According to the country’s CyStat or Statistical Service, last year was ended with a fiscal surplus by Cyprus. It amounts to 918.7 million euros or 3.1% of GDP. According to data released by Eurostat, this marks the highest percentage of GDP among EU Member States.
Nonetheless, the country still owes a significant debt amounting to €23.03 billion. This is about 77.3% of its total economic output.
Cyprus saw a big boost in the money it collected on the revenue side. Total revenue increased about 11.9% or €1.374 billion. This increase comes from different sources. It includes taxes on things such as production and imports, social contributions, taxes on income and wealth, and other sources like property income and sales of goods and services.
In 2023, Cyprus also spent more money compared to the previous year. Total expenditure increased about 11.3% or €1.21 billion. The money went toward things like paying government employees, social welfare programs, other operating expenses, subsidies, and investments in things such as infrastructure.
Cyprus managed to end the year with a surplus in spite of the rise in spending. This is a positive sign for its economy. Nevertheless, the country must watch its debt levels and continue to manage their finances carefully to ensure long-term stability and growth.