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Cabinet to approve 2025 State Budget

10:48 - 20 September 2024

Economy Reporter

The Cabinet is convening in a special session to approve the State Budget for 2025 and the Medium-Term Fiscal Framework for 2025 – 2028.

Next year’s Budget, as Finance Minister Makis Keravnos has told CNA, aims at containing employment in the public sector, the reduction of public debt and the implementation of significant infrastructure projects. The second Budget to be tabled under the government of Nikos Christodoulides, is projected to have an estimated surplus of 3.3% and a primary surplus (excluding debt servicing expenditure) of 4.8% of GDP.

Following the GDP growth data for the second quarter of 2024, the Ministry of Finance announced it would revise upwards its projection for 2024 with the new estimates to be incorporated in the 2025 State Budget. Sources told CNA that this year’s growth will be revised to 3.8% from the initial estimate of 2.9%, while GDP growth in 2025 is estimated to remain at 3.1% as per the previous estimate.

Furthermore, the unemployment rate is projected to decline below 5% to an estimated 4.8%.

(Source: CNA)

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