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Cyprus reports over 340 million euro surplus in state finances

Cyprus reported a surplus of over 340 million euros in public finances in January, the Statistical Office reported. Financial stability and discipline are among the priorities of the new Cypriot government. The surplus in the first month of the year is 120 million euros more than the positive result last January and represents 1.2% of the gross domestic product of Cyprus, the announced statistics show.

In January, the total revenue in the treasury increased by almost 22% compared to the same month a year ago, and the expenditure of the state increased by more than 11%. The new government of President Nikos Christodoulidis, which began its mandate on March 1, “inherited” a significant financial resource from the previous cabinet. The budget surplus for 2022 is EUR 610 million, which is 2.3% of the gross domestic product.

It is “interest from growth” and not as a result of savings and limiting social and other expenses, commented the former Finance Minister Konstantinos Petridis. A constant goal in the economic policy of the new government will be to maintain financial stability, said the new finance minister, Makis Keravnos.

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