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Cyprus News Agency: News in English, 07-11-16
CONTENTS
[01] FINANCE MINISTER ECONOMY
[01] FINANCE MINISTER ECONOMY
Cyprus is expected to record a fiscal surplus in 2007 of around 1.5
percent of GDP, said Finance Minister Michalis Sarris.
He told a press conference that the governments vision is a competitive
economy for the citizens welfare, adding that the economy is expected
to achieve a remarkable rate of growth reaching 4.3 percent while
inflation in 2008 is expected to reach higher levels.
The Finance Minister said Cyprus is an expensive country with high
salaries in specific sectors of the economy and described the high
consumer credit and borrowing as a sign of prosperity.
``We have managed to exceed our expectations and balance public
finances, with the result of a small surplus in 2007,`` Sarris told
reporters. ``Our forecast is for a surplus of about 1.5 percent of GDP.
It could be more or less, but approximately the figure will be about
there,`` he added.
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