Cyprus’ total public debt decreased to €20.92 billion as of December 31, 2024, down from €22.18 billion a year earlier, according to the fiscal report of the Republic of Cyprus for the financial year 2024.

The report, submitted to parliament this week and published by the Treasury outlined key fiscal developments over the year.

The Treasury clarified that the reported total debt excludes intergovernmental borrowing, which amounted to €12.03 billion in 2024, compared to €10.73 billion in 2023.

According to an announcement by the Treasury, the fiscal report was originally submitted to Finance Minister Makis Keravnos by accountant general Andreas Antoniades on March 7, 2025.

The minister then presented it to the Council of Ministers, which approved it on March 26, 2025.

The report detailed revenues and expenditures included in the 2024 state budget, comparing them with actual revenues collected and expenditures incurred over the financial year, while also accounting for supplementary budgets and credit transfers.

The report showed that the state budget recorded a deficit of €0.32 billion in 2024, before net borrowing flows, compared to a deficit of €0.45 billion in 2023.

For 2024, total revenues, excluding inflows from loan disbursements and repayments of issued loans, amounted to €9.57 billion, an increase from €8.72 billion in 2023.

Total expenditures, excluding outflows for loan repayments and issuances, reached €9.89 billion, up from €9.17 billion in the previous year.

Taxation remained the primary source of government revenue in 2024, contributing €8.06 billion, or 84 per cent of total revenues.

Of this, 44 per cent came from indirect taxes, while 40 per cent was derived from direct taxation.

The largest expenditure categories included personnel salaries, pensions, and gratuities, which totalled €3.56 billion.

Social benefits accounted for €1.92 billion, while transfers amounted to €1.53 billion.

Within social benefits, the government’s contribution to the General Healthcare System (Gesy) stood at €0.77 billion.

The Treasury further noted that transfers primarily involved grants and state contributions to various organisations, including public law organisations, local authorities, the European Union, international organisations, and individuals.