The House of Representatives plenary approved the 2023 state budget, the last to be tabled by the 10-year administration of Nicos Anastasiades.
The budget was approved by 29 votes in favour and 24 against.
The budget provides for general government revenue amounting to €11.76 billion and expenditure amounting to €11.29 billion. The budget features fiscal surplus of €0.46 billion corresponding to 1.7% of GDP while primary (excluding debt servicing expenditure) is estimated a 3% of GDP.
According to the budget macroeconomic scenario GDP growth is estimated to slow down to 3% in 2023 from a projected 6% this year and will amount to 3.3% and 3.2% in 2024 and 2025 respectively. Inflation is estimated to decline to 3% in 2023 from a projected 7.7% in 2022.
Primary spending in 2023 is expected to mark an increase of €554 million, while social transfers are estimated to increase by 4%.
The parliament froze a series of state expenditure worth over one hundred million euro, requesting either the parliamentary committee of financial and budgetary affairs’ written approval before their disbursement or the submission of a written briefing to the Committee.
Source: Cyprus News Agency