Finance Minister Makis Keravnos will present the 2027 State Budget to the House Finance Committee this morning.
The budget calls for total expenditures of €14.4 billion, compared to €13.7 billion in 2026, further strengthening the country’s growth trajectory and its ability to implement key social and development policies.
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The 2027 state budget before the Finance Committee
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Particular emphasis is placed on supporting society, with €820 million allocated for social welfare benefits, while €1,066 million is earmarked for health care, a 3.7% increase compared to 2026, as well as €235 million for education, a 13.8% increase compared to the previous year.
At the same time, €148.8 million is allocated for road network projects, an increase of 17.4% compared to 2026, accelerating the implementation of major infrastructure projects throughout Cyprus.
According to an announcement by the Ministry of Finance, the state budget shows a fiscal surplus, which is expected to reach around 4% of GDP in 2027, while public debt will continue to decline and is expected to fall to 45.2% of GDP by the end of 2027.
“The 2027 State Budget is balanced and people-centered, and it is the most important tool of economic policy, especially today when our country needs stability and a clear direction, given the negative geopolitical developments in our region and internationally, as fiscal stability serves as a shield for the well-being of Cyprus’s citizens and businesses,” the Ministry states, noting that it looks forward to a constructive dialogue with the House of Representatives regarding the passage of the budget and the maintenance of fiscal balance.
