Nicosia: General Government surplus for Cyprus stood at £557.6 million, equivalent to 1.6% of GDP, for the period of January to June 2025, mirroring the surplus rate from the same period in 2024, which was £550.7 million. This information comes from the preliminary General Government fiscal results prepared by the Statistical Service of Cyprus (CYSTAT).
According to Cyprus News Agency, the total revenue witnessed a growth of £393.6 million (5.9%) to reach £7,115.3 million during the first half of 2025, compared to £6,721.7 million in the same period of 2024. Revenue increases were noted in various areas, including taxes on income and wealth, which rose by £171.3 million (12%) to £1,593.6 million. Social contributions also saw an increase of £208.3 million (9.7%), reaching £2,356.6 million.
Property income experienced a rise of £54 million, amounting to £103.1 million, while taxes on production and imports increased by £121.4 million (5.4%) to £2,375.3 million. Revenue from the sale of goods and services saw a minor increase of £3.8 million (0.8%). However, current transfers decreased significantly by £121.1 million (-40.2%), and capital transfers fell by £44.1 million (-63.3%).
On the expenditure side, total spending increased by £386.7 million (6.3%), totaling £6,557.7 million in the first half of 2025, compared to £6,171 million in the same period of 2024. Compensation for employees, social benefits, and intermediate consumption all saw notable increases. Interest payable rose by £22.3 million (9.8%), while the capital account went up by £91.1 million (21.7%).
Despite these increases, there were decreases in current transfers and subsidies, which dropped by £47.6 million (-10.8%) and £4.6 million (-6.1%), respectively. CYSTAT noted that estimates for certain entities within the General Government, particularly the Local Government Subsector, were necessary due to insufficient data submission from relevant authorities.