Cyprus recorded a general government surplus of €1.43 billion, equivalent to 4.2 per cent of GDP, between January and October 2024, according to a report from the statistical service.
This was more than double the surplus of €664.8 million, or 2.1 per cent of GDP, reported for the same period in 2023.
According to the report, this increase was driven by significant revenue growth and a slight reduction in expenses.
Revenue for the period from January to October 2024 increased by €721.6 million, or 6.6 per cent, totalling €11.69 billion compared to €10.97 billion in 2023.
Taxes on production and imports rose by €227.3 million, an increase of 6.2 per cent, reaching €3.89 billion.
Within this category, VAT revenues, after accounting for refunds, climbed by €187.2 million, representing a 7.6 per cent rise, to €2.66 billion.
Income and wealth tax revenues experienced significant growth, increasing by €399.7 million, or 16.0 per cent, to reach €2.90 billion.
Revenue from services also showed a notable rise, up by €189.3 million, or 29.9 per cent, to €822.7 million.
Social contributions grew modestly, increasing by €24.9 million, or 0.7 per cent, to a total of €3.61 billion.
In contrast, current transfers and capital transfers both declined. Current transfers dropped by €109.6 million, a decrease of 29.1 per cent, to €266.9 million, while capital transfers fell by €51.1 million, or 42.2 per cent, to €69.9 million.
On the expenditure side, total spending decreased slightly, falling by €45.4 million, or 0.4 per cent, to €10.25 billion compared to €10.30 billion in 2023.
Personnel compensation, including pensions, rose by €209.9 million, or 7.6 per cent, to €2.97 billion.
Social benefits saw an increase of €342.6 million, or 8.8 per cent, reaching €4.26 billion. Intermediate consumption also rose, growing by €109.5 million, or 11.2 per cent, to €1.09 billion.
Subsidies, however, declined by €22.7 million, or 16.7 per cent, to €113.3 million.
Current transfers saw a sharp decrease, falling by €323.8 million, or 32.9 per cent, to €660.1 million.
Capital expenditure also dropped significantly, declining by €384.4 million, or 32.2 per cent, to €807.5 million.
Despite this, fixed capital investment recorded a modest rise of €8.8 million, or 1.3 per cent, to reach €675.3 million.
