Cyprus’ general government recorded a fiscal surplus of €1.44 billion in 2024, equivalent to 4.1 per cent of GDP, according to audited data verified under the European Commission’s Excessive Deficit Procedure.

According to a report released on Tuesday by the state statistical service (Cystat), public debt stood at €21.82 bn, corresponding to 62.8 per cent of GDP, marking continued improvement in Cyprus’ fiscal position.

Cystat said total revenue increased by €1.01 bn or 7.4 per cent year-on-year, reaching €14.75 bn compared with €13.74 bn in 2023.

Revenue growth was mainly driven by higher taxes on production and imports, which rose by €227.8 million or 5.1 per cent to €4.68 bn.

Within this category, net VAT revenue increased by €190.8m or 6.4 per cent, totalling €3.17 bn.

Social contributions grew by €139.5m or 3.2 per cent, amounting to €4.52 bn, while taxes on income and wealth surged by €539.8m or 16.5 per cent to €3.80 bn.

Revenue from the sale of goods and services rose by €52.3m or 6.2 per cent to €889.8m, and capital transfers climbed by €40.2m or 13.5 per cent to €336.9m.

Other current transfers increased by €27.4m or 7.5 per cent, reaching €393.2m.

On the other hand, property income receivable fell by €14.9m or 10.8 per cent to €122.9m, compared with €137.8m in 2023.

Total expenditure increased slightly by €127.3m or 1.0 per cent, amounting to €13.31 bn compared with €13.18 bn in 2023.

The compensation of employees, which includes imputed social contributions and pensions of civil servants, rose by €257.8m or 7.1 per cent to €3.88 bn.

Social transfers grew by €365.1m or 7.4 per cent, reaching €5.30 bn, while intermediate consumption rose by €110.1m or 8.1 per cent to €1.48 bn.

Property income payable increased by €36.7m or 9.2 per cent, totalling €434.8m, and subsidies rose slightly by €0.7m or 0.4 per cent to €171.4m.

Conversely, other current expenditure declined by €271.1m or 24.3 per cent to €842.4m, down from €1.11 bn in 2023.

Total capital expenditure also decreased by €372.0m or 23.6 per cent, amounting to €1.21 bn in 2024 compared with €1.58 bn a year earlier.

This included €966.1m in gross capital formation and €239.1m in other capital expenditure, down from €1.02 bn and €559.1m, respectively, in 2023.