Cyprus recorded a €1.4 billion fiscal surplus during the first eight months of 2025, according to preliminary figures released on Friday by the Statistical Service (Cystat).
The data, covering the period January-August 2025, show a general government surplus equal to 4.0% of GDP, compared with a surplus of €1.3 billion (also 4.0% of GDP) during the same period in 2024.
Revenue Up by 6.8%
Total revenue for January-August 2025 rose by €641.1 million (+6.8%), reaching €10.1 billion, compared with €9.5 billion a year earlier.
-
Income and wealth taxes increased by €178.3 million (+7.1%) to €2.7 billion (from €2.5 billion in 2024).
-
Social contributions grew by €243.8 million (+8.4%) to €3.1 billion (from €2.9 billion).
-
Interest and dividends received rose by €57.4 million to €121.8 million (from €64.4 million).
-
Taxes on production and imports increased by €41 million (+1.3%) to €3.1 billion, with net VAT revenue (after refunds) up €47.7 million (+2.3%) to €2.1 billion.
-
Revenue from services provided jumped by €97.8 million (+17.7%) to €651.6 million (from €553.8 million).
-
Capital transfers rose by €45.8 million (+65.7%) to €115.5 million (from €69.7 million).
-
Conversely, current transfers declined by €22.9 million (-9.0%) to €232.7 million (from €255.6 million).
Expenditure Up by 7.1%
Total government expenditure increased by €574.3 million (+7.1%), reaching €8.7 billion, compared with €8.1 billion in the same period last year.
-
Compensation of employees (including imputed social contributions and pensions) rose by €149.3 million (+6.2%) to €2.5 billion.
-
Social benefits increased by €231.1 million (+6.8%) to €3.6 billion.
-
Intermediate consumption grew by €84.6 million (+10.1%) to €920.1 million.
-
Capital account expenditure rose sharply by €131.8 million (+22.9%) to €707 million, including a €92.9 million (+19.2%) rise in fixed capital investment to €576.7 million and €38.9 million (+42.6%) in other capital transfers to €130.3 million.
-
Interest payments fell slightly by €2.9 million (-1.0%) to €287.7 million.
-
Current transfers decreased by €16.6 million (-3.1%) to €527 million.
-
Subsidies dropped by €3 million (-3.0%) to €98 million.
Cystat clarified that estimates were produced for some entities within the general government, particularly in the local government sub-sector, due to insufficient data submitted by relevant authorities.
