Nicosia: The preliminary General Government fiscal results, prepared by the Statistical Service of Cyprus (CYSTAT), were published on Tuesday, indicating a surplus of pound 0.6 million for the period of April-June 2025.
According to Cyprus News Agency, the results mark a significant turnaround compared to the previous year when a deficit of pound 68.7 million was recorded during the same period. The fiscal improvement is attributed to a notable increase in revenue and a moderate rise in expenditure.
During the period of April-June 2025, total revenue increased by pound 307.8 million, or 9.5%, amounting to pound 3,544.8 million, compared to pound 3,237 million in the corresponding period of 2024. Social contributions saw a rise of pound 81.7 million, or 7.5%, reaching pound 1,177.9 million. Revenue from taxes on income and wealth increased significantly by pound 100.6 million, or 19.8%, totaling pound 607.7 million. Additionally, taxes on production and imports rose by pound 45.2 million, or 3.8%, amounting to pound 1,226.4 million, with net VAT revenue increasing by pound 22.9 million, or 2.9%, to pound 811.9 million.
Property income receivable also showed an upward trend, increasing by pound 55.3 million to pound 84.2 million. Capital transfers experienced a substantial rise of pound 47.9 million, or 86.6%, reaching pound 103.2 million. However, other current transfers and revenue from the sale of goods and services witnessed a decline.
On the expenditure side, during the period of April-June 2025, total expenditure increased by pound 238.5 million, or 7.2%, amounting to pound 3,544.2 million. Social transfers rose by pound 72.9 million, or 5.2%, while compensation of employees increased by pound 60.5 million, or 6.7%. Property income payable climbed by pound 21.5 million, or 13.7%, and intermediate consumption rose by pound 62.3 million, or 19.4%.
The capital account, which includes capital formation and capital transfers, increased by pound 43.2 million, or 16.7%. Conversely, other current expenditure decreased by pound 21.9 million, or 9.4%.