Nicosia: In 2025, a fiscal surplus of £1,241.5 million was recorded, corresponding to 3.4% of GDP, while the fiscal debt stood at £20,078.2 million, making up 55% of GDP. These figures were released as part of the preliminary fiscal results for 2025, published by the Statistical Service on Wednesday, which have undergone auditing and verification under the European Commission's Excessive Deficit Procedure framework.
According to Cyprus News Agency, total revenue for 2025 rose by £1,171.4 million, or 7.9%, reaching £15,921.7 million, up from £14,750.3 million in 2024. This increase was marked by a £62 million (1.3%) rise in taxes on production and imports to £4,744.8 million, despite a slight decline in net VAT revenue by £16 million (-0.5%) to £3,153.6 million. Social contributions saw an 8.5% increase, amounting to £4,905.4 million. Revenue from taxes on income and wealth went up by 10%, totaling £4,183.8 million. Other current transfers, revenue from the sale of goods and services, capital transfers, and property income receivable also experienced significant increases.
In terms of expenditure, 2025 saw a total increase of £1,368.9 million (10.3%), amounting to £14,680.2 million, up from £13,311.3 million in 2024. Employee compensation rose by £282.8 million (7.3%) to £4,160.7 million. Social transfers increased by £355.7 million (6.7%), reaching £5,659.4 million. Intermediate consumption rose by £110 million (7.5%), and other current expenditures increased by £118.1 million (14%). Total capital expenditure saw a substantial rise of £544.1 million (45.1%). Conversely, property income payable and subsidies both decreased, by £17.2 million (-4%) and £24.6 million (-14.4%) respectively.