Cyprus Finance Minister Presents €11.1 Billion 2027 Budget Amid Economic Uncertainty
Finance Minister Makis Keravnos presented the 2027 state budget to the Council of Ministers, setting the budget at €11.1 billion, about €470 million higher than this year. The budget forecasts a 2.9% growth rate, a fiscal surplus of 2.8% of GDP, and a decline in public debt from 50% to 46.6% of GDP. Unemployment is expected to remain at 4.5%. Despite these positive indicators, Keravnos warned of significant uncertainty in the global economy, acknowledging that current inflation stands at 4.5% and expressing skepticism about the optimistic 2.5% inflation forecast for 2027.
The minister highlighted external pressures such as rising energy and commodity prices, driven by geopolitical conflicts and disrupted supply chains, which may impact inflation and public finances. He stressed that these factors, combined with an impending election campaign, may create challenges for the government’s fiscal management. The recent upgrade of Cyprus’ credit rating from A- to A by Standard and Poor’s was noted as a success of sound economic governance but serves as a reminder of the need for caution given unpredictable global conditions.
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