Cyprus's expense (current LCU) was 12.48 billion in 2023, the latest year in the World Bank's World Development Indicators. That is up 53.97% from 8.1 billion in 2013 (4.41% a year on average, compounded).
Key figures
| Value | Year | |
|---|---|---|
| Latest | 12.48 billion | 2023 |
| Five years earlier | 8.8 billion | 2018 |
| Ten years earlier | 8.1 billion | 2013 |
| Highest | 12.48 billion | 2023 |
| Lowest | 79.35 million | 1972 |
| Average since 2014 | 9.24 billion | 2014–2023 |
| First recorded | 79.35 million |
What the numbers say
In 2023, Cyprus' expense (current LCU) rose 16.3% on 2022 (from 10.73 billion to 12.48 billion).
Across the 30 yearly changes before that (1993 to 2022), the average change was +7% and a typical year strayed about 8.9% from that (the standard deviation). This year's change was 1.0 standard deviations above that average, so it was larger than a typical year, though not out of the range seen before.
On record, the biggest yearly rise was 33.7% in 1973 and the biggest yearly fall was 21.1% in 2013. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.
From 2014 to 2023 the straight-line trend is upward, about 472.69 million a year. A straight line explains 74% of the movement over 10 observed years.
Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.
How it compares
In 2023, Cyprus had the 71st highest value of the 80 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.
Closest to Cyprus in the 2023 ranking
- Bosnia and Herzegovina — 68th of 80: 17.62 billion
- Estonia — 69th of 80: 14.45 billion
- Latvia — 70th of 80: 13.53 billion
- Jordan — 72nd of 80: 10.31 billion
- El Salvador — 73rd of 80: 9.37 billion
- Malta — 74th of 80: 7.05 billion
What this measures
Expense is a decrease in net worth resulting from a transaction. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.
Limitations: For most countries central government finance data have been consolidated into one account, but for others only budgetary central government accounts are available. Countries reporting budgetary data are noted in the country metadata. Because budgetary accounts may not include all central government units (such as social security funds), they usually provide an incomplete picture. In federal states the central government accounts provide an incomplete view of total public finance. Data on government revenue and expense are collected by the IMF through questionnaires to member countries and by the Organisation for Economic Co-operation and Development (OECD).
All 52 values
| Year | Expense (current LCU) |
|---|---|
| 2023 | 12,475,900,000 |
| 2022 | 10,731,800,000 |
| 2021 | 10,446,200,000 |
| 2020 | 9,776,100,000 |
| 2019 | 9,010,700,000 |
| 2018 | 8,797,500,000 |
| 2017 | 7,484,300,000 |
| 2016 | 7,251,400,000 |
| 2015 | 7,487,500,000 |
| 2014 | 8,895,700,000 |
| 2013 |
Expense (current LCU) in nearby economies
- Albania — 601.38 billion (2023)
- Armenia — 1.99 trillion (2023)
- Austria — 219.95 billion (2023)
- Azerbaijan — 30.83 billion (2022)
- Belarus — 62.05 billion (2023)
- Belgium — 223.05 billion (2022)
- Bosnia and Herzegovina — 17.62 billion (2023)
- Bulgaria — 33.8 billion (2023)
- Croatia — 30.19 billion (2023)
- Czechia — 2.43 trillion (2022)
- Denmark — 929.46 billion (2023)
- Estonia
More public sector data for Cyprus
- Net investment in nonfinancial assets (current LCU) — 832 million (2024)
- Net lending (+) / net borrowing (-) (current LCU) — 1.45 billion (2024)
- Social contributions (current LCU) — 4.52 billion (2024)
- Social contributions (% of revenue) — 31.75% (2024)
- Revenue, excluding grants (current LCU) — 13.87 billion (2024)
- Taxes on goods and services (current LCU) — 4.14 billion (2024)
- Taxes on goods and services (% of revenue) — 29.06% (2024)
- Other taxes (current LCU) — 472.6 million (2024)
- Other taxes (% of revenue) — 3.32% (2024)
- Tax revenue (current LCU)
Reading data like this
Questions people ask
- What is Cyprus's expense (current LCU)?
- 12.48 billion in 2023, according to the World Bank (World Development Indicators).
- How has it changed since 1972?
- It is up 15,623% from 79.35 million in 1972 (10.43% a year on average, compounded). The highest value was 12.48 billion in 2023 and the lowest 79.35 million in 1972.
- How does Cyprus rank?
- 71st highest of 80 economies with data for 2023.
- Is the latest change in expense (current LCU) unusual for Cyprus?
- In 2023, Cyprus' expense (current LCU) rose 16.3% on 2022 (from 10.73 billion to 12.48 billion). Across the 30 yearly changes before that (1993 to 2022), the average change was +7% and a typical year strayed about 8.9% from that (the standard deviation). This year's change was 1.0 standard deviations above that average, so it was larger than a typical year, though not out of the range seen before.
Source
World Bank, World Development Indicators, indicator GC.XPN.TOTL.CN, licensed CC BY 4.0. Original source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.
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