Significant fiscal surplus in Cyprus
Cyprus ended 2023 with a fiscal surplus of 918.7 million euros, the country’s Statistical Service (CyStat) said on Monday.
However, the country still has a significant debt of €23.03 billion, which is about 77.3% of its total economic output.
On the revenue side, Cyprus saw a big boost in the money it collected. Total revenue increased by €1.374 billion, or about 11.9%. This increase came from various sources, including taxes on things like production and imports, social contributions, taxes on income and wealth, and other sources like property income and sales of goods and services.
Cyprus also spent more money in 2023 compared to the previous year. Total expenditure increased by €1.21 billion, or about 11.3%. This money went toward things like paying government employees, social welfare programs, other operating expenses, subsidies, and investments in things like infrastructure.
Despite the rise in spending, Cyprus managed to end the year with a surplus, which is a positive sign for its economy. However, the country must watch its debt levels and continue to manage its finances carefully to ensure long-term stability and growth.
