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18 May 2016
Cabinet approves the Fiscal Policy Framework for Cyprus

Харрис Георгиадис

As reported by ServPRO, last Friday, the Cabinet approved the Fiscal Policy Framework (FPF) for Cyprus, initiating the process toward accumulating the 2017 state budget.

According to the 2017-2019 Fiscal Policy Framework, Cyprus’s economy is forecast to grow by 2.2% in 2016 and is expected to keep growing steadily by 2.5% annually up until the year 2019.

Finance Minister of Cyprus, Mr. Harris Georgiades, stated to the media that the projections of the FPF are perfectly feasible, citing Eurostat`s announcement that the local economy grew by 2.7% in the first quarter of 2016.

Mr. Georgiades also noted that, “the real economy is recovering, the efforts and sacrifices of the citizens yield results and we should certainly continue our efforts and consolidate this positive perspective” and further commented on the fact that the indices of investments and consumption have recorded a significant increase.

Read more on the website ServPRO.