South Cyprus Reports Budget Surplus in First Half of 2024
South Cyprus has reported a budget surplus for the first half of 2024, according to preliminary financial results released by the Statistical Service. Politis newspaper highlighted the data showing a significant increase in the surplus compared to the same period in 2023.
The budget surplus for January-June 2024 reached €424.5 million, compared to €62 million during the same period last year, representing 1.3% of the GDP. This improvement is attributed to a notable rise in state revenues.
State revenues increased by €800 million, or 14.5%, from €5.515 billion in the first half of 2023 to €6.313 billion in the same period of 2024.
The report also noted an increase in total expenditures. Spending rose by €437.5 million, from €5.451 billion in 2023 to €5.888 billion in 2024.
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