Bloomberg News

Kazamias Says Cyprus 2012 Budget Deficit Seen at 2.3% of GDP

September 28, 2011

Sept. 28 (Bloomberg) -- Cyprus’s economy will grow as much as 1.5 percent of gross domestic product next year, helping the budget deficit to shrink to 2.3 percent of GDP from as much as 6.5 percent of GDP this year, Finance Minister Kikis Kazamias told reporters in Nicosia today.

The island’s economy will expand between 1 percent and 1.5 percent next year after growth of as much as 0.5 percent of GDP this year, Kazamias said. Public debt will reach 65 percent of GDP this year and stay at the same level in 2012, Kazamias said. The government aims to rein in the deficit to about 1 percent of GDP in 2013, he said.

To contact the reporter on this story: Stelios Orphanides in Athens at sorphanides@bloomberg.net

To contact the editor responsible for this story: Maria Petrakis at mpetrakis@bloomberg.net


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