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Cyprus Fiscal Surplus Set To Soar to €1.5 Billion In 2024: A Deep Dive Into Revenue Growth

by News Editor

March 4, 2025

Preliminary economic data from the Statistical Service of Cyprus paints an optimistic picture for 2024, forecasting a significant fiscal surplus of €1.5 billion, equivalent to 4.5% of the nation’s GDP. This is more than double the surplus achieved in 2023, which stood at €631.5 million or 2% of GDP.

Revenue Growth At 7.8%

For 2024, total revenues are projected to rise to €14.83 billion, marking a notable increase of €1.07 billion compared to 2023 (+7.8%). Key revenue boosts stem from the following areas:

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Production and Import Taxes: €4.68 billion (+5.5%)
Net VAT Revenues: €3.14 billion (+5.6%)
Income and Wealth Taxes: €3.81 billion (+16.7%)
Service Revenue: €1.09 billion (+28.1%)
Social Contributions: €4.5 billion (+2.7%)

Conversely, capital transfers saw a decrease of 38.4%, settling at €220.4 million.

Expenditure Increase Marginal At 1.5%

Total expenditures for 2024 are anticipated to be €13.33 billion, a nominal rise of €197.4 million (+1.5%) compared to 2023.

Notable expenditure increases occurred in:

Employee Compensation: €3.86 billion (+7.5%)
Social Benefits: €5.3 billion (+7.4%)
Interest Payments: €433.9 million (+6.3%)

Reduction areas included:

Current Transfers: €887.7 million (-24.2%)
Capital Accounts: €1.17 billion (-24.5%)
Subsidies: €153.4 million (-3.6%)

The projected fiscal surplus of 4.5% of GDP underscores Cyprus’s fiscal stability and increased tax revenue intake, despite moderate expenditure growth. This optimism aligns with Cyprus’s promising inflation outlook as seen in recent analysis.

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Apple Launches Manufacturing Academy In Detroit To Train Next-Generation U.S. Manufacturers

by THEFUTURE.TEAM

July 29, 2025

Apple’s Strategic Investment In U.S. Manufacturing

In a bold move to expand its domestic manufacturing capabilities pursuant to growing political and economic pressures, Apple Inc. has inaugurated a state-of-the-art manufacturing initiative in downtown Detroit. The Apple Manufacturing Academy, administered by Michigan State University, is set to equip small and medium-sized businesses with cutting‐edge skills in manufacturing and artificial intelligence.

Advancing U.S. Industrial Capabilities

Under the leadership of newly designated COO Sabih Khan, Apple’s initiative is designed to train the next generation of American manufacturers. The academy will host hands‐on workshops led by Apple engineers, bridging the gap between advanced technology and traditional manufacturing. This move not only underscores Apple’s commitment to domestic investment but also seeks to unlock significant opportunities for U.S. businesses amidst the evolving global economic landscape.

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A Balancing Act Amid Political Pressures

The academy’s launch comes at a time when President Donald Trump has been vocal about his expectations for U.S. job creation and domestic production. While Trump has publicly encouraged Apple to relocate iPhone assembly to the United States—a strategy that experts argue would be both costly and time-intensive—the tech giant has made substantial investments in American operations. Previously, Apple pledged to invest over $500 billion in U.S. projects, including assembling AI servers in Houston and sourcing chips from TSMC’s Arizona facility.

Strengthening Industry Partnerships

The Detroit program builds on Apple’s successful model of global developer academies, a testament to its strategy of forging robust relationships with local governments and fostering innovation. The sole U.S. developer academy, also positioned in Detroit in partnership with Michigan State University, has already demonstrated promising outcomes with an annual intake of approximately 200 students.

A Forward-Looking Vision

By introducing the Apple Manufacturing Academy, Apple extends its influence beyond hardware production to actively nurture the U.S. manufacturing ecosystem. In addition to in-person training, the program will soon offer virtual courses and consulting services, ensuring that a wide range of enterprises can benefit from smart manufacturing practices. This initiative not only reflects Apple’s global stature as a technology leader but also reinforces its strategic alignment with national economic priorities.