Nicosia, Cyprus. The Treasury said the 2025 state budget deficit reached €1.79 billion, according to its official fiscal report released this week. The report outlines projected and actual state revenues and expenditures for the previous financial year.
Fiscal report and preparation
The Treasury said the fiscal report for 2025 serves as a comprehensive review of the state budget, comparing budgeted revenues and spending with the amounts actually collected and spent during the year. It takes into account supplementary budgets and any transfers of appropriations.
The Treasury said the preparation and submission of the report within three months of the end of the financial year is a constitutional obligation of the Accountant General of the Republic.
Submission and approval timeline
The report was initially submitted by Accountant General Andreas Antoniades to Finance Minister Makis Keravnos on March 12, 2026. It was then forwarded by the finance minister to the Cabinet, which approved it on March 16, 2026, and it was submitted to the House of Representatives on March 23, 2026.
Audit and included findings
The fiscal report underwent audit by the Auditor General of the Republic, whose findings are included in a separate report forming an integral part of the document. The Treasury said this inclusion helps ensure the quality and credibility of the information provided.
Revenue figures
Total revenues excluding loan-related inflows amounted to €10.05 billion in 2025, compared with €9.57 billion in 2024.
What do you think the higher revenues in 2025 indicate about the state’s fiscal position?