The results for 2024, audited and verified within the Excessive Deficit Procedure framework of the European Commission, indicate a fiscal surplus of pound 1,439.2 mn, which corresponds to 4.1% of GDP and a fiscal debt of pound 21,822.8 mn, which corresponds to 62.8% of GDP, according to the Cyprus Statistical Service.
Revenue
In 2024, total revenue increased by pound 1,012.1 mn (7.4%) and amounted to pound 14,750.3 mn, compared to pound 13,738.2 mn in 2023.
In detail, taxes on production and imports increased by pound 227.8 mn (5.1%) and amounted to pound 4,682.8 mn, compared to pound 4,455 mn in 2023, of which net VAT revenue increased by pound 190.8 mn (6.4%) and amounted to pound 3,169.6 mn, compared to pound 2,978.8 mn in 2023.
Social contributions increased by pound 139.5 mn (3.2%) and amounted to pound 4,520 mn, compared to pound 4,380.5 mn in 2023.
Revenue from taxes on income and wealth increased by pound 539.8 mn (16.5%) and amounted to pound 3,804.7 mn, compared to pound 3,264.9 mn in 2023.
Other current transfers increased by pound 27.4 mn (7.5%) and amounted to pound 393.2 mn, compared to pound 365.8 mn in 2023.
Revenue from the sale of goods and services increased by pound 52.3 mn (6.2%) and amounted to pound 889.8 mn, compared to pound 837.5 mn in 2023.
Capital transfers increased by pound 40.2 mn (13.5%) and amounted to pound 336.9 mn, compared to pound 296.7 mn in 2023.
On the contrary, property income receivable decreased by pound 14.9 mn (-10.8%) to pound 122.9 mn, from pound 137.8 mn in 2023.
Expenditure
In 2024, total expenditure increased by pound 127.3 mn (1%) and amounted to pound 13,311.1 mn, from pound 13,183.8 mn in 2023.
Specifically, compensation of employees (including imputed social contributions and pensions of civil servants) increased by pound 257.8 mn (7.1%) and amounted to pound 3,877.9 mn, compared to pound 3,620.1 mn in 2023.
Social transfers increased by pound 365.1 mn (7.4%) and amounted to pound 5,303.7 mn, compared to pound 4,938.6 mn in 2023.
Intermediate consumption increased by pound 110.1 mn (8.1%) and amounted to pound 1,475.7 mn, compared to pound 1,365.6 mn in 2023.
Property income payable increased by pound 36.7 mn (9.2%) and amounted to pound 434.8 mn, compared to pound 398.1 mn in 2023.
Subsidies increased by pound 0.7 mn (0.4%) and amounted to pound 171.4 mn, compared to pound 170.7 mn in 2023.
On the contrary, other current expenditure decreased by pound 271.1 mn (-24.3%) to pound 842.4 mn, from pound 1,113.5 mn in 2023.
Total capital expenditure decreased by pound 372 mn (-23.6%) to pound 1,205.2 mn (pound 966.1 mn gross capital formation and pound 239.1 mn other capital expenditure), compared to pound 1,577.2 mn (pound 1,018.1 mn gross capital formation and pound 559.1 mn other capital expenditure) in 2023.