Cyprus 2023 Financials: Revenue Surplus, Increased Outflows

The public finances of the Republic of Cyprus for 2023 showed increased revenues but also significantly higher net outflows, according to the Financial Statements submitted to Parliament.

Net inflows from operating and investment activities decreased by 42% to €186 million. After servicing the public debt of €751 million, net outflows amounted to €565 million, an increase of €429 million compared to the previous year.

Total revenues increased by 8% reaching €8.396 billion, with indirect taxes covering 48% and direct taxes 39%.

Total expenses increased to €8.210 billion, with transfers being the largest category (€3.696 billion), due to increased social benefits, particularly for the General Healthcare System.

In 2023, the Special Fund for the Payment of Pension Benefits operated for the first time, showing a surplus of €50.7 million.

The Financial Statements have been audited by the Auditor General of the Republic and are available on the website of the Treasury.