Cyprus ends 2023 with €918.7 million fiscal surplus

Cyprus's financial report card for 2023 is in, and it's showing some positive signs. According to the Statistical Service of Cyprus, the country ended the year with a fiscal surplus of €918.7 million. That's like having extra money left over after paying all the bills.

The report, which was released on Monday, has been checked and approved by the European Commission. It shows that Cyprus managed to bring in more money than it spent in 2023, which is good news for its economy. However, the country still has a significant debt of €23,036.4 million, which is about 77.3% of its total economic output.

Now, let's break down where all this money came from and where it went.

On the revenue side, Cyprus saw a big boost in the money it collected. Total revenue increased by €1,374.0 million, or about 11.9%. This increase came from various sources, including taxes on things like production and imports, social contributions, taxes on income and wealth, and other sources like property income and the sale of goods and services.

However, Cyprus also spent more money in 2023 compared to the previous year. Total expenditure increased by €1,213.3 million, or about 11.3%. This money went towards things like paying government employees, social welfare programs, other operating expenses, subsidies, and investments in things like infrastructure.

Despite the increase in spending, Cyprus still managed to end the year with a surplus, which is a positive sign for its economy. However, the country will need to keep an eye on its debt levels and continue to manage its finances carefully to ensure long-term stability and growth.

[Source: CNA]