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FINANCE: The economy is on a very good course

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“A basic rule of the Ministry of Finance is the creation of primary surpluses”, said the Minister

ΥΠΟΙΚ: Σε πολy καλor πορε λα η οικονομλα

The economy is on a very good path and we monitor the developments every day in order to ensure exactly this path in the coming years as well, emphasized on Wednesday the Minister of Finance Makis Keravnos, when asked to comment on a publication of the newspaper “Politis” which citing a report of the Fiscal Council he spoke of risks for the economy, stating that the surpluses may lead to the taking of measures.

Mr. Keravnos underlined that “the basic rule of the Ministry of Finance is the creation of primary surpluses which will ensure this course to meet the Maastricht criteria at the end of 2026”.

“I will not comment on the front page of the newspaper but I will refer to the statements of the President of the Fiscal Council. In general, he finds that the economy is on a good course and under control”, said the Minister of Finance.

Furthermore, he cited data concerning the Cypriot economy, noting that from January to May 2023, i.e. first five months of the year, the fiscal balance is 344 million in contrast to the corresponding period of 2022 which was 140.8 million.

He also stated that public debt as a percentage of GDP in January – May 2022 was 90% and today it is at 83.6%.

Furthermore, he noted that for the same period the rate of revenue growth is at 15% and the growth rate of spending at 9.7%.

“I think with these figures it is completely understandable by everyone that the economy is on a very good path and we are monitoring the developments every day to ensure exactly this course in the coming years as well”, noted the MINISTER.

“The basic rule of the Ministry of Finance is the creation of primary surpluses which will ensure this course in order to satisfy the Maastricht criteria at the end of 2026”, he concluded .

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Source: www.kathimerini.com.cy

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