Cyprus government records €455.9 million surplus in January

The Cyprus general government recorded a surplus of €455.9 million in January 2024, equivalent to 1.4 per cent of the GDP, according to the preliminary fiscal results released on Friday by the Statistical Service of Cyprus (Cystat).

This marks an increase from the €368.6 million surplus (1.2 per cent of GDP) recorded in January 2023.

Revenue Growth

Total revenue for January 2024 reached €1,316.0 million, showing a significant increase of €153.0 million (13.2 per cent) compared to the same month in 2023.

Key contributors include a €99.0 million (22.4 per cent) rise in taxes on income and wealth, reaching €540.5 million.

Moreover, social contributions increased by €42.3 million (14.1 per cent), amounting to €343.1 million.

Expenditure Highlights

Total expenditure in January 2024 increased by €65.6 million (8.3 per cent), totalling €860.1 million.

Social benefits saw a notable increase of €38.1 million (11.6 per cent), reaching €365.6 million.

Furthermore, the compensation of employees, including social contributions and civil servant pensions, increased by €41.5 million (16.2 per cent), totalling €297.3 million.

Other details

Intermediate consumption increased by €0.4 million (0.5 per cent) to €76.3 million.

Gross capital formation in the capital account rose by €4.3 million (20.0 per cent), totalling €25.8 million.

Additionally, subsidies decreased by €6.8 million (61.3 per cent) to €4.3 million.

What is more, current transfers decreased by €4.0 million (6.5 per cent) to €58.1 million, while interest payable decreased by €6.6 million (15.9 per cent) to €35.1 million.