NICOSIA, Cyprus (AP) — Cyprus’ finance minister says the country’s 7.9 billion euro ($9.15 billion) euro budget for 2019 will post a surplus of around of 500 million euros ($579 million), or 3 percent of GDP.
Speaking after the government approved next year’s budget on Thursday, Minister Harris Georgiades said economic growth for 2019 is projected at approximately 3.8 percent of GDP.
He said 2018 will be the fourth consecutive year that growth will reach 4 percent, while unemployment — which currently sits at 7.3 percent — is on a downward trajectory.
Georgiades said public debt will peak this year at 104 percent of GDP, but is expected drop to a “manageable” 99 percent in 2019.
He said that a defense contribution tax will be cut by nearly half.