Cyprus completes 2027 state budget draft with fiscal responsibility focus
Cyprus has finalized the draft of its state budget for 2027 along with the Medium-Term Fiscal Framework for 2027-2029, with only pending political decisions remaining. The budget is scheduled for approval by the Council of Ministers in mid-September, followed by parliamentary debate by early October. This will be the first budget examined by the newly composed Parliament, where nearly half of the MPs are newcomers.
The Ministry of Finance emphasized responsible fiscal management amid international economic uncertainties. Spending ceilings were respected by ministries to avoid supplementary budgets and fiscal slippage. The strategic priority is to limit financial impacts of geopolitical developments while continuing structural reforms and optimizing public sector resources.
Economic projections under the medium-term outlook indicate a 2.9% growth for 2027, increasing to 3% in the following years, with inflation expected to decrease to around 2-2.5% and stable unemployment at approximately 4.5%. Government revenue is forecast to rise steadily, supporting a maximum spending ceiling of 11 billion euros for 2027 and gradual increases thereafter.
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