Cyprus government presents 2027 state budget to Parliament

Finance Minister Makis Keravnos is scheduled to present the 2027 state budget to the parliamentary Finance Committee on Monday, October 12, at 09:15. Described by the Ministry of Finance as balanced and human-centric, the budget is presented amid ongoing geopolitical challenges, with the government emphasizing the need for fiscal stability to protect households and businesses.

The proposed budget includes a projected fiscal surplus of 4% of GDP for the third consecutive year under the administration of President Nikos Christodoulides. Economic indicators suggest a growth rate of 2.9%, with public debt expected to decrease to 45.2% of GDP by the end of 2027 and unemployment projected at 3.8%. Following the presentation, officials including the head of the Fiscal Council and the Central Bank Governor will analyze the economic outlook.

The legislative process will involve detailed committee discussions on various ministry budgets until November 16. The procedure is set to culminate in December with a three-day parliamentary plenary session featuring debates by party leaders, followed by the final vote on the state budget.