Cyprus: public finances

Does Cyprus have a budget surplus?

The general government of Cyprus recorded a surplus of €1,589.1 million, 4.1% of GDP, in January to August 2026, according to preliminary fiscal accounts published by CYSTAT on 8 October 2026. The surplus in the same months of 2025 was €1,269.3 million (3.5% of GDP).

Revenue rose 6.0% to €10,842.0 million, with income and wealth taxes up 14.2% and net VAT up 14.7%. Spending rose 3.3% to €9,252.9 million. Monthly results are preliminary and are revised when annual accounts are compiled.

Official sources: CYSTAT: Fiscal Accounts of General Government, Jan-Aug 2026 (PDF)

What is in the Cyprus budget for 2027?

The 2027 State Budget presented by the Minister of Finance on 12 October 2026 has total spending of €14.4 billion, including €2.5 billion of loan repayments and €0.7 billion of interest, according to the Ministry of Finance. Excluding these, spending is €11.2 billion, about €401 million more than in 2026.

The ministry projects a general government surplus of 2.7% of GDP in 2026 and 3.9% in 2027, and general government revenue of €17.2 billion. The bill goes to a plenary vote of the House of Representatives in December 2026, so the figures may change.

Official sources: Ministry of Finance: 2027 State Budget press release

How much debt does Cyprus have?

Cyprus's general government debt was 54.6% of GDP at the end of the first quarter of 2026, a provisional figure, according to Eurostat. It was 55.0% at the end of 2025.

The Ministry of Finance's 2027 budget statement projects debt falling to 48.9% of GDP by the end of 2026, 46.6% in 2027 and 38.4% by 2029, from a peak of 113.6% in 2020. Debt ratios fall both when debt is repaid and when nominal GDP grows. The EU reference value is 60% of GDP.

Official sources: Eurostat: Quarterly government debt · Ministry of Finance: 2027 State Budget press release

What is Cyprus' government debt?

In 2025, general government gross debt in Cyprus was 55.0% of GDP, according to the IMF. Its high point since 2005 was 2020, at 113.6% of GDP; its low point was 2008, at 44.1% of GDP. Europe & Central Asia median: 46.9% of GDP; Cyprus is 21st highest of 51. Worldwide: 87th of 185.

What is Cyprus' budget deficit?

3.4% of GDP: that is general government net lending or borrowing in Cyprus for 2025, according to the IMF. The peak was 4.1% of GDP in 2024 and the low -8.8% of GDP in 2014. Across Europe & Central Asia the middle value was -2.4% of GDP, and Cyprus placed 3rd highest of 51. Worldwide: 13th of 188.

What is Cyprus' government revenue?

43.6% of GDP: that is general government revenue in Cyprus for 2025, according to the IMF. That is the highest since at least 2005. Europe & Central Asia median: 41.3% of GDP; Cyprus is 15th highest of 50. Of 187 countries with 2025 data, 26th highest.

What is Cyprus' government spending?

The latest figure from the IMF, for 2025, is 40.2% of GDP. The peak was 52.1% of GDP in 2014 and the low 37.6% of GDP in 2007. Europe & Central Asia median: 43.3% of GDP; Cyprus is 32nd highest of 50. Of 186 countries with 2025 data, 52nd highest.

What is tax revenue in Cyprus?

The IMF puts central government tax revenue in Cyprus at 23.9% of GDP in 2024. Since 2005 it has ranged from 21.9% of GDP (2020) to 28.4% of GDP (2007). Across Europe & Central Asia the middle value was 20.8% of GDP, and Cyprus placed 12th highest of 42. World rank, highest first: 18th of 92.

What is Cyprus' military budget as a share of GDP?

The latest figure from SIPRI, for 2025, is 1.6% of GDP. The peak was 2.0% of GDP in 2005 and the low 1.4% of GDP in 2016. Across Europe & Central Asia the middle value was 2.0% of GDP, and Cyprus placed 36th highest of 46. Of 149 countries with 2025 data, 77th highest.