Budget deficit reached 721 mln euro

The data was presented for the first quarter of this year by the Central Bank of Cyprus.  At the same time for the same period last year, a surplus of 73 million euro was recorded. Experts believe that significant increase in revenues was the reason for improvement of financial indicators back then.

In the meantime, the external debt of Cyprus for the first 3 months of 2017 increased to 108 billion euro, which is more by 2 billion euro comparing to the same quarter last year.

In general, this led to the decrease of Cyprus’s international investment position in the first quarter by 23 billion euro.