Cyprus reports fiscal surplus for the first five months of 2026

The Statistical Service of Cyprus reported a general government fiscal surplus of €552.9 million for the period between January and May 2026. This figure represents 1.4% of the country's GDP, slightly lower than the 1.5% surplus of €544.5 million recorded during the same timeframe in 2025. Total revenue rose by 4.8%, or €282.5 million, reaching €6.21 billion. Growth was driven by an 8.4% increase in income and wealth tax revenue and a 5.2% rise in social contributions. Net VAT revenue recorded the most significant growth within the tax category, climbing 11% to €1.39 billion. Conversely, property income fell by 26.1% to €68.5 million, and current transfers decreased by 25.5% to €115.7 million. Government expenditure increased by 5.1%, reaching €5.65 billion, as rising costs were offset by the growth in state revenues.