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Budget balance projected to reach a deficit of about 4% of GDP in 2020, due to COVID-19 pandemic
CNA - CYPRUS/Nicosia 06/04/2020 20:07

Cyprus Finance Ministry Public Debt Management Office has said that  the budget balance of the Government is projected to reach a deficit of about 4% of GDP in 2020, stemming from the impact of the COVID-19 pandemic on economic activity impacting both revenue andexpenditure, as well as from the temporary fiscal impact brought by the related measures.

However, it added, it should be emphasized that the Republic of Cyprus is dealing with this crisis from a very strong position on its business cycle and from a comfortable fiscal position.

The Office said in a Market Communication regarding Covid-19 impact and measures, that given the high degree of uncertainty surrounding quantification of the economic effects of the COVID-19 pandemic, and taking into account the rapid evolution of measures take nto respond to the situationglobally, it is currently very difficu


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