Nicosia: The preliminary fiscal results for Cyprus’ General Government, as prepared by the Statistical Service of Cyprus (CYSTAT), reveal a surplus of £840.6 million, equivalent to 2.4% of the GDP, for the period of January to July 2025. This marks a decrease from the surplus of £911.7 million, or 2.7% of GDP, recorded in the same period in 2024.
According to Cyprus News Agency, the total revenue during January to July 2025 increased by £391.7 million, or 4.8%, amounting to £8,495.1 million compared to £8,103.4 million in the corresponding period of the previous year. Notably, revenue from taxes on income and wealth increased by £164.2 million, reaching £2,033.5 million.
Social contributions saw a rise of £234.3 million, totaling £2,769.3 million, while property income increased by £54.4 million to reach £113.0 million. Taxes on production and imports experienced an increase of £18.5 million, with net VAT revenue accounting for a rise of £33.9 million.
However, current transfers decreased by £43.9 million, and capital transfers saw a decline of £36.4 million. Despite these decreases, revenue from the sale of goods and services showed a slight increase of £0.6 million.
On the expenditure side, total spending rose by £462.8 million, amounting to £7,654.5 million during the period of January to July 2025. This increase in expenditure included a rise in compensation of employees by £144.6 million and social benefits by £201.6 million.
Intermediate consumption increased by £52.1 million, with interest payable showing a slight increase of £1.7 million. The capital account rose by £109.5 million, with gross capital formation contributing an increase of £82.4 million.
Conversely, current transfers decreased by £35.1 million, and subsidies saw a reduction of £11.6 million. The Statistical Service highlighted that estimates were produced for several entities within the General Government, specifically for the Local Government Subsector, due to insufficient data submission by the competent authorities.