Cyprus government approves €11.1 billion budget for 2027 — Cyprus Mail
The Cypriot government has approved a state budget for 2027 worth €11.1 billion. Finance Minister Makis Keravnos said the document provides for continued economic growth, an increase in the budget surplus and a further reduction in public debt, Cyprus Mail reports.
Submission to parliament in December
The budget will be submitted to Cyprus' House of Representatives for approval in December. According to Keravnos, the document was developed to support growth while maintaining fiscal discipline.
The 2027 budget is approximately €470 million higher than the 2026 figure. The government expects the country's economy to grow by around 2.9% in 2027. At the same time, the finance minister said there are encouraging signs of possible growth of more than 3%.
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Surplus and unemployment
The Cypriot government forecasts a budget surplus of 2.8% of GDP in 2027, compared with an expected 2.3% of GDP in 2026. Keravnos also predicts a further reduction in public debt, although no specific targets were provided in the report.
In his assessment, unemployment should remain at its current level, which is associated with full employment, and continue to decline.
