[Reuters/Yiannis Kourtoglou]
The Republic of Cyprus has reported a fiscal surplus of €702.5 million for January to July 2024, marking a significant increase from the previous year’s surplus of €345.9 million. The surplus represents 2.2% of the country’s GDP and is attributed to a rise in government revenue.
Government revenue saw a 14.2% increase, reaching €7.662 billion, with notable growth in revenue streams such as income from the sale of goods and services, current transfers, social contributions, property income, and various taxes. However, capital transfers experienced a decrease.
On the expenditure side, total government spending rose by 9.4%, primarily driven by increased spending on compensation of employees and social benefits. Despite this, capital expenditure decreased, showcasing the government’s efforts to manage spending efficiently.
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