The Cyprus government achieved a remarkable financial milestone in 2023, recording a surplus of €1 billion, or 3.4% of GDP, in the first eleven months. This represents a substantial increase from the previous year and highlights notable economic growth and fiscal stability amidst global financial challenges.
The economic outlook for Cyprus in 2024 is positive, with a projected 2.2% surplus in the state budget. Key priorities include tax reform, ending energy isolation, business competitiveness, modernization, and reforms in healthcare and governance. Efforts to maintain Cyprus’ international reputation and collaboration with experts on sanctions are also highlighted.
The focal point of Cyprus’ 2024 state budget, as pronounced by Finance Minister Makis Keravnos, is the reinforcement of fiscal stability. The budget aims to navigate the country’s economy towards a more advanced period, meeting specific green transition and digital transformation objectives. It also emphasizes maintaining a budget surplus to meet European obligations and prepare the country for any potential situations.
