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Cyprus budget gap improving October 5, 2007

Posted by grhomeboy in Business & Economy, Cyprus News.
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Cyprus’ budget deficit and public-debt-to-GDP ratio are seen improving next year to take them well within EU limits, the Finance Ministry said yesterday.

Based on a revised budget bill submitted to Parliament by Finance Minister Michalis Sarris, the fiscal gap will fall to 0.5 percent of GDP next year from 1 percent of GDP in 2007. Public debt will drop to 53.2 percent of GDP from 61.5 percent in 2007.

“I believe growth may continue in the next years at 4 percent, that we can see an increase in employment and the jobless rate at a lower level,” Sarris said.

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