South Cyprus GDP Hits €33.57 Billion in 2024 with 3.4 Per Cent Growth

In addition, according a report released by the statistical service on Wednesday, real GDP, measured in volume terms, stood at €28.75 billion.

These updated figures incorporate revised data from the balance of payments and public finance statistics, as well as the change in the base year for volume calculations, which has shifted from 2010 to 2019.

The positive growth performance for 2024 was largely driven by key sectors including hotels and restaurants, information and communication, construction, and wholesale and retail trade (including vehicle repair).

According to the statistical service, these sectors showed strong contributions when assessing GDP via the production approach.

Following the GDP announcement, the government also confirmed a fiscal surplus of €1.44 billion for 2024, equivalent to 4.3 per cent of GDP.

The figures, which are part of the preliminary outcomes audited under the European Commission’s excessive deficit procedure, further show that public debt stood at €21.83 billion, or 65 per cent of GDP.

On the revenue side, Cyprus experienced an increase of €1.18 billion in total income compared to 2023, amounting to €14.86 billion. This marks an 8.6 per cent annual rise.

Taxes on production and imports increased by €237.7 million, reaching €4.69 billion. Within this category, net VAT revenues rose by €190.8 million to €3.17 billion.

Social contributions also increased by 3.3 per cent, totalling €4.52 billion, while income and wealth taxes rose significantly by 16.5 per cent, amounting to €3.80 billion.

Revenue from the provision of goods and services climbed by €235.3 million to €1.07 billion, and current transfers were up by €71.1 million.

However, property income receivable fell by €18.4 million, and capital transfers also declined by €33.4 million.

Total government expenditure reached €13.42 billion in 2024, up by 2.1 per cent compared to the previous year.

Staff compensation, including imputed social contributions and pensions, increased by €298 million, while social benefits rose to €5.31 billion, marking a €366.3 million increase.

What is more, intermediate consumption grew to €1.53 billion.

However, decreases were recorded in subsidies, other current expenditures, and total capital expenditure.

The latter dropped by 23.2 per cent, down to €1.21 billion, reflecting reductions in both gross fixed capital formation and capital transfers.

Source: Cyprus Mail