Finance Minister submits 2025 State Budget to House

16:21 - 02 October 2024

Economy

Finance Minister Makis Keravnos has submitted the government's 2025 budget to the President of the House of Representatives, Annita Demetriou, stating that the budget is growth oriented and shows a primary surplus of 4.8%.

Keravnos added that “with the conditions that exist, yes, our economy has positive prospects, but in an environment of great uncertainty due to geopolitical developments. So we are constantly moving forward with surplus budgets to be able to face any challenges, but at the same time to be able to implement a social policy.”

Receiving the budget, Demetriou said that emphasis should be placed on social policy, adding that “we should keep economic stability and perspective, which is very important given the turbulence and developments in the region.”

In statements to the media afterwards, Keravnos said that the budget expenditure is 10.2 billion euro which has increased compared to last year, noting that the budget has been prepared on the basis of the new financial framework decided by the European Commission, which sets for each member state a percentage by which it can increase its spending.

"The budget is in surplus with a 3.3% surplus and a primary surplus of 4.8%", the Finance Minister said. He also added that it is expected that the public debt in 2025 will be reduced to 64.2% of GDP and in 2026 to 58.1% of GDP, adding that the target was for public debt to fall below 60% of GDP.

(Source: CNA, Photo: PIO)

Finance Minister submits 2025 State Budget to House

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