The budget deficit in Cyprus should fall to below 2% of GDP in 2006, the Minister of Finance Michalis Sarris announced last week.
The budget deficit in 2005 was 2.4% of GDP, according to latest figures, down from 4.1% of GDP in 2004.
Dominic Farrell, a director of InvestinCyprus.com, says that this is a very positive sign that a major hurdle for adoption of the Euro 1 January 2008 would be crossed.
Dominic pointed out that countries are required to converge with the Eurozone economy and had to meet certain economic conditions, one of which is to have a budget deficit no more than 3% of GDP.
This and many other economic and financial considerations will be covered in a free investment seminar in London on Monday 10th April 2006 at 7pm. For further details please e-mail info@investincyprus.com or ring the UK office on 0151 482 5526 or visit the website.
InvestinCyprus.com
