S Cyprus Fiscal Surplus Reaches €646.8 Million by April
South Cyprus recorded a general government surplus of €646.8 million in the first four months of 2025, according to preliminary fiscal data published by the Cyprus Statistical Service (Cystat) on Frida
The surplus corresponds to 1.8 per cent of GDP, marginally lower than the €650.5m surplus, or 1.9 per cent of GDP, recorded during the same period in 2024.
Total revenue from January to April 2025 rose by €243m or 5.3 per cent year-on-year, reaching €4.82 billion, compared with €4.58 billion in the corresponding period of 2024.
Revenue from taxes on income and wealth increased by 8.3 per cent to €1.17bl, up from €1,08bl.
Social contributions also rose significantly, reaching €1.57bl, an increase of 9.4 per cent compared with €1.43bl last year.
Income from the sale of goods and services grew by 24.1 per cent to €369.7m, while property income more than doubled to €84.7m, compared with €31m in 2024.
By contrast, taxes on production and imports dropped by 0.7 per cent to €1.49bl, down from €1.50bl, with net VAT revenue falling by 2.3 per cent to €1.00bl.
Current transfers declined sharply by 38.9 per cent to €124.5m, while capital transfers plummeted by 75.3 per cent to €5.8m.
On the expenditure side, total spending rose by €246.6m or 6.3 per cent year-on-year, reaching €4.17bl, up from €3.93bl in the same period last year.
Compensation of employees, including imputed social contributions and pensions for civil servants, rose by 6 per cent to €1.27bl.
Social benefits climbed by 5.9 per cent to €1.71bl, while current transfers increased by 8 per cent to €283.6m.
The capital account rose by 30 per cent to €310.7m, compared with €239m in 2024.
This included a rise in gross capital formation by 18.7 per cent to €251.7m, and an increase in other capital expenditure to €59m, more than double the €26.9m recorded a year earlier.
Meanwhile, intermediate consumption fell by 1.3 per cent to €399m. Subsidies declined by 10.1 per cent to €49.8m, and interest payments edged down by 1.8 per cent to €148.3m.
The subsector breakdown shows the central government recorded a surplus of €249m, while the social security funds posted a surplus of €405.2m. Local government, however, registered a deficit of €7.4m.
Cystat noted that the figures for local government are based on estimates, due to insufficient data submissions from district and municipal authorities.
Source: Cyprus Mail
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