Cyprus fiscal surplus over €700 million
Cyprus recorded a significant fiscal surplus of 702.5 million euros for the period of January to July 2024, according to provisional general government fiscal results, released on Friday by the Statistical Service of Cyprus
This figure represents 2.2% of the country’s gross domestic product and marks a substantial increase from the €345.9 million surplus (1.2% of GDP) reported during the same period in 2023.
The fiscal improvement is largely attributed to a surge in government revenue, which increased by €953.1 million or 14.2% year-on-year, reaching €7.662 billion.
Key contributors to this growth include revenue from the sale of goods and services that increased by €163.3 million (43.5%) to €538.7 million, current transfers that rose by €43.6 million (25.8%) to €212.3 million, and social contributions that saw a significant rise of €327.9 million (16.2%), totaling €2.348 billion.
Property income tax also increased by €21 million (34.5%) to €81.9 million, as well as taxes on production and imports that grew €175.7 million (7.3%) to €2.584 billion and net VAT revenue that rose €148.4 million (9.5%) to €1.718 billion.
