ECONOMY

Cyprus House approves 2022 budget

cyprus-house-approves-2022-budget

Cyprus’ parliament on Friday passed by a majority vote the 2022 state budget, House of Representatives Speaker Annita Demetriou announced after a three-day debate.

According to government estimates, revenue for 2022, excluding financial flows, will reach 6.73 billion euros, compared to a revised revenue of €6.473 billion euros in 2021, marking an increase of 4%.

Expenditure, excluding loan repayments, is estimated to reach €8.408 billion compared with €8.479 billion in 2021. Finance Minister Constantinos Petrides, when presenting the budget to parliament, said it is estimated that it will generate a 4% increase in the Gross Domestic Product.

Cyprus’ GDP in 2019 reached €21.1 billion. It declined by 5.2% in 2020 and is expected to grow by 5.4% this year.

[Xinhua]