Economy is resilient and advancing positively, Finance Minister says

08:21 - 26 August 2024

Economy Reporter

The economy is advancing positively and shows resilience, Minister of Finance Makis Keravnos has said.

Keravnos submitted the six-month fiscal report and briefed the cabinet on the course of the economy, on 23 August.

In statements after the cabinet meeting, Keravnos said the aim of the report is to ascertain whether the economic fundamentals lie within the projections, noting that in case of adverse projections and divergence from the economic targets, corrective measures will be taken.

“In our case, the six-month report shows that there are positive divergences (from the macroeconomic targets) and the report is aligned with our projections and highlights our projections and this means that the economy is proceeding positively showing resilience,” Keravnos added.

The Finance Minister said that the fiscal balance as a percentage of the GDP stood at 1.3% at the end of June, whereas the primary balance (excluding debt servicing expenditure), “which is a very important index showed a surplus of 2%.”

Furthermore, Keravnos said public debt to GDP ratio declined from 77.6% in 2023 to 72.3% in the first six months of the year, adding “the aim is to approach the 60% target or lower by 2026.”

According to Keravnos, Cyprus’ nominal GDP by June 2024 amounted to €31.5 billion compared with €29.8 billion in the respective period of 2023.

(Source: CNA)

Economy is resilient and advancing positively, Finance Minister says

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