Three months before the end of the year, just 59 per cent of the state revenue for 2025 had been collected, while expenditure stood at a mere 52 per cent, the general treasury announced on Monday.

The treasury said this was normal, if compared to the rates of the past decade.

By the end of September, revenue amounted to €6.91 billion or 59 per cent, compared to 68 per cent last year.

Real expenditure reached €6,75 billion or 52 per cent, compared to 58 per cent in 2024.

According to the treasury, the reason the implementation of the state budget with regards revenue was less compared to last year had to do with a reduction in borrowing.

The treasury also justified the drop in expenditure, citing a lower repayment of loans.

A slight drop was recorded in expenditure for salaries, pensions and bonuses.

Expenditure on social provisions had reached €1.37 billion by the end of September, recording an increase of 3 per cent compared to last year due to increased spending on health, while a drop was seen in spending on social welfare.

Furthermore, operational and other expenditure by the end of September had fallen by 9 per cent.

The treasury said that over the past decade, the rate of implementation, or spending, of the budget by September averaged 60 per cent and that the lowest rate for 2018 and 2025 was due to the seasonality of repaying public debt.

Regarding development spending, the treasury said that capital expenditure reached €250.9 million, mainly on roadworks, construction projects, sewerage systems, building schools and purchasing land and equipment, while co-funded and other funding expenditure had reached €132m by the end of September.

Grants, contributions and subsidies amounted to €160.1m in the first nine months of the year and included beneficiaries such as the University of Cyprus, Tepak, the Cyprus Institute and the Open University.

Social provisions reached €40.5m and mainly concerned scholarships and grants for volunteer organisations.