Nicosia: The fiscal surplus recorded for 2024 is pound 1,437.1 mn, according to the preliminary fiscal results for 2024 of the Cyprus Statistical Service (CyStat), 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 pound 21,827.7 mn, which corresponds to 65% of GDP.
According to Cyprus News Agency, total revenue in 2024 increased by pound 1,175.7 mn (8.6%) and amounted to pound 14,857.2 mn, compared to pound 13,681.5 mn in 2023. Taxes on production and imports rose by pound 237.7 mn (5.3%), with net VAT revenue increasing by pound 190.8 mn (6.4%). Social contributions grew by pound 143.6 mn (3.3%), while revenue from taxes on income and wealth saw a significant rise of pound 539.8 mn (16.5%). Other current transfers and revenue from the sale of goods and services also increased, while property income receivable and capital transfers saw a decline.
In terms of expenditure, the year 2024 saw an increase of pound 270.8 mn (2.1%), reaching pound 13,420.1 mn from pound 13,149.3 mn in 2023. Compensation of employees increased notably by pound 298 mn (8.3%), and social transfers by pound 366.3 mn (7.4%). Intermediate consumption also saw a rise, whereas subsidies, other current expenditure, and total capital expenditure experienced reductions.