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Cyprus State Budget Implementation: Strong Revenue Growth, Stable Expenditure

by THEFUTURE.TEAM

February 17, 2025

Cyprus’s state budget for 2024 has shown solid performance, with revenue reaching 96% of projections and expenditure hitting 91%, according to the latest figures from the Treasury.

The 2024 budget saw a significant 16% increase in revenue, rising to €11.28 billion from €9.77 billion in 2023. This growth was largely driven by a rise in both indirect and direct taxes—up by €0.68 billion and €0.61 billion, respectively. Meanwhile, expenditure grew by 13%, totaling €13.6 billion, with the increase mainly attributed to higher loan repayments (€0.91 billion) and increases in salaries, pensions, and gratuities (€0.40 billion).

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Despite the strong revenue growth, total state revenue for 2024 amounted to €10.81 billion, or 96% of the budgeted target. This marks a slight decline compared to last year’s 102% revenue implementation rate, primarily due to lower loan disbursements and a slight reduction in indirect tax collection.

Expenditure for 2024 was in line with projections, maintaining the same 91% implementation rate as in 2023, amounting to €12.42 billion.

Key highlights include a €0.15 billion (4%) increase in indirect taxes, mainly from higher VAT revenues (€3.08 billion in 2024 versus €2.96 billion in 2023). Direct taxes also saw a notable increase, up by €0.58 billion (18%) to €3.47 billion, thanks to a rise in income tax revenues.

Loan disbursements have increased by 3%, with long-term foreign loans contributing to the rise (€1.17 billion in 2024, up from €1.14 billion in 2023).

Overall, the 2024 budget reflects Cyprus’s stable fiscal management, with robust revenue growth helping to cover higher expenditures, even as the government continues to manage its loan commitments.

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Cyprus Emerges As A Leading Household Consumer In The European Union

by THEFUTURE.TEAM

June 30, 2025

Overview Of Eurostat Findings

A recent Eurostat survey, which adjusts real consumption per capita using purchasing power standards (PPS), has positioned Cyprus among the highest household consumers in the European Union. In 2024, Cyprus recorded a per capita expenditure of 21,879 PPS, a figure that underscores the country’s robust material well-being relative to other member states.

Comparative Consumption Analysis

Luxembourg claimed the top spot with an impressive 28,731 PPS per inhabitant. Trailing closely were Ireland (23,534 PPS), Belgium (23,437 PPS), Germany (23,333 PPS), Austria (23,094 PPS), the Netherlands (22,805 PPS), Denmark (22,078 PPS), and Italy (21,986 PPS), with Cyprus rounding out this elite group at 21,879 PPS. These figures not only highlight the high expenditure across these nations but also reflect differences in purchasing power and living standards across the region.

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Contrasting Trends In Household Spending

The survey also shed light on countries with lower household spending levels. Hungary and Bulgaria reported the smallest average expenditures, at 14,621 PPS and 15,025 PPS respectively. Meanwhile, Greece and Portugal recorded 18,752 PPS and 19,328 PPS, respectively. Noteworthy figures from France (20,462 PPS), Finland (20,158 PPS), Lithuania (19,261 PPS), Malta (19,622 PPS), Slovenia (18,269 PPS), Slovakia (17,233 PPS), Latvia (16,461 PPS), Estonia (16,209 PPS), and the Czech Republic (16,757 PPS) further illustrate the disparate economic landscapes within the EU. Spain’s figure, however, was an outlier at 10,899 PPS, suggesting the need for further data clarification.

Growth Trends And Economic Implications

Eurostat’s longitudinal analysis from 2019 to 2024 revealed that Croatia, Bulgaria, and Romania experienced the fastest annual increases in real consumer spending, each growing by at least 3.8%. In contrast, five member states, with the Czech Republic experiencing the largest drop at an average annual decline of 1.3%, indicate a varied economic recovery narrative across the continent.

This comprehensive survey not only provides valuable insights into current household consumption patterns but also offers a robust framework for policymakers and business leaders to understand economic shifts across the EU. Such data is integral for strategic decision-making in markets that are increasingly defined by evolving consumer behavior and regional economic resilience.