Nicosia: The Cyprus Statistical Service has announced that Cyprus achieved a fiscal surplus of 4.1% of GDP and a fiscal debt of 62.8% of GDP for the year 2024. The results, confirmed within the Excessive Deficit Procedure framework of the European Commission, reveal a fiscal surplus of £1,439.2 million and a fiscal debt of £21,822.8 million.
According to Cyprus News Agency, total revenue for 2024 increased by £1,012.1 million, amounting to £14,750.3 million, up from £13,738.2 million in 2023. The rise in revenue was primarily driven by an increase in taxes on production and imports, which grew by £227.8 million to £4,682.8 million. Net VAT revenue also saw an increase of £190.8 million, reaching £3,169.6 million.
Social contributions rose by £139.5 million, totaling £4,520 million, while revenue from taxes on income and wealth surged by £539.8 million to £3,804.7 million. Other current transfers and revenue from the sale of goods and services also experienced growth, with increases of £27.4 million and £52.3 million, respectively. However, property income receivable decreased by £14.9 million to £122.9 million.
On the expenditure side, total spending in 2024 increased by £127.3 million, reaching £13,311.1 million. Compensation of employees and social transfers were significant contributors to this rise, with increases of £257.8 million and £365.1 million, respectively. Meanwhile, intermediate consumption and property income payable experienced growth as well.
Conversely, other current expenditure saw a decrease of £271.1 million, and total capital expenditure dropped by £372 million to £1,205.2 million. This decline in capital expenditure was reflected in both gross capital formation and other capital expenditure categories.