Cyprus government reduces deficit to €39 million in second quarter

The Cyprus government recorded a reduced deficit of €39 million in the second quarter of 2024, marking a sharp improvement from the €260.8 million deficit reported for the same period last year.

This change, highlighted in preliminary fiscal data from the Cyprus Statistical Service, reflects substantial increases in both government revenue and expenditure from April to June 2024.

Government revenue for the quarter surged by €523.2 million, representing a 19.2 per cent increase year-on-year, bringing total revenues to €3.