Cyprus Achieves Impressive Fiscal Surplus In 2024 Amid Strengthened Public Finances

by THEFUTURE.TEAM

October 23, 2025

Robust Fiscal Performance Backed By European Validation

Cyprus recorded a fiscal surplus of €1.44 billion for 2024—equating to 4.1% of GDP—while its public debt stands at €21.83 billion (62.8% of GDP), according to CYSTAT. These figures have been meticulously verified under the European Commission’s Excessive Deficit Procedure (EDP), reinforcing the marked improvement in the nation’s public finances.

Revenue Growth Driven By Strong Tax Collection

Total state revenues increased by €1.01 billion (7.4%) to reach €14.75 billion. The principal contributors to this surge were:

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Income And Wealth Taxes: Up by €539.8 million (16.5%), totaling €3.80 billion
Production And Import Duties: Up by €227.8 million (5.1%), reaching €4.68 billion, with net VAT revenues increasing by €190.8 million (6.4%) to €3.17 billion
Social Contributions: Increased by €139.5 million (3.2%) to €4.52 billion
Service Revenues: Up by €52.3 million (6.2%)
Capital Transfers: Increased by €40.2 million (13.5%)

Only property income registered a decline of 10.8%, falling to €122.9 million.

Expenditure Adjustments Reflect Fiscal Discipline

Public expenditures experienced a modest increase of €127.3 million (1%), reaching €13.31 billion. Key spending areas with notable adjustments include:

Social Benefits: Increased by €365.1 million (7.4%) to €5.30 billion
Staff Remuneration: Up by €257.8 million (7.1%) to €3.88 billion
Intermediate Consumption (Operational Expenses): Increased by €110.1 million (8.1%)
Interest Payments And Property Income: Up by €36.7 million (9.2%)

Conversely, significant reductions were noted in other areas:

Other Current Expenditures: Decreased by €271.1 million (24.3%)
Capital Expenditures (Investments And Transfers): Fell by €372 million (23.6%) to €1.20 billion

Implications For Cyprus’s Fiscal Outlook

The fiscal results underscore Cyprus’s robust surplus position and the continued downward trend in public debt, which remains below critical thresholds as defined by post-Maastricht parameters. With the European Commission’s endorsement of these figures, the nation’s fiscal reliability is further solidified. This disciplined fiscal management not only enhances investor confidence but also positions Cyprus as a resilient player in an increasingly competitive economic landscape.

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Central Bank Of Cyprus Balance Sheet Reflects Strong Eurosystem Position

by THEFUTURE.TEAM

February 17, 2026

Overview Of Financial Stability

The Central Bank of Cyprus (CBC) has released its latest balance sheet, reaffirming its steadfast role within the Eurosystem. The balance sheet, featuring total assets and liabilities of €29.545 billion, underscores the institution’s stable financial posture at the close of January 2026.

Asset Allocation And Strategic Holdings

Governor Christodoulos Patsalides issued the balance sheet, which details the CBC’s asset composition under the Eurosystem framework. Notably, the bank’s gold and gold receivables amounted to €1.635 billion, providing a significant hedge and stability to its balance sheet. Additional asset categories include claims on non-euro area residents denominated in foreign currency at €1.099 billion, while claims on euro area residents in both foreign and domestic currency add further depth to its portfolio.

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The most substantial asset category, intra-Eurosystem claims, reached €19.438 billion, an indication of the CBC’s deep integration with its European counterparts. Furthermore, euro-denominated securities held by euro area residents contributed €6.587 billion. Despite a marked emphasis on these areas, lending to euro area credit institutions in monetary policy operations recorded no activity during the period.

Liability Structure And Monetary Policy Implications

On the liabilities side, banknotes in circulation contributed €3.218 billion. Liabilities to euro area credit institutions associated with monetary policy operations were notably the largest single category, totaling €17.636 billion. Supplementary liabilities included those to other euro area residents, which aggregated to €4.989 billion, with government liabilities playing a predominant role at €4.754 billion.

Other liability items, such as claims related to special drawing rights allocated by the International Monetary Fund at €494.193 million, and provisions of €596.571 million, further articulate the CBC’s exposure. Revaluation accounts stood at €1.643 billion, and overall capital and reserves were confirmed at €333.822 million, completing the picture of a well-capitalized institution.

Conclusive Insights And Strategic Alignment

The detailed breakdown illustrates the CBC’s sizeable intra-Eurosystem exposures, reinforcing its central role within Europe’s monetary landscape. With an asset-liability balance maintained at €29.545 billion, the CBC’s financial position remains robust, indicating a commitment to structural stability and strategic risk management.

This fiscal disclosure not only provides transparency into the CBC’s operations but also serves as a benchmark for comparative analysis among other central banks within the Eurosystem, highlighting the intricate balance between asset liquidity, regulatory oversight, and monetary policy imperatives.

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