Nicosia: The preliminary General Government fiscal results prepared by the Statistical Service of Cyprus (CYSTAT) reveal a notable surplus of £551.2 million, equivalent to 1.6% of GDP, for the period of January-May 2025. This marks a slight increase compared to the £542.6 million surplus recorded during the same period in 2024.
According to Cyprus News Agency, the total revenue for January-May 2025 saw a significant rise of £310.8 million, amounting to £5,901.8 million, compared to £5,591.0 million in the corresponding period of 2024. Revenue from taxes on income and wealth increased by £137.1 million (+11.1%), while social contributions rose by £159.9 million (+8.8%). Property income also saw a substantial increase of £51.7 million, with revenue from the sale of goods and services growing by £29.0 million (+7.8%).
Taxes on production and imports experienced a modest increase of £31.2 million (+1.7%), though net VAT revenue decreased slightly by £12.4 million (-1.0%). Current transfers and capital transfers declined by £82.2 million (-36.4%) and £15.9 million (-60.5%), respectively.
On the expenditure side, a total increase of £302.1 million (+6.0%) was recorded, bringing total expenditure to £5,350.6 million for January-May 2025, up from £5,048.5 million in the same period of 2024. Compensation of employees rose by £87.0 million (+5.8%), and social benefits increased by £129.6 million (+6.2%). Intermediate consumption and interest payable also saw increases.
The capital account saw a rise of £94.3 million (+27.7%), with gross capital formation and other capital expenditure contributing significantly. Some declines were noted, with current transfers and subsidies decreasing by £16.9 million (-4.9%) and £7.1 million (-10.9%), respectively.
The Statistical Service highlighted that estimates had to be produced for certain entities within the General Government, particularly the Local Government Subsector, due to insufficient data submission by the relevant authorities.