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Revenue Growth Driven By Taxes And Social Contributions

by THEFUTURE.TEAM

September 1, 2026

The increase reflected an additional €354.1 million in revenue over the period. Taxes on income and wealth provided one of the largest contributions, rising 7.7% to €2.19 billion from €2.03 billion and adding €157.5 million.

Social contributions also increased 7.5%, reaching €2.98 billion from €2.77 billion, an increase of €207.2 million. Revenue from taxes on production and imports rose 8.1% to €2.9 billion from €2.69 billion, with net VAT providing the largest increase. VAT revenue climbed 14.7% to €2.03 billion from €1.77 billion, up €259.5 million.

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Several Revenue Lines Weaken

Other revenue categories declined during the period. Capital transfers fell €93.1 million to €19.6 million from €112.7 million a year earlier, while revenue from the sale of goods and services dropped 7.3% to €572.4 million.

Property income declined 29.4% to €79.9 million, and current transfers fell 24.7% to €172.8 million.

Expenditure Also Increased

Total government expenditure rose 4.4% to €8.14 billion from €7.8 billion a year earlier, an increase of €343.1 million, according to the Statistical Service of Cyprus (Cystat).

Intermediate consumption increased 11.7% to €873.3 million, while compensation of employees, including imputed social contributions and civil servants’ pensions, rose 3.3% to €2.31 billion. Social benefits increased 5.2% to €3.36 billion, interest payments rose 5.6% to €298.8 million, and current transfers increased 9.1% to €549.4 million.

Capital expenditure, by contrast, fell 5.6% to €698.8 million. Gross capital formation increased 2.1% to €519.1 million, but other capital expenditure dropped 22.4% to €179.7 million, while subsidies declined 13.7% to €55.6 million.

Surplus Driven By Social Security Funds

Social Security Funds accounted for almost all of the overall surplus, recording a €775.1 million surplus compared with €712 million a year earlier.

Central government, meanwhile, posted a €5 million deficit, reversing a €39.7 million surplus in the first seven months of 2025. Local government remained marginally positive, but its surplus narrowed to €0.5 million from €7.9 million.

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Cyprus Business Electricity Prices Rank Among The EU’s Highest

by THEFUTURE.TEAM

November 6, 2026

Electricity prices for a defined group of non-household consumers in Cyprus reached €0.23 per kilowatt-hour in the first half of 2026, placing the country among the most expensive in the EU, according to Eurostat.

The rate matched Italy and exceeded the EU average of €0.18. Ireland recorded the highest price at €0.27 per kilowatt-hour.

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The figures cover non-household consumers with annual electricity consumption of between 500 and 2,000 megawatt-hours, rather than all businesses or households.

EU Electricity Prices Continued To Fall

Across the EU, average prices for this consumer group declined by 2% compared with the second half of 2025 and were 5.4% lower year on year.

The lowest rates were recorded in Finland (€0.09 per kWh) and Sweden (€0.12), followed by Denmark, Spain and Portugal, all at €0.13.

Prices Fell In Most Member States

Electricity prices declined year on year in 19 EU countries during the first half of 2026. Luxembourg recorded the largest fall, at 23.8%, followed by Czechia (11.9%) and Greece (11.8%).

Prices increased in eight member states, led by Sweden (18.8%), Finland (18.7%) and Bulgaria (14.2%). Despite the sharp increases, Finland and Sweden continued to have the lowest electricity prices in the bloc.