Cyprus Posts Budget Surplus of €646.8 Million by April
According to preliminary financial data released by the Cyprus Statistical Service (Cystat), Cyprus recorded a budget surplus of €646.8 million during the first four months of 2025.
The surplus amounts to 1.8% of the country’s GDP, slightly below the €650.5 million surplus (1.9% of GDP) recorded during the same period in 2024.
Total revenue from January to April 2025 rose by €243 million, or 5.3% year-on-year, reaching €4.82 billion — up from €4.58 billion in the same period of 2024.
Revenue from income and property taxes increased by 8.3% to €1.17 billion, compared to €1.08 billion in 2024. Social contributions also saw a notable rise, reaching €1.57 billion — a 9.4% increase from €1.43 billion last year.
Revenue from the sale of goods and services surged by 24.1% to €369.7 million. Income from property more than doubled, rising to €84.7 million from €31 million in 2024. However, taxes on production and imports fell by 0.7% to €1.49 billion, compared to €1.50 billion last year. Net VAT revenue also declined by 2.3%, amounting to €1 billion.
Total expenditure increased by €246.6 million or 6.3% year-on-year, reaching €4.17 billion — up from €3.93 billion during the same period last year. Payroll expenses, including imputed social contributions and civil service pensions, rose by 6% to €1.27 billion. Social benefits grew by 5.9% to €1.71 billion, while current transfers increased by 8% to €283.6 million.
It is noted that the data related to local government is based on estimates, due to limited information provided by district and municipal authorities.
