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Cyprus General Government Surplus Soars in Q1

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Cyprus’s fiscal performance in Q1 of 2024 has been robust, with a general government surplus of €600 million, a significant 58% increase from the previous year. Revenue increased by 13.5% to €3.28 billion, driven by growth in taxes on production, imports, and social contributions, while expenditure rose by 6.7% to €2.68 billion, with a notable decrease in capital account spending.

economic growth fiscal stability

Cyprus Government Surplus Hits €1 Billion in 2023

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The Cyprus government achieved a remarkable financial milestone in 2023, recording a surplus of €1 billion, or 3.4% of GDP, in the first eleven months. This represents a substantial increase from the previous year and highlights notable economic growth and fiscal stability amidst global financial challenges.

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