President Nicos Anastasiades has thanked the parliamentary parties for voting in favour of the 2023 budget, providing €11.29 billion for general government expenditures.

After the House session which passed next year’s state budget, Anastasiades said in a tweet “I thank the parliamentary parties for voting in favour of the budget”.

“It is increased but also in surplus, it [the budget] strengthens the welfare state, economic activity and includes important development projects, leading to the Cyprus of tomorrow”, he added.

The 2023 state budget is the last budget tabled by the ten-year administration of outgoing President Nicos Anastasiades.

The budget was approved by 29 votes in favour and 24 against. As expected, ruling Disy, Diko and Dipa were in favour, while Akel, Edek, Elam and the Greens voted against.

The 2023 budget provides for general government expenditures of €11.29 billion and revenues of €11.76 billion. The €460 million surplus corresponds to 1.7 per cent of GDP. For the coming year, the finance ministry projects inflation to recede to 3 per cent, with unemployment declining to 6.4 per cent, and GDP growth at 3 per cent.