NewsLocalCyprus’ 2023 budget foresees significant growth despite Europe's recession risk

Cyprus’ 2023 budget foresees significant growth despite Europe’s recession risk

Despite the risk of recession in most European countries Cyprus’ 2023 budget foresees a significant growth rate of 3% GDP, Philenews reported on Saturday – the day after it got Cabinet’s approval.

“The state budget for 2023 is moving against the geopolitical unrest due to the Russian war in Ukraine, the energy crisis plaguing Europe and the climate of uncertainty created overseas,” it said.

“Despite the fact that in most European countries a serious economic slowdown is expected in 2022 and a recession for 2023, the forecast for Cyprus by the Finance Ministry in Nicosia and foreign financial experts are positive,” it added.

In fact they predict growth of 5.7% in 2022 and a slowdown in 2023, but with 3% growth.

The budget approved is balanced, with income expected to reach €8.452 billion, while spending rises slightly higher to €8.456 billion, Finance Minister Constantinos Petrides has said.

It is the tenth and last budget submitted by the Nicos Anastasiades administration.

Petrides sent the message that it would deliver a healthy growth economy to the new government to be elected next February.

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