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Cyprus Achieves Record-Breaking Fiscal Surplus: A Look At The Numbers

by THEFUTURE.TEAM

January 9, 2025

Cyprus is closing the year on a high note with impressive fiscal results, according to preliminary data released by the Statistical Service of Cyprus (CYSTAT). From January to November 2024, the country recorded a fiscal surplus of €1,420.8 million, equivalent to 4.2% of GDP. This marks a significant leap from the €709.9 million surplus (2.3% of GDP) achieved during the same period in 2023.

Revenue Growth Fuels Surplus

The fiscal surplus was largely driven by robust revenue growth, which surged by €809.8 million (6.7%), reaching €12,844.8 million in 2024 compared to €12,035 million in 2023.

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Breaking down the figures:

Taxes on production and imports rose by €255 million (6.2%) to €4,349.6 million, with net VAT revenue climbing €217.2 million (7.8%) to €2,984.6 million.
Taxes on income and wealth saw an impressive increase of €425.7 million (16%), totalling €3,082.3 million.
Property income jumped by €42 million (45.4%) to €134.6 million.
Revenue from goods and services grew by €163.7 million (21.6%) to €920.3 million.
Social contributions edged up by €95 million (2.4%) to €3,980.7 million.

On the flip side, current transfers dropped by €122.7 million (29.1%) to €299.1 million, and capital transfers fell by €48.9 million (38.5%) to €78.2 million.

Modest Rise in Expenditures

Government spending increased by a modest €98.9 million (0.9%), totalling €11,424 million in 2024 compared to €11,325.1 million in 2023.

Highlights include:

Intermediate consumption grew by €119 million (10.8%) to €1,223.4 million.
Compensation of employees rose by €236.3 million (7.7%) to €3,292.4 million.
Social benefits climbed €417 million (9.8%) to €4,679.3 million.
Interest payments increased by €23.4 million (6.1%) to €407.4 million.

However, certain expenditures saw declines:

Subsidies dropped by €8.5 million (5.9%) to €134.5 million.
Current transfers fell by €314.4 million (29.6%) to €747.6 million.
The capital account decreased by €373.8 million (28.5%) to €939.4 million, with notable reductions in other capital expenditures by €400 million (71.7%).

A Step Forward for Cyprus

These results highlight Cyprus’s continued fiscal discipline and its ability to generate significant revenues amidst global economic challenges. As the government balances spending with revenue growth, the country solidifies its position as a model of economic resilience in the region.

Kuwaiti Ambassador Advocates For Strengthened Ties Between Cyprus And GCC Nations

by THEFUTURE.TEAM

February 5, 2025

The Kuwaiti Ambassador to Cyprus, Abdullah Musaed Al-Khorafi, has underscored the vital need to deepen dialogue between Kuwait, Cyprus, and the Gulf Cooperation Council (GCC) nations, as well as the broader Arab world. He made these remarks during a luncheon held at his Nicosia residence on February 4, which brought together key diplomatic figures.

The event was hosted in honor of Annita Demetriou, President of the House of Representatives of Cyprus, and was part of a series of high-level diplomatic gatherings organized by the Kuwaiti Embassy in Cyprus. Among the attendees were the ambassadors and heads of Arab diplomatic missions in Cyprus, as well as representatives from the U.S. and Swiss embassies.

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Ambassador Al-Khorafi took the opportunity to lead an expanded discussion on pressing regional and international developments, focusing particularly on the Middle East. Topics included the ongoing crises in Syria, Lebanon, and Palestine, with a strong emphasis on how these events affect regional stability.

The luncheon also served as a platform for talks on enhancing cooperation between Cyprus and GCC countries, as well as broader Arab nations. The discussions highlighted opportunities to strengthen ties in key sectors such as education, culture, trade, investment, and tourism. The aim is to build closer connections between people and foster mutual benefits.

In his opening speech, Ambassador Al-Khorafi stressed the importance of promoting dialogue at both governmental and societal levels, not only between Kuwait and Cyprus, but across the entire GCC and Arab world. He expressed his gratitude for the presence of President Demetriou, noting that her participation symbolized Cyprus’ commitment to advancing relations with Kuwait and its regional partners.

President Demetriou, in turn, thanked the ambassador for his hospitality, reflecting on the fruitful discussions and shared goals for enhancing Cyprus’ relations with Kuwait and the wider Arab world. She reaffirmed the importance of cooperation and strategic partnerships between Cyprus and the GCC countries, especially in areas of mutual interest and concern.

This meeting, according to Demetriou, was a testament to the strong diplomatic relations between Cyprus and Kuwait, as well as the ongoing efforts to broaden and deepen ties with the Arab world.