Cyprus reports €567.1 million budget surplus for Q1 2026

The Cyprus Statistical Service (Cystat) reported a general government surplus of €567.1 million for the first quarter of 2026. This figure is lower than the €600.6 million surplus recorded in the same period of 2025. Total government revenue rose by 5.8 percent year-on-year, reaching €3.82 billion, up from €3.61 billion the previous year. Growth was driven by increases in social contributions, income and wealth taxes, and taxes on production and imports. Conversely, government expenditure grew by 8 percent, largely due to rising costs for social benefits and personnel wages. Eurostat data indicates that Cyprus's surplus represents 0.4 percent of its GDP, maintaining its status as one of the few European Union countries with a budget surplus. While revenue from taxes on income and wealth grew by 10.9 percent to €1.09 billion, revenue from the sale of goods and services saw a 7.2 percent decline to €243.8 million.