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Cyprus Posts €420 Million Fiscal Surplus As Revenue Growth Outpaces Spending In First Half Of 2026

by THEFUTURE.TEAM

August 3, 2026

Cyprus recorded a general government fiscal surplus of €420.3 million in the first six months of 2026, equivalent to 1.1% of GDP, according to preliminary figures released by the Cyprus Statistical Service (Cystat). The result was slightly higher than the €416.8 million surplus recorded in the same period of 2025, which also represented 1.1% of GDP.

Tax Revenue Continues To Grow

Government revenue increased by 4.1% year on year to €7.4 billion, up from €7.11 billion in the first half of 2025. Growth was driven mainly by stronger tax collections and social contributions.

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Revenue from taxes on income and wealth rose by €101 million, or 6.3%, to €1.69 billion, while social contributions increased by €181.3 million, or 7.7%, to €2.54 billion. Taxes on production and imports climbed by €207.9 million, or 9.3%, reaching €2.45 billion, supported by an 18% rise in net VAT revenue to €1.73 billion.

Some revenue streams declined over the period. Capital transfers fell by €84.6 million to €23 million, revenue from the sale of goods and services decreased by €23.4 million to €481.8 million, while property income and current transfers dropped to €73.6 million and €136.9 million, respectively.

Spending Rises Alongside Revenue

Government expenditure increased by 4.3% to €6.98 billion, compared with €6.69 billion a year earlier. Social benefits remained the largest spending category, rising by €151.7 million, or 5.5%, to €2.89 billion. Compensation of employees increased by €64.9 million, or 3.4%, to €1.98 billion, while intermediate consumption rose by €88 million, or 13.4%, to €745.4 million. Interest payments edged up by 4.9% to €263.4 million, and current transfers increased by 9.1% to €478.4 million.

Capital Expenditure Declines

Capital expenditure fell by 9% to €580.8 million during the first half of the year. Although gross capital formation increased slightly to €434 million, other capital spending declined by 31% to €146.8 million. Subsidies also fell by 24.8% to €39.4 million.

Overall, the figures show that stronger tax revenues continued to offset higher government spending, allowing Cyprus to maintain a fiscal surplus during the first half of 2026.

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Bitcoin Surges 23% In A Week As Investor Optimism Returns

by News Editor

August 21, 2026

Bitcoin was on track for a weekly gain of around 23% on Friday as a series of positive macroeconomic and policy developments boosted investor sentiment.

The cryptocurrency was trading about 6% higher at roughly $77,000, up from around $62,800 at the start of the week. Crypto-related stocks also rallied, with Coinbase and Circle gaining more than 9%, while Strategy rose 7%.

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Macro Factors Fuel Rally

Bitcoin’s latest surge began Wednesday after Treasury yields fell sharply following a major intervention by the U.S. Treasury in the bond market. Lower yields eased pressure on risk assets and helped trigger a broader move into cryptocurrencies.

The rally was further amplified by a major short squeeze. Around $2.7 billion in crypto short positions were liquidated, according to CoinGlass.

Max Stuedlein, head of Partnerships at Sygnum APAC, said the move reflected an alignment of macroeconomic and policy catalysts, including the Treasury’s decision to increase buybacks of longer-dated government debt.

Clarity Act Boosts Sentiment

Investor confidence improved further on Thursday as the White House and crypto industry leaders made a final push to advance the Clarity Act in the coming weeks.

The legislation is widely viewed as a potential catalyst for the crypto market, although its chances of passing remain relatively limited.

Despite the rally, bitcoin remains well below its 2026 high of $94,820 reached in January and its all-time high of $126,198, set last October.

Analysts See More Volatility Ahead

Lucy Gazmararian, founder and managing partner at Token Bay Capital, said the crypto market may be approaching the end of its bear cycle.

She expects bitcoin could experience one more decline of around 20% before the market turns, pointing to historical cycles and the recent liquidation of heavily leveraged short positions.

Gazmararian also described bitcoin as a long-term hedge against monetary debasement, while warning that its short-term price remains highly volatile and driven by market cycles.