According to the Statistical Service of Cyprus, the country recorded a fiscal surplus of €631.8 million, or 2% of GDP, for the year 2023. At the same time, public debt for 2023 stood at €23.0759 billion, representing 73.6% of GDP.

Total revenues for 2023 increased by €1.8241 billion (15.3%), reaching €13.7618 billion, compared to €11.9377 billion in 2022.

Specifically, taxes on production and imports rose by €408.3 million (10.1%), totaling €4.4424 billion, compared to €4.0341 billion in 2022. Of these, net VAT revenues (after refunds) increased by €273.1 million (10.1%) to €2.9788 billion, up from €2.7057 billion in 2022.

Social contributions saw a significant rise of €860.7 million (24.5%), reaching €4.3805 billion, compared to €3.5198 billion in 2022.

Income and wealth taxes grew by €340.7 million (11.7%) to €3.2649 billion, compared to €2.9242 billion in the previous year.

Current transfers increased by €113.2 million (53.4%) to €325.2 million, up from €212 million in 2022.

Property income receivable rose by €23.3 million (20.4%) to €137.5 million, compared to €114.2 million in 2022.

Revenue from the provision of goods and services grew by €12.8 million (1.5%) to €853.4 million, compared to €840.6 million in 2022.

Capital transfers increased by €65.1 million (22.2%), reaching €357.9 million, up from €292.8 million in 2022.

Total expenditures in 2023 increased by €1.9701 billion (17.7%) to €13.130 billion, compared to €11.1599 billion in 2022.

Salaries, including imputed social contributions and public sector pensions, rose by €423.6 million (13.4%) to €3.5918 billion, compared to €3.1682 billion in 2022.

Social benefits increased by €329.3 million (7.1%) to €4.9414 billion, compared to €4.6121 billion in the previous year.

Other current expenditures saw a sharp rise of €520.8 million (80.2%), totaling €1.1702 billion, compared to €649.4 million in 2022.

Property income payable increased by €18.7 million (4.8%) to €408.3 million, compared to €389.6 million in 2022.

Subsidies rose by €25.5 million (19.1%) to €159.1 million, up from €133.6 million in the previous year.

Intermediate consumption grew by €25.9 million (2%), reaching €1.3016 billion, compared to €1.2757 billion in 2022.

Capital expenditures saw the most significant rise, increasing by €626.3 million (67.3%) to €1.5576 billion (€977.5 million for gross capital formation and €580.1 million for other capital transfers), compared to €931.3 million (€713.7 million for gross capital formation and €217.6 million for other capital transfers) in 2022.