (€997.1m gross capital formation and €208.4m other capital expenditure), compared to €1,569.5m (€1,011.8m gross capital formation and €557.7m other capital expenditure) in 2023.

(Source: CNA)