The government has generated a €944m surplus in the first nine months of the year, the highest in the EU and a large safety cushion, Finance Minister Harris Georgiades said on Thursday.
The surplus represents 4.3 per cent of GDP. In the same period last year, Cyprus recorded a €955.3m deficit, or 4.5 per cent of GDP, which represented the cost of the state’s agreement with Hellenic Bank for the sale of the co-op bank.
In a tweet, Georgiades said the surplus “is the highest in the EU and it constitutes a sound safety margin that we must manage responsibly.”
It “comes after a series of incentives that boosted growth,” the minister said