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Cyprus’ Public Debt Falls: An Economic Breakthrough?

by News Editor

March 28, 2025

As of December 31, 2024, Cyprus achieved a noteworthy decline in its public debt, now standing at €20.92 billion—a reduction from €22.18 billion at the close of 2023. This data is sourced from the latest fiscal report by the Republic of Cyprus. The report, presented to both the Finance Minister Makis Keravnos and the Council of Ministers, offers an in-depth analysis of fiscal operations over the year.

Exclusions And Clarifications

It’s essential to note that the total debt figures exclude intergovernmental borrowing, which increased from €10.73 billion in 2023 to €12.03 billion in 2024.

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Revenue And Expenditure Insights

Despite recording a deficit of €0.32 billion in 2024, improvements from a €0.45 billion deficit in 2023, Cyprus’ total revenues rose impressively to €9.57 billion from the previous year’s €8.72 billion. This increase was primarily driven by taxation, which contributed a significant 84%, equating to €8.06 billion of total revenues.

Personnel-related expenses and social benefits were among the largest expenditure categories, the latter also includes the government’s €0.77 billion contribution to the General Healthcare System (Gesy).

Social Impact And Transfers

Transfers, mainly involving grants and state contributions to various organizations, including EU-directed funds, accounted for €1.53 billion.

Overall, the financial report sheds light on a dynamic economic year for Cyprus—with significant implications for future fiscal strategies and economic health.

The Future Forbes Realty Global Properties

Genikes Insurance Wins Two Global Banking And Finance Awards

Genikes Insurance received two distinctions at the Global Banking and Finance Awards 2026, winning Best General Insurance Company in Cyprus and Best Insurance Website Cyprus. The awards reflect the company’s position within the Cypriot insurance market as well as its broader digital transformation strategy focused on expanding online services and improving customer experience.

Market Leadership And Digital Transformation

Genikes Insurance has invested in developing a more modern digital platform designed to simplify key insurance services, including policy issuance and online claims management. The company said the upgraded platform aims to improve efficiency and accessibility while strengthening its position within an increasingly competitive insurance sector.

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Customer-Centric Approach

Commenting on the recognition, General Manager Christiana Agrotis said the company continues focusing on reliability, innovation and customer-focused services tailored to the needs of the Cypriot market. According to Agrotis, the recognition of the company’s digital platform also reflects the trust customers place in its services and broader insurance offering.

Technology-Driven Innovation

The updated website was designed to provide simpler navigation and improved access to insurance information and digital services. Company officials said the platform forms part of broader efforts to integrate technology more closely into customer service and operational processes. Genikes Insurance added that it remains focused on strengthening long-term customer relationships while continuing investments in digital capabilities and service development.