Cyprus economy is on a good track, says Finance Minister

14:45 - 19 July 2023

Economy Reporter

The economy is on a good track, said Finance Minister Makis Keravnos has said, after being asked to comment on press reports that the Fiscal Council is raising questions about the state of the economy.

Invited to comment on an article published in a daily newspaper about concerns from the Fiscal Council regarding the state of the economy, Keravnos on 19 July said that the "basic rule of the Ministry of Finance is to generate primary surpluses that will secure this trajectory in order to meet the Maastricht criteria by the end of 2026."

He said "I will not comment on the newspaper's front page, but I will refer to the statements of the President of the Fiscal Council. In general, he observes that the economy is on a good track and under control," said the Minister of Finance.

In addition, he provided data related to the Cypriot economy, noting that from January to May 2023, the fiscal balance stood at 344 million, compared to 140.8 million for the same period in 2022. He also said that the public debt as a percentage of the GDP was 90% in January - May 2022 and now stands at 83.6%.

For the same period, he added, the growth rate of revenue stands at 15% and the expenses growth rate at 9.7%. "With these figures, it is entirely understandable to everyone that the economy is on a very good track, and we monitor developments daily to ensure exactly this trajectory continues in the coming years," emphasised the Minister of Finance.

"The fundamental rule of the Ministry of Finance is to generate primary surpluses that will secure this trajectory to meet the Maastricht criteria by the end of 2026," he concluded.

(Source: CNA)

Cyprus economy is on a good track, says Finance Minister

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